Africa has one of the highest returns on Investment – Tony ElumeluIdes Ofune 7th February 2019 0 COMMENTS
One of Nigeria’s leading entrepreneur and philanthropist, Tony Elumelu, has said that Africa has one of the highest return on investment in the world. However, due to the media narrative, investors are turned away from the continent. He made this statement during the recently completed 2019 World Economic Forum in Davos.
Tony Elumelu is the chairman of United Bank for Africa (UBA) which has its headquarters in Nigeria and operates in more than 19 African countries. UBA also operates in United Kingdom and the United States of America. With this investment in Africa, Tony Elumelu is facilitating and promoting intra-regional trade on the continent making banking easier and providing financial services to millions of otherwise unreachable people on the continent.
Apart from individual entrepreneurs promoting intra-African trade, the African Union (AU) is stepping up in its responsibilities by promoting same through the Continental Free Trade Area (CFTA) agreement. The agreement, signed by 49 African countries and ratified by 22, is expected to expand intra-African trade through the creation of a single continental for goods and services with free movement of business persons and investment. This means that there will be no more tariffs and trade barriers on goods and services. Thus, while other countries in the world are engaged with trade wars and creating policies of isolationism, countries in Africa are paving the way for cooperation by tearing down borders and facilitating seamless trade.
The media and international community must do away with the negative media narrative that portrays Africa as a desert where no business thrives. African investors such as Tony Elumelu and Aliko Dangote, Africa’s richest man should continue to evangelise and preach the gospel of Africa to the world and demonstrate that return on investment on the continent is high.
Ides Ofune is currently a PhD Student at the University of Leeds. Her research focuses on civil society and accountability in improving the quality of education. She is the founder of Desert Bloom Initiative and editor of Desert Bloom Advisory. Ides is very passionate about education and creating an inclusive society. She speaks French and English fluently. She can be reached at firstname.lastname@example.org