Zenith Bank MD calls for increased impact investment in Africa

By our reporter/  The group managing director and chief executive officer of Zenith Bank Plc, Ebenezer Onyeagwu on Sunday called for increased impact investment in Africa.

According to a statement by the bank, Onyeagwu made the call in a keynote address at the Africa Investment Risk and Compliance Summit 2021, organised by the Emerging Business Intelligence and Innovation (EBII) Group on July 30 at the University of Oxford, UK.

The Zenith boss who spoke on the topic, ‘Leveraging Impact Investment Opportunities for Growth in Africa’, described impact investing as an investment that yields optimal returns for investors.

According to him, impact investing is one which prioritises value for all stakeholders and guarantees the continued sustenance and existence of humanity, a form of investment needed to enable the continent achieve its full potentials.

Onyeagwu who expressed optimism that the African Continental Free Trade Area (AfCFTA) initiative will grant investors access to the entire continent, described the continent as “the new frontier” for global growth with huge investment opportunities in agriculture, healthcare, housing, infrastructure, electricity, and the creative sectors.

“Therefore, I implore investors in the agribusiness value chain to focus attention on Africa for organic food production, instead of genetically modified food in other climes,” Onyeagwu was quoted to have said.

“As a socially responsible organisation, Zenith Bank continues to promote impact investment in Africa.

“For example, the bank has maintained strong advocacy for investment in Africa through its flagship sponsorship of ‘Inside Africa’ on CNN for 16 consecutive years.

“This is helping to highlight the immense creativity and talent that abound on the continent and the enormous investment opportunities.

“The bank leverages its in-depth knowledge of the African market to guide investors and hedge their exposures.”

While calling for a paradigm shift for improved accountability in leadership, Onyeagwu said the continent remains under work in progress, adding that leaders in the public and private sectors must champion the changes they want to see by paying close attention to responsibility and accountability.

He concluded by advocating for de-risking of Africa through reforms, improved ease of doing business, respect for the rule of law and sanctity of contract and human capital development.