The world looks to Africa for opportunities: CITI

by Trust Matsilele 0

Africa has been improving its regulatory framework and cutting on red tape as to ensure the continent becomes more investor friendly.

“Everything is coming together for the continent, in terms of the demographics. We are beginning to see people moving out of poverty into the middle income group becoming a bigger part of the demand story within the continent and the global economy,” Ade Adeyemi, head of CITI sub-Saharan Africa told CNBC Africa.

“The rest of the world is looking at the continent for opportunities and are saying that’s where they want to be,” he added on the side-lines of the World Economic Forum Africa being held in Nigeria’s capital, Abuja.

Adeyemi said there is more that the continent could do to raise the profile of the country in efforts of attracting more investors.

“The opportunity story is there, but we should make sure we create a conducive environment for possible investors.”

“We are having governments which are focusing on creating institutions which are now making the continent more desirable,” noted Adeyemi.

He postulated that for an organisation to win, it must focus on its strengths and not its weaknesses adding that his organisation is focusing on farming.

As we talk to our customers and understand what they are trying to do, we are convinced that the future of the continent is becoming brighter.

Pressed on the issue of terrorism, Adeyemi (in reference to the recent terror attacks) said Nigeria was not an exception.

“Terrorism, it is an issue that should be dealt with globally, whether it’s Nigeria, Kenya or America. We should however, not allow one story to be the [only] story.”

Africa has a complex story like Nigeria becoming the biggest economy in the region.

(READ MORE: A closer look at Nigeria’s GDP rebasing)

He added that, South Africa was also doing very well economically and East Africa was coming together to create a common market.

The World Bank is predicting Sub-Saharan Africa’s economic growth to hit 5.2 per cent, up from 4.7 per cent in 2014. 

(READ MORE: Growth projected for Africa in 2014)