Business leaders and industry experts on Monday renewed calls for a more conducive policy and environment in Africa, arguing it is the critical first step to attract investment in infrastructure, energy and money markets.
Speaking during a business forum segment of the first day of the Africa Forward Summit, Gbenga Oyebode, chairman of the Africa Legal Network (ALN) and co-founder of Aluko and Oyebode, said geopolitics is changing and African partnerships are becoming more important, hence the need for a clear strategy on how to approach them.
The session was co-chaired by President William Ruto and French President Emmanuel Macron, who are also co-hosts of the Summit.
‘The French are showing that they are committed to the continent, especially at a time when there is no foreign funding coming in. What we need is to create a conducive environment for investment,’ said Mr Oyebode.
The Africa Forward Summit in Nairobi, is hosting hundreds of global leaders, including heads of state, business executives, investors and policymakers.
Mauritius Commercial Bank CEO Thierry Hebraud said Africa cannot continue to be an exporter of raw materials and importer of finished products, stressing the need to create an environment that can attract business: ‘It has been said that there are 600 million Africans who have no access to electricity. This energy crisis cripples healthcare, education and economic opportunity, leaving millions in the dark-literally and figuratively.”
‘Therefore there is a critical need for tailored solutions instead of blanket policies designed for wealthier nations,’ said Mr Hebraud.
By investing in local processing industries, Africa could maximise its share of the mineral value chain and significantly increase its gross doemstic product, eventually securing a leading role in the global shift towards sustainability,’ he said.
Ahmed El Alfi, founder and chairman of Sawari Ventures, said Africa must shift from an extractive economy to a creative one to prevent the loss of its best talent.
‘By fostering brain circulation through strategic partnerships with Europe, African entrepreneurs can gain the knowledge and capital necessary to build world-class companies at home,’ he said.
James Mwangi, managing director and Group CEO of Equity Bank, said he was inspired by the sustainable model of the Champagne region, which Kenya can learn from in value addition.
‘This project demonstrates how value addition can be demystified and unlocked by leveraging unique local heritage to create globally competitive products,’ said Dr Mwangi.
Dr James Mworia, CEO and managing director of Centum Investment Company Plc, emphasised the urgent need for Africa to transition from a continent of untapped potential to a global leader through industrialisation, digital job creation and green manufacturing.
By building integrated platforms and fostering strategic partnerships between the private sector and government, he said, Africa can reduce fragmentation and drive sustainable economic growth.
Arnaud Lagesse of IBL and Sophie Sidos of the French Trade Advisors emphasised the importance of cross-border partnerships between African and European businesses to drive regional growth and infrastructure development.
‘By fostering collaboration, leveraging shared values and focusing on sustainable practices such as decarbonisation, they aim to create long-term value for all stakeholders,’ he said.