UBA GMD sells African Investment potentials to Europe
By Laz Ibea
The Group Managing Director/CEO, of the United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza has urged Investors in Europe to take advantage of the vast economic and human potentials in Africa.
He urged the international investors to develop a positive mindset about Africa noting that, “It is time to finally change perception and to view African markets and countries not only as sales markets, but also as investment destinations.”
Speaking at the African – German Investors’ Conference in Berlin, Germany, Oduoza whose keynote address dwelt on investment opportunities in Africa, said the continent’s outlook is very positive, with increased commodity prices; FDIs; demographics and increased remittances as some of the factors fuelling growth in the continent. According to him, there are vast and untapped investment opportunities in Agriculture, consumer goods, mining telecoms, infrastructure and banking sectors.
He said growth prospects remain favorable for many developing countries in Sub-Sahara Africa especially commodity producers in the regions adding, “while food and fuel price increases are “serious risks” to the positive outlook, improved harvests in many countries are providing a “cushion” and African governments have better economic policies in place to mitigate the impact”.
With stable politics, Oduoza emphasized that the government reforms and the attendant multiplier effects of the linkages between them will be very significant in the years ahead with UBA playing critical roles for individuals, businesses, institutions and governments.
“Our superior coverage of the African continent positions us as the preferred partner for international businesses with interest in Africa leveraging our integrated trade and remittances platform across our 19 African countries of presence as well as our locations in 3 global financial centers of New York, London and Paris” he told the investors, financial analysts and advisers.
He added that UBA, as Africa’s global bank, has built strong links and working partnerships with DFIs, International Financial Institutions & Multilateral agencies across African and the rest of the world with whom we share similar goals, values & aspirations. “We leverage our African footprint to facilitate Africa’s business,” he said.