NEPC’s Segun Awolowo on securing investments for Africa

In a bid to foster economic growth and industrialization in Africa, leaders from the financial sector are coming together to address the challenges hindering investment opportunities on the continent. Segun Awolowo, Chief Executive Officer of the Nigerian Export Promotion Council, highlighted the importance of reducing interest rates to stimulate business growth during an interview with CNBC Africa's Christy Cole at the African Investment Forum. Awolowo commended the African Development Bank (AFDB) for its initiative to bring key players in the financial industry to the table to sign deals that will drive investment across Africa. He emphasized that high interest rates, averaging around 24%, make it difficult for businesses to thrive and expand, ultimately impeding industrialization efforts. By collaborating with commercial banks to lower interest rates, financial institutions aim to provide businesses with the necessary capital to spur growth and increase productivity. One of the key takeaways from the forum was the focus on taking concrete actions rather than mere discussions. Awolowo underscored the need for investors to consider the risks involved in funding projects in Africa and expressed confidence in African companies' ability to collaborate effectively with external partners to ensure successful outcomes. By demonstrating a commitment to supporting businesses in scaling up their operations, Awolowo believes that Africa can attract more investments and propel economic development. As the head of the Nigerian Export Promotion Council, Awolowo outlined the council's role in facilitating investment opportunities for exporters in Nigeria. He emphasized the importance of production and manufacturing in driving exports, emphasizing that without sufficient funding, businesses struggle to expand their operations. By securing investments for local manufacturers and farmers to enhance their production capacity, Awolowo aims to empower exporters to meet market demands and optimize their business potential. Overall, the forum served as a platform to showcase Africa's readiness for business and its eagerness to collaborate with global partners to achieve sustainable growth. With a focus on leveraging financial resources to support local industries, stakeholders hope to create a conducive environment for businesses to thrive and contribute to the continent's economic advancement.