The Chairman of Heirs Holdings, Mr. Tony
Elumelu has urged members of the French business community to always see
Nigeria as their first choice investment destination in Africa.
Elumelu, who is the Chairman of the
United Bank for Africa (UBA) Plc stated this in a speech he delivered as
a guest speaker at the first ‘Colloque Nigeria,’ a colloquium on doing
business and investment in Nigeria, which was organised by the French
Senate at the exquisite Palais de Luxembourg in Paris.
Speaking at the conference, the Founder
of the Tony Elumelu Foundation said like every part of the world,
investors in Nigeria and Africa are faced with a myriad of challenges,
adding that amidst these challenges, no other destinations provided more
opportunities and return on investment as do Nigeria and Africa.
“Nigeria remains a very viable,
attractive and important investment and export destination for French
companies. As a matter of fact, I would argue that now is a good time to
come and invest in Nigeria, because it is an investor’s market. The
fundamentals of the Nigerian economy remain strong,” he said.
According to Elumelu, some of the trends
supporting long – term growth in Nigeria are the increased use of
technology by the Nigerian population, high consumerism, young
demographic and increasing urbanisation. Whilst encouraging French
businesses to come and discover Nigeria, he advised the would – be
investors to find the right partner that would help them navigate the
environment and stated that they need be committed to invest in Nigeria
for the long haul.
“Nigeria has always been a unique
country. We are not only the most populous country on the continent of
Africa, we are amongst the best educated and most-travelled people in
Africa. We Nigerians are well known for our positive outlook and can-do
spirit. Even more importantly, we have a strong culture and spirit of
entrepreneurship.
“The smart investor knows that this is
the time to enter our market because the fundamentals of the Nigerian
economy remain strong, and where others perceive risk and challenge, the
glass is actually half full rather than half empty,” Elumelu said.
He asserted that despite the current
challenges faced by Nigeria, occasioned by the sharp drop in commodity
prices, the country still offers one of the highest returns on
investment on the continent.
Citing the example of what UBA has been able to achieve in Nigeria, Elumelu said the pan-African bank has operated profitably in Nigeria for the past 70 years and in the last decade, increased its footprint into 18 other countries in Africa as it set up business offices in Paris, New York and London.
Citing the example of what UBA has been able to achieve in Nigeria, Elumelu said the pan-African bank has operated profitably in Nigeria for the past 70 years and in the last decade, increased its footprint into 18 other countries in Africa as it set up business offices in Paris, New York and London.
He added: “UBA is helping to finance
major projects in infrastructure, as well as in the agriculture and
construction sectors of the African countries in which we operate, most
of these being francophone countries. We have continued to open more UBA
branches of our subsidiaries and we have become better established in
those markets. The second stage of the roll out on the continent begins
later this year.
“The large Nigerian economy plays an
important leading role in West Africa and beyond. So when you invest in
Nigeria, the benefits spill over to our neighbours in dozens of
countries.”
He thanked the investing community for
their enthusiasm about investing in Nigeria, just as he urged them to
“believe in Nigeria; come to Nigeria; discover Nigeria; invest in
Nigeria; help develop Nigeria and prosper with Nigerians; and most
importantly, take an Africapitalist approach to entering and investing
in Nigeria because what we are looking for are sustainable partnerships
that will deliver sustainable development through the private sector
going about its normal commercial activities.”
Also speaking at the Colloque Nigeria
summit, the President of the French Senate, Mr. Gerard Larcher stressed
that the summit was strategic to French business interests, adding that
Nigeria remains the first destination of French investment in sub
Saharan Africa.
“We want to strengthen these privileged links,” the president added.
“We want to strengthen these privileged links,” the president added.
Obinna Chima/thisaday
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