With Brexit fast approaching, investors in the United Kingdom have been urged to explore investment opportunities in Africa, with Prime Minister Boris Johnson saying the continent has “staggering levels of growth”.
Speaking at the UK-Africa Investment Summit in London, Johnson said the UK was the obvious choice to partner with Africa, and to help accelerate investment on the continent.
“Look around the world today and you will swiftly see that the UK is not only the obvious partner of choice, we’re also very much the partner of today, tomorrow and decades to come,” he said.
The summit is the first of its kind, with delegates and dignitaries from 16 African countries in attendance this year. The delegates will meet with industry leaders and professionals from the UK as they search for investment and export opportunities in Africa.
Additionally, Akinwumi Adesina, African Development Bank President, concurred with Johnson’s statements that there needsv to be a bigger investment influx into Africa from the UK, with only 1% of UK assets invested in Africa.
“The issue of risk in Africa is exaggerated. The risk of loss is lower than Latin America. Yet, funds are not being channelled into Africa. There are $8 trillion of assets under management in London, but only 1% is invested in Africa,” said Adesina.
He concluded by announcing a new $80 million AfDB-Department for International Development (DFID) infrastructure financing partnership. – Bjorn Vorster