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Friday 18 June 2021
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African investors urged to invest more on continent

African business operators have been told to increase the level of their investments across the continent in order to spur up growth, fight poverty and create employment.

The private Guardian newspaper Monday quoted Nigerian industrialist and Africa’s richest man Aliko Dangote to have also urged developed countries to promote investments in Africa instead of providing aid for the continent.

He said through investment in the real sector, the region can achieve real growth and development.

Dangote said Africa would be better developed through investments by Africans, adding: “investors will make more money and it’s better for everyone, and the continent will experience real growth and development.”

He expressed displeasure at the low knowledge level about opportunities and the true position of things on the continent, saying many foreigners rely on hearsay for their facts about the continent.

The industrialist, who has investments in about 14 African countries, acknowledged that business risks exist in Africa but noted that that cannot pose much impediment to investments.

“Before, there was the risk that governments might nationalise assets but now we have investment agreements in the country that says if it does get nationalised, they’ll have to pay us.

“In Zambia for instance, it used to be that Zambians had to hold 51 per cent of any business operating in the nation. Today, the law has changed,” he said.

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