With the current position of things in some African countries, the continent will, in the nearest future out pace the growth enjoyed by Asia and many continents of the world, Chief Executive Officer of Renaissance Capital, Mr. Stephen Jennings has said.
Jennings said in Lagos at the 2nd Annual Pan-Africa Investor Conference of the Renaissance Capital that the continent could boast of all the necessary factors needed for rapid economic growth in the next decade.
According to him; “I think it is probable that in the coming decades, large parts of Africa will outpace the growth enjoyed by Asia. In the 1950s and 60s, it was Asia that was considered the over-populated, politically incompetent, war-driven basket case. It’s hard to imagine now, but in 1970, per capital GDP in China was less than that of Africa.
“The catch up between Africa and Asia can spur economic growth which can be just as transformative for Africa as it has been for Asia. Already the IMF expects Liberia, Ghana, Ethiopia, Botswana, Mauritania, Angola, Tanzania, the DRC, Uganda, Niger, Libya, and Mozambique to be amongst the 25 fastest growing economies in the world over the next 5 years.”
Speaking on what the conference was out to achieve, the chief executive said it focused on introducing local African and international investors to listed and pre-IPO companies across the continent, adding that more than 800 one-to-one meetings would take place between African companies seeking capital and prospective investors.
Former President Olusegun Obasanjo, who opened the conference also said the continent’s collective GDP, which was put at $ 1.7 trillion in 2010 is now roughly equal to Brazil’s or Russia’s.
The former president, who disclosed that the feat has put the continent among the world’s most rapidly growing economic regions, said; “After many years of economic immobilism, the continent’s economies experienced a marked acceleration in growth during the past ten years, with real GDP increasing by 5.2 percent annually, compared with 2.3 percent in the 1990s.
Africa’s economic pulse has quickened, infusing the continent with a new commercial vibrancy. Each sector is treading upward. Be it telecom, banking, retail or construction.”
Aside Obasanjo and Renaissance Capital senior management from around the world, Nigeria’s Finance Minister Olusegun Aganga and the Central Bank Governor, Mallam Sanusi Lamido Sanusi, were represented at the conference