Former President Olusegun Obasanjo has urged for increased investment in Africa, stating that the continent is in desperate need of money to improve vital industries.
He made the remark at the Africa-Dubai Business Investment Summit, which was co-hosted by the Africa World Business Centre (AWBC) and Leaders Without Borders on Wednesday.
“I think that Africa is in desperate need of investment, and there has never been a more favorable time to invest in Africa,” the former Nigerian President continued.
“Especially when you consider everything that has happened in Africa and the globe in general, including the COVID-19 epidemic, the unpredictability of the situation practically everywhere in the world, and, of course, the economic uncertainty.”
While acknowledging that there was previously a lack of understanding about Africa, Obasanjo stated that economic connections between the UAE and the continent should be two-way.
“I would argue that there has been significant, demonstrable investment from Africa in the United Arab Emirates, notably in the property sector,” he added.
According to him, a lack of understanding about Africa is preventing investments from flowing into the region.
“Not enough information, not enough understanding, not enough confidence,” he continued, “and that is why I feel nothing goes in both directions, as it should have been.”
“I feel that Africa now offers the best investment returns in the world; but, how do you get there?” says the author.
Obasanjo, who also blamed certain unscrupulous elements for the UAE's limited investments on the continent, said such developments should not discourage investors.
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“I feel that in the past, some unscrupulous Africans or businesspeople did things they shouldn't have done. Investors from the United Arab Emirates have met such dishonest persons in Africa; nevertheless, this is not exclusive to Africa. I suppose what I should say today is that buyer beware is something that we should all remember,” Obasanjo added.
“There are crooks everywhere, but there are also true men and women of integrity (honesty and) with whom you can do business, whether on an individual, corporate, or government level. Let us make certain that these are the types of individuals we seek in terms of investment and business.”
However, he believes that investment in Africa would become simpler as a result of the Africa Continental Free Trade Zone Agreement and other initiatives by African leaders.
“You won't have to bother about 55 different custom rules, 55 different immigration systems,” the 84-year-old stated.
“When the treaty was signed, it was this pact that went into effect the quickest, and that is the interest that our leaders have shown. As a result, having to cope with 55 separate immigration and customs laws and procedures will be a thing of the past in no time.”
