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Business News of Wednesday, 22 January 2020

Source: www.mynigeria.com

Akinwumi Adesina speaks at London Stock Exchange

Akinwumi Adesina Akinwumi Adesina

President of the African Development Bank (AfDB) Group, Akinwumi Adesina, has expressed hope of wealth creation between Africa and the UK.

Adesina stated this while addressing the London Stock Exchange in the United Kingdom, where he revealed that Africa had 110 companies and a capitalization of $197 billion listed in the Exchange.

"Last year 17 African countries grew by 3-5% and 20 countries grew by 5% and above. Indeed, six of the fastest-growing economies in the world are in Africa. Foreign direct investments to Africa grew at 11% last year, far exceeding the 4% growth in Asia”, he said.

“The Africa Continental Free Trade Area is worth $3.3 trillion, making it the largest free trade zone in the world. That’s why I am excited about the UK-Africa Investment Summit held on Monday right here in London.

“It’s time to recalibrate UK-Africa trade and investment. And a good place to start on investments is on infrastructure. The continent’s unmet infrastructure demand is worth $68-108 billion a year, offering huge opportunities for global investors.

“The Africa Development Bank has been a close partner of the London Stock Exchange. We participate on the Board of the London Stock Exchange Africa Advisory Group. And we are delighted with our partnership on the Companies that inspire Africa report.

“The Africa Investment Forum, launched by the African Development Bank, helped to attract investment interests worth $40.1 billion last year, in less than 72 hours. With institutional investors holding £8 trillion of assets under management in the UK, and only 1% of that going to Africa, it is time to change the trend.

“The African Development Bank looks forward to working with the London Stock Exchange to deepen the development of capital markets in Africa, and to attract UK institutional investors to Africa.

The synthetic securitization of $1 billion issued by the Bank has attracted global institutional investors to infrastructure in Africa. The Bank is also working on improving African Capital markets access to domestic and international markets passive investment flows.

“The Bank will be working with the London Stock Exchange Africa Advisory Group to attract a greater portion of the $5 trillion in global Exchange Traded Fund assets under management into African capital markets. And we look forward to developing green bond markets with you in Africa.”

“My ringing of the bell here today marks the beginning of a new, exciting, strategic and impactful engagement between the African Development Bank and the London Stock Exchange to jointly expand wealth creation in Africa and the UK.”, he added.

He also expressed hope of a partnership between African Development Bank and the London Stock Exchange.

“My ringing of the bell here today marks the beginning of a new, exciting, strategic and impactful engagement between the African Development Bank and the London Stock Exchange to jointly expand wealth creation in Africa and the UK.”, he added.