Opportunities for investment in Africa outweigh obstacles - AfDB report
JOHANNESBURG – Opportunities for investment in Africa outweigh the obstacles, stated a report by the African Development Bank (AfDB) on Africa-to-Africa investment.
The A2A Report, the first on inter-African trade published by the AfDB, features eight publicly-listed and privately-owned African companies operating in consumer services, finance, industry, media and diversified portfolios and investment, with home bases in Morocco, Nigeria, Togo, Ethiopia, Kenya, Mauritius and South Africa.
According to the report, more African companies are investing on the continent and have confidence in its long-term growth potential. They are capitalizing on their knowledge of local markets to generate higher returns and impact.
“As global foreign direct investment to Africa falls, intra-African investments are picking up pace,” said AfDB Group President Akinwumi Adesina.
“Africa’s big companies are increasingly on the move and expanding their African footprint. It is through more investments that the continent can build inclusive, sustainable growth and development."
Highlights from the report’s intra-African investment stories include the importance of having a clear long-term vision, getting up-to-date investment facts, building local partnerships to deliver on the ground and tapping into talent in the local labour force.
Although challenges remain, the AfDB says the report is the start of a broader discussion to fast-track investments, move beyond the wish list and make deals happen.
"The continent’s policymakers can inspire a greater level of confidence and promote A2A investments by highlighting their role as dependable business partners for African investors," it said.
– African News Agency (ANA)