Former President Chief Olusegun Obasanjo said Africa is in urgent need of investment even as he warned foreign investors to be wary of the pervasive presence of some unscrupulous elements on the continent.
Speaking at the Africa-Dubai Business Investment Summit hosted by the Africa World Business Center (AWBC) and Leaders Without Borders on Wednesday, he said the activities of scammers should not deter those who provide funds. to develop critical sectors.
Naija News Obasanjo reports as saying, “Africa is crying out for investment and there can be no better time for investment in Africa” adding that “What we all need to keep in mind is that the buyer is wary; there are crooks everywhere “.
“I believe that in the past some unscrupulous Africans have probably done what they shouldn’t have done or businessmen. UAE investors in Africa have met some unscrupulous people; but I am not saying that it is limited to Africa.
He stressed, however, that Africa has “Real men and women of integrity (honest and), people with whom you can do business, whether at the individual level, at the corporate level or even at the government level.”
The former Nigerian leader said trade interactions between the United Arab Emirates (UAE) and Africa should be two-way, lamenting that insufficient knowledge of Africa is hampering the flow of investments to the continent.
“I would say that there have been substantial and tangible investments in the UAE from Africa, particularly in the real estate area.”
He blamed the UAE’s limited investment in Africa, stressing that insufficient understanding and insufficient trust explain why nothing is flowing both ways, as it should have been.
“I believe Africa has the greatest return in terms of returns on investment in the world today; but then, how do you get there? He asked.
The 84-year-old, however, said that with the African Continental Free Trade Area Agreement and other efforts by the continent’s leaders, investing in Africa will become easier.
According to him, “You won’t have to think about 55 different customs regulations, 55 different immigration systems and our leaders have moved quickly in that direction.
“When the treaty was signed, it was this treaty that entered into force as quickly as possible and it was the interest that our leaders showed. So the problem of having to deal with 55 different immigrations, 55 different customs rules and regulations will soon be a thing of the past. “
Source: Naija News