Group Managing Director of the Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema, has called for more investments in Africa’s marketplace.
He made this call at the African Risk and Compliance Summit in London.
Onyema stated that Africa’s potential as a growth market for businesses is underestimated and access to capital is critical to unleashing investments in Africa.
He added, “Its fast-growing population, competitive markets, and urbanization expected to drive over 50 percent of Africans to cities by 2050 present important opportunities and prospects for investors and businesses. Africa has experienced and will continue to experience rapid growth as a result of these developments, and indeed has seen positive investments in recent years.”
Citing efforts by African countries in development, he stated that most countries have been on a path of development over the past few years, with efforts being made to implement plans focused on industrialization, universal health coverage, food security, and affordable housing, as well as improved education, energy, telecommunications, and financial sectors.
Onyema, however, argued that the tightening in the global monetary policy and geopolitical stress was becoming unyielding.
The GMD highlighted agriculture, real estate, tech, and natural resources as factors responsible for growing the African market. In terms of Africa’s potential, Africa has changed over the past 20 years into an option for emerging and frontier market investors.
He further noted that the continent has huge natural resources, a young and increasingly educated workforce, greater political stability, and better linkage to the global economic framework and would need to do more in reaching a golden age of investments.
