Africa Market For Infrastructure Worth U.S.$480 Billion, Says International Consultancy


For Africa to achieve its full potential in terms of economic development and stability, close to $480 billion dollar would be needed to improve on its state of infrastructure. This was disclosed at a media forum, organised by Ernst & Young, a leading foreign consultancy firm with interest in assurance, tax, transaction and advisory services, to launch its entrepreneur of the year award program across the West Africa sub region.

While speaking on the essence of the programme and its timeliness in the West Africa sub region, Managing Partner, Ernst & Young, Mr. Henry Egbiki stated that it is borne out of the need to help nurture visionaries who have demonstrated strong entrepreneurial spirit, innovation and whose ingenuity, hardwork, perseverance have created a successful and growing business as well as expanding the level of development..

He said “I think it is time for West Africa. It’s time for Nigeria. This is the right time to identify and celebrate our entrepreneur who has created successful business. People who have the capacity to translate vision into reality or those that have demonstrated capacity to take innovation, creativity, and services that impact positively in our community as well as the lives of our people which in the long run could drive the economic growth of the region.

Commenting on why Africa particularly West Africa has become such an attraction for investment, its managing partners for Ghana, Mr. Ferdinand Gunn revealed that based on the survey that was recently conducted by the company which was contained in the statement made available to our correspondent, Nigeria will continue to be an investment haven considering its enormous oil resources which is expected to have a significant amount of foreign direct investment. The survey, as it is contained, also shows that Ghana has a sizeable resource endowment that could motivate foreign direct and cause a multiplier effect on the state of infrastructure.

Commenting further on the launch of the entrepreneurial award, EOY Programme Director for Africa, Mrs. Zanele Xaba, noted that the award is a platform that provide the unique opportunities for entrepreneurs to come together to share insights, tell stories of the pitfalls, challenges, develop networks and promote the best entrepreneurial endeavour in Africa and worldwide.

“It is with great excitement that for the first time the West Africa entrepreneurs are given a global stage in which to participate and be recognized. It is an avenue designed to share ideas ,thought. We want to use this platform to help the wider community to achieve its potentials” she said.

She also said that the program which is expected to culminate into Ernst & Young world entrepreneur of the year would witness the West Africa regional winner of the Master entrepreneur category being inducted into the entrepreneur Hall of fame in Monte Carlo in 2012.She however informed interested participant to take advantage of the opportunities as the nomination for entries closes on June 30.

Dignitaries present at the media launch include the chairman of the Lagos State Chamber of commerce, Otunba Femi Deru, representative of Ghana High Commission in Lagos Abdullahi Abdukari, among others.