Africa: The Fastest Growing Region In The World?

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Sharing his enthusiasm for growth in the economy, CEO of RenCap, Stephen Jennings, said Nigeria has attributes for emerging market investment banking, and consumer finance.

According to him, the country’s huge population presents significant opportunities in the consumer goods, real estate, construction and services industries.

“Strong economic growth is creating jobs and supporting the emergence of a middle class with higher disposable income,” Mr Jennings said.

He added that over the next five years, Africa will become the fastest growing region in the world.

“Africa has much greater scope than any other region for convergence and leap frogging. Africa also stands to be perhaps the biggest beneficiary of the historic movement of capital from the West to emerging and frontier markets and the integration of the emerging markets themselves” he said.

He further said Africans need to begin to have a positive outlook about the continent.

“We are all brainwashed about Africa’s problems and supposed inferiority. The stunning progress made by Africa is beginning to be understood but its tremendous potential is far from being properly reflected in investment decisions and resource allocation. Positive expectations and high aspirations will be key components of the next chapter of Africa’s dramatic growth story,” he said.

According to him, total foreign capital flows into Africa increased from $15 billion in 2000 to $87 billion in 2007, with more than 20 African countries received at least $500 each in foreign investment in 2008.