Africa’s economy still strong and worth investing in, says Otudeko

Oba Otudeko, chairman of Honeywell Group and FBN Holdings Plc, says the fundamentals of the African economy remain strong and entrenched.

Otudeko, who was speaking at the just concluded 6th edition of the Tokyo International Conference on African Development (TICAD), held from August 26 to 28 in Nairobi, Kenya, invited investors into Nigeria.

The summit had in attendance over 30 African heads of state, including President Muhammadu Buhari and the Japanese Prime Minister, Shinzo Abe.

Addressing the dialogue with the private sector session of the summit, Otudeko encouraged foreign investors and friends of Africa to keep their business plans for Africa alive, saying the 1 billion-strong African population is a major compelling reason to invest in the continent.

“Africa has particularly suffered from subdued commodity prices; and as a Nigerian, I can tell you that these are interesting times for both government and businesses,” he said.

But he reassured the audience that such trying times would definitely pass because African countries would use the period to deepen and diversify our economies.

“I believe that with the right efforts, we can actualise our vision,” he further said.

In conclusion, Otudeko maintained that “Africa remains open for business and indigenous African companies are open to partnerships and collaborations that will create new ventures and, in turn, growth opportunities for our dear continent”.

Initiated in 1993, TICAD is a summit meeting on African development co-organised by Japan, the United Nations Office of the Special Advisor on Africa (UN-OSAA), the United Nations Development Programme (UNDP), African Union Commission (AUC) and the World Bank.

Stakeholders include all African countries and development partners.

The main objectives of TICAD are to promote high-level policy dialogue between African leaders and their partners, and to mobilise support for African-owned development initiatives.