THE Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Phillips Oduoza, has called on investors in Europe to invest more in Africa by taking advantage of the vast economic and human potentials on the continent.
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 was positive, with increased commodity prices, FDIs, demographics and increased remittances as some of the factors fuelling growth on 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 emphasised 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 three global financial centers of New York, London and Paris,” he told the investors, financial analysts and advisers.