The Group Managing Director/CEO, UBA Plc Mr. Phillips Oduoza has called on financial institutions in Africa to seize the opportunity provided by the President Obama led US-Africa Business Leaders Summit and the enthusiasm about Africa, to grow capacity.
According to him, much of the challenges of financing growth and development on the continent lie in the hands of financial institutions, working in collaboration with international development finance institutions, investors, and private equity firms particularly from the US.
Speaking in Washington DC, the UBA boss said the three-day summit will impact positively on helping to change the information asymmetries about Africa in the US and the rest of the world. Beyond the negative press about the continent in the western media, he said there are a lot of positive developments in Africa, with stable democracies in most countries, improved business climates and abundant investment opportunities in agriculture, power, transportation, telecommunications, energy and other sectors.
“As one of the largest banks on the continent, with operations in 19 African countries, we have made huge investments in these countries and have continued to grow our business as well as contributing to the finance and developmental needs of these countries” he stated.
Describing the summit as the largest gathering of investors, financiers, businessmen and political leaders from Africa and the US, he commended President Obama, US, Commerce Secretary, Penny Pritzker and Bloomberg for organising and making the conference a reality. “Though long overdue. It is better late than never” said Oduoza
The Business Forum focused on strengthening trade and financial ties between the United State
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