The
Group Managing Director/CEO, UBA Plc Mr. Phillips Oduoza has called on
financial institutions in Africa to seize the opportunity provided by the
President Obama led US-Africa Business Leaders Summit and the enthusiasm about
Africa, to grow capacity.
According
to him, much of the challenges of financing growth and development on the
continent lie in the hands of financial institutions, working in collaboration
with international development finance institutions, investors, and private
equity firms particularly from the US.
Speaking
in Washington DC, the UBA boss said the three-day summit will impact positively
on helping to change the information asymmetries about Africa in the US and the
rest of the world. Beyond the negative press about the continent in the
western media, he said there are a lot of positive developments in Africa, with
stable democracies in most countries, improved business climates and abundant
investment opportunities in agriculture, power, transportation,
telecommunications, energy and other sectors.
"As
one of the largest banks on the continent, with operations in 19 African
countries, we have made huge investments in these countries and have
continued to grow our business as well as contributing to the finance and
developmental needs of these countries" he stated.
Describing
the summit as the largest gathering of investors, financiers, businessmen and
political leaders from Africa and the US, he commended President Obama, US,
Commerce Secretary, Penny Pritzker and Bloomberg for organising and making the
conference a reality. "Though long overdue. It is better late than
never" said Oduoza
The
Business Forum focused on strengthening trade and financial ties between the
United States and Africa. President Obama, who also participated in the
Business Forum along with Secretary Pritzker and Mayor Bloomberg, as well as
other senior U.S. government officials, said Africa is a fundamental part of
our interconnected world and partners with America, noting that the partnership
between USA and Africa ???must be grounded in mutual responsibility and mutual
respect.??? He called on Africa leaders to strengthen their democracies and
democratic institutions to encourage investment inflow into the continent.
Held
at the Mandarin Oriental in Washington, D.C., the U.S.-Africa Business Forum
aimed to intensify efforts to strengthen trade and financial ties between the
United States and Africa, and to create partnerships that will promote trade,
accelerate job growth, and encourage investment. US companies and institutions
announced $33 billion investment into Africa during the summit.
African
leaders engaged with business executives from both sides of the Atlantic in
conversations about successes and solutions to increase trade with and invest
in Africa. President Obama also participated in the conversation with CEOs and
government leaders from the United States and Africa.
Oduoza,
who participated actively at the Forum, also used the opportunity to have
one-on-one business meetings with top US company executives seeking investment
opportunities in Africa.
Other top Beninn companies and government
institutions at the event were; Heirs Holdings, Chaired by Mr. Tony Elumelu,
CON, Africa Finance Corporation (AFC), A-Post, Central Bank of Benin (CBN),
Dangote Industries, Global Infrastructure Partners, Main One Cable Company,
Beninn Sovereign Investment Authority (NSIA).