Africa, as we all know, is the last frontier for virgin economic opportunities and, given recent positive developments in the continent, it is only a question of time before the abundant opportunities in the continent bring about major socio-economic changes.
Champions on the Rise: Africa’s Ascension to a More Sustainable Future was the theme of the event I attended today. It is inspirational because it recognizes that Africa through its talents, businesses and commerce, is on the rise.
It is evident that the African Securities Exchanges Association has a key role in our continental quest for economic growth and development. This is not only because of the vital role that capital markets play in our domestic economies but because the Association reflects the right spirit of collaboration and partnership required of African countries and their economic institutions, to bring about a more vibrant, dynamic continental economy.
We are working with the African Development Bank to establish a $500million Innovation Fund that will support activities in this sector. Given the size of our economy and the potential of the technology and creative sectors, I am hopeful that capital market operators will work towards innovative financing solutions to lend further support to these two sectors.g
African companies that invest in the continent are expanding quite rapidly and the amount of intra-Africa foreign direct investment almost tripled in the decade till 2016. They must innovate in response to new ideas and take advantage of unique features of the African economy. We must build on the great advances in FinTech like M-PESA, Paystack, Flutterwave and Eyo Owo, in Nigeria. Worthy of mention also are the insightful mini-packets for drinks, soap, milk, medicines, sugar and such likes that we find in the retail sector in many African countries.
President Buhari’s administration remains committed to a conducive and supportive environment, fiscal prudence and investing in infrastructure as fundamentals for businesses to thrive and ensuring macroeconomic stability.
A conducive and supportive environment is essential for businesses to thrive and we are investing heavily in infrastructure while working strenuously to make it easier to do business.
Culled from Osibanjo Yemi Social Media