BusinessDay hosts economic session as WEF kicks off in S/Africa

BusinessDay Media, Nigeria’s only major financial daily is set to host a private breakfast event on the sidelines of the World Economic Forum (WEF) in Cape Town, South Africa which kicks off today.

The event with the theme; ‘Nigeria – South Africa Relations: Turning the wheel of progress’, aims to showcase the emerging opportunities in Africa’s largest economies.

It is expected to be attended by international investors and global leaders from Nigeria and other parts of the world.

There are indications of high expectations from the WEF conference to push Africa a step further on economic ladder and create and tap into businesses opportunities which abound.

This is especially as the WEF held in Abuja last year is said to have attracted over $68 billion (over N12.9 trillion) in investment to the African continent.

The funds, according to reports, were in the form of Foreign Direct Investments (FDI) as well as private and public investments across African countries which would continue to yield results in coming years.

The organizers said the funds were targeted at investments in viable projects that would foster the agriculture sector, improve infrastructure such as roads, railways, hospitals, education, skill development and ICT.

The South African WEF programme which will discuss Africa’s future with the theme –  ‘Then and Now: Re-imagining Africa’s Future’   will also provide opportunities for investors across the world to close deals and exploit  the continent’s economic potentials.

Over the past 15 years, WEF said Africa has demonstrated a remarkable economic turnaround, growing two to three percentage points faster than global GDP. “Regional growth is projected to remain stable at 4.5 percent in 2015, buoyed by rising foreign direct investment flows, particularly into the natural resources sector; increased public investment in infrastructure; and higher agricultural production.”

Already, Nigeria’s outgoing minister of finance and economic planning, Ngozi Okonjo Iweala,  CEO of Phillips Consulting, Folusho Phillips, CEO of Diamond Bank, Uzoma Dozie, Publisher of BusinessDay, Frank Aigbogun, Victor Adoji of Zenith Bank, among other high profile Nigerians from the private sector ,including oil and gas, banking, telecom, manufacturing and services sector were spotted at the  Oliver Tambo International Airport in Johannesburg, heading to Cape Town for the conference.

Many other business leaders and journalists from Africa and Europe are expected as Nathan Kalumbu, President of Coca Cola for Eurasia and Africa, leads the team of the World’s biggest soft drinks seller to the conference to discuss among other issues, ‘Catalysing capital for Africa and empowering women’.

Other issues that will attract the attention of participants at the conference include oil and gas, telecom, ICT, Climate and pandemic disaster. It is said that one of the main barriers Africa faces in reaching its economic growth potential is climate change. “While traditional aid channels continue to prove present challenges, African governments are under pressure to find sustainable solutions that address these critical challenges”.