‘Why investors should raise stakes on African economy’

Despite the socio-economic challenges in the continent, the Chairman, Honeywell Group and FBN Holdings Plc, Dr. Oba Otudeko has said that fundamentals of the African economy remain strong and entrenched.

Otudeko, while speaking at the just concluded 6th edition of the Tokyo International Conference on African Development (TICAD), in Nairobi, Kenya, urged foreign investors to keep their business plans for Africa alive, saying the one billion African population is a major compelling reason to invest in the continent.

Otudeko said: “Africa has particularly suffered from subdued commodity prices; and as a Nigerian, I can tell you that these are interesting times for both government and businesses. However, theses trying times will definitely pass because African countries will use this period to deepen and diversify our economies. I believe that with the right efforts, we can actualize our vision.”

He maintained that “Africa remains open for business and indigenous African companies are open to partnerships and collaborations that will create new ventures and, in turn, growth opportunities for our dear continent.”

Indeed, the latest Africa Progress Report had stated that the present crisis in the continent is also a moment of great opportunity to increase agricultural productivity, improve resilience to climate change, and contribute to long-term reductions in dangerous carbon emissions.