Nigeria’s Elumelu calls on African presidents to formulate policies to attract private investments

Speaking to private sector captains, global investment leaders and key players in Africa’s development sector in Johannesburg, South Africa Elumelu said “beyond signing deals, we need to make sure our deals work. Our leaders need to go back and reform our policies and economic framework.”

He also said that there was a need to attract the global investment community to the continent by leaving visible trails of business successes.

 The conversation in Johannesburg comes on the heels of the recently held Tony Elumelu Foundation Entrepreneurship Forum  during which Elumelu, in an session with Nana Akufo-Addo, Ghananian president and Uhuru Kenyatta, Kenyan president shared his broad business insight and tackled the peculiar challenges young Africans face in doing business on the continent.

The African Investment Forum, organised by the African Development Bank also featured robust and interactive conversations on the investment landscape of Africa with a view to articulate fresh strategies that strengthen the economic framework of the continent, as well as map out a bold blue print to attract and retain private global capital.

Akinwunmi Adesina, president of the African Development Bank said “no country has developed by aid, but countries develop by the discipline of their investments.”

The AIF is indicative of the culminating efforts and clearer vision of both private and public sector leaders across the continent – depicted through stronger bilateral relationships and a bolder resolve to tackle development challenges.

Out of 61 transactions valued at $40.4 billion tabled during boardroom sessions, 45 deals worth over $32 billion in investment were reported by AIF to have secured interest at the 3-day forum.

Adesina described the outcome of $32 billion worth of transactions as a big success. “I could not be happier, but we don’t want to congratulate ourselves. The responsibility that lies on our shoulders is so huge. This is just the beginning,” he said.