Lagos; 07/08/2014; 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 Nigerian 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 Nigeria (CBN),
Dangote Industries, Global Infrastructure Partners, Main One Cable Company,
Nigerian Sovereign Investment Authority (NSIA
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