Invest Africa Debate Spotlights Business and Investment Opportunities in Africa

The discussion highlighted various business opportunities across the continent and emphasized the importance of investment in Africa's development.


Devdiscourse News Desk | Updated: 07-06-2024 15:34 IST | Created: 07-06-2024 15:34 IST
Invest Africa Debate Spotlights Business and Investment Opportunities in Africa
Addressing misconceptions about risk in Africa, Dr. Adesina debunked myths, asserting that Africa is no riskier than other parts of the world. Image Credit:

The 10th Invest Africa Debate commenced at the City of London’s prestigious Guildhall with a fireside chat featuring prominent figures such as Dr. Akinwumi Adesina, President of the African Development Bank Group, Samaila Zubairu, CEO of the Africa Finance Corporation, and the UK’s Africa Minister Andrew Mitchell. The discussion highlighted various business opportunities across the continent and emphasized the importance of investment in Africa's development.

Dr. Adesina delivered a compelling appeal for increased trade and investment in Africa, citing the significant investments made by the African Development Bank Group, totaling $50 billion over the past eight years. He emphasized the importance of infrastructure for facilitating trade and expressed confidence in the Bank's ability to finance projects, signaling a new era for Africa.

Addressing misconceptions about risk in Africa, Dr. Adesina debunked myths, asserting that Africa is no riskier than other parts of the world. He highlighted a study by Moody’s Analytics showing Africa's low risk of default on infrastructure compared to other regions. He called for reforms in credit rating agencies to convey accurate perceptions of Africa's risk and advocated for the establishment of an African credit-rating agency.

On the issue of climate finance, Dr. Adesina underscored the urgent need for climate adaptation in Africa, estimating a requirement of $277 billion. He highlighted the Bank's commitment to climate finance, with 40% of lending directed towards climate-related projects. He also mentioned initiatives such as the African Adaptation Acceleration programme and the Desert-to-Power project, aimed at addressing climate challenges and promoting renewable energy.

Samaila Zubairu, President of the Africa Finance Corporation, echoed the importance of renewable projects and emphasized the role of insurance programs in de-risking investments. The UK’s Africa Minister, Andrew Mitchell, announced increased climate adaptation investment into Africa, further demonstrating international support for addressing climate challenges.

Dr. Adesina also stressed the critical role of energy in Africa's transformation, aiming for universal access to electricity by 2030, despite challenges in electrification.

The Invest Africa Debate, chaired by Mark Simmonds and organized by Karen Taylor, explored Africa's leadership on the global stage and highlighted its growing prominence in various sectors. Plans were unveiled for future debates in Dubai and across Africa.

Earlier in the day, Dr. Adesina had the honor of ringing the opening bell at the London Stock Exchange, symbolizing the start of trading and underscoring Africa's growing presence in global financial markets.

 
 
Give Feedback