The chairman of the United Bank For Africa (UBA), Tony Elumelu says the greatest challenge to attracting investment in Africa is the way the continent is portrayed in the media.
The philantropist stated this on Monday when he was speaking to an audience of thought leaders and policy makers at the UK’s leading foreign policy institute, Chatham House pointed out that SMEs and entrepreneurs in Africa need seed capital and mentoring to succeed.
SMEs are the lifeblood of economies and key for job creation. But they need start-up capital and mentoring.
Africa’s greatest challenge is the pervading negative narrative about the continent. I believe that the greatest challenge to attracting investment in Africa is the way Africa is portrayed in the media.
Noting that long term private investment in electricity infrastructure will create an enabling environment for business growth in the region, Elumelu said this would be achieved with the right kind of mindset.
We require an urgent mindset reset to attract the level of global private capital that will create jobs & reduce poverty in Africa.
Long term private investment in electricity infrastructure will create an enabling environment for business growth. Investing in electricity infrastructure, more than any other investment will encourage large scale business growth in Africa.
He also urged multilateral and developed nations to rethink their sanctions that hinder the development of the African region.
It’s also time for multilaterals and developed nations to rethink the efficacy of sanctions; they tend to harm innocent lives in Africa.”