Tony Elumelu, group chairman of United Bank for Africa (UBA) Plc and founding member of the Africa Finance Corporation (AFC), delivered a speech at AFC Day in London, emphasising the continent’s vast investment opportunities.
Gatekeepers News reports that the conference, themed “AFC As a Gateway to Global – Africa Trade and Investment,” brought together key stakeholders to discuss Africa’s economic prospects.
Elumelu underscored the importance of infrastructure development in driving Africa’s growth.
AFC, established in 2007, has invested over $11.5 billion in infrastructure projects across the continent.
AFC bridges Africa’s infrastructure gap, fostering economic development, and promoting trade and investment.
With 40 member states as of December 2022, AFC focuses on sectors like power, transport and logistics, natural resources, telecommunications and heavy industries.
AFC is majority-owned by private investors, with 62% ownership, while 38% is owned by the Central Bank of Nigeria.
In addition to private investors owning shares, AFC’s allows African states (through their respective central banks, sovereign wealth funds, state pension funds or similar institutions) to be both shareholders and members of the corporation.
