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Oduoza urges investors to seek credible local partners

By on May 12, 2014

The Group Managing Director and Chief Executive Officer, United Bank for Africa Plc, Mr. Phillip Oduoza, has advised investors from developed economies, who are desirous of taking advantage of business and investment opportunities in Africa, to seek credible local partners in order to succeed.

 A statement by the bank on Thursday said the UBA GMD gave the advice while speaking on pan-African businesses during the Milken Global Conference in Los Angeles, California.

Oduoza was quoted as saying it was vital for the investors to partner local players such as the UBA “that understand the business terrain and can help them to navigate around some of the seeming challenges of investing in Africa.”

The statement said the panel comprised Oduoza; the Chairman, De Beers Consolidated Mines, South Africa; Ahmed Heikal of Citadel Group, Egpyt; and the CEO Oando Exploration, Pade Durotoye.

The UBA boss said an understanding of the local culture, customisation of products and initiatives were critical factors to successful investments in Africa.

The panel called on prospective investors from developed countries to evolve new financial models that would enable them to invest in the transport and power sectors.

It stressed that better structured financing and capacity building were needed, adding that it was important for prospective investors to listen more and dialogue constructively.

Also, at the event, the panel discussed how entrepreneurs and industry leaders were harnessing the enormous potential in Africa to transform the continent in diverse fields such as manufacturing, technology, real estate, financial services, infrastructure and agriculture, the statement said.

The discussions centered on the questions confronting investors and businesses when approaching the African market, entry strategies as well as obstacles threatening growth.

The Milken Global Conference brings together some of the world’s leading thinkers, visionaries and decision makers to help in finding solutions to critical issues facing the world.

[Punch]