Africa’s Capital Deficit To Dominate Lagos Business Summit

Africa’s persistent shortage of long-term financing, which continues to constrain business expansion, industrial development and job creation, will dominate discussions at the 14th GAH Awards and Business Summit scheduled to hold in Lagos on December 16.

About 1,200 investors, diplomats, policymakers and business leaders are expected at the gathering, which will examine challenges limiting access to capital, cross-border trade and investment opportunities across the continent.

The summit, themed: “The New Africa Economy: Vision, Capital and Influence,” will take place in Victoria Island, Lagos, against the backdrop of growing concerns over the ability of African businesses to secure affordable and sustainable funding for expansion.

Speaking ahead of the event, the convener and Founder of GAH Awards and Business Summit, Dr. Princess Oghene, said the discussions would seek to address the disconnect between investors, governments and entrepreneurs on issues affecting business growth.

Oghene said decisions on business expansion often depended on access to finance, market opportunities and a predictable regulatory environment, but these issues were frequently discussed separately by different stakeholders.

“A business owner deciding whether to open a second factory needs to know whether she can finance it, whether she can reach customers across borders and whether the rules will hold long enough for her to invest,” she said.

“Those are decisions that investors, governments and entrepreneurs often discuss in separate rooms. We are bringing them together in Lagos to examine what each can do to make the next investment possible.”

The agenda will also examine the financing requirements of the African Continental Free Trade Area (AfCFTA) and the African Union’s Agenda 2063, particularly in enterprise financing, infrastructure development, trade barriers and Africa’s position in global investment decisions.

The discussions come as African economies continue to face challenges in mobilising domestic and foreign capital for productive investments, despite the continent’s market potential and growing demand for infrastructure, manufacturing and other essential services.

The Consul-General of the United Arab Emirates in Lagos, Salem Aljaberi, is expected to attend as Special Guest.

Among the keynote speakers is former United Nations Under-Secretary-General and Executive Secretary of the UN Economic Commission for Africa, Dr. Vera Songwe, who is currently Founder and Chair of the Liquidity and Sustainability Facility.

Songwe’s work on African capital markets and development finance is expected to feature in discussions on the cost of borrowing, access to liquidity and financing constraints facing businesses and governments across the continent.

Other keynote speakers include the Group Chief Executive Officer of Emerging Africa Group, Dr. Oluwatoyin Sanni; Director, Business School Netherlands Nigeria, Professor Lere Baale; Co-Founder and Chief Executive Officer of RED, Adebola Williams; and Professor of Strategic Management at Lagos Business School, Professor Chris Ogbechie.

Also expected are Professor Ahmadou Aly Mbaye, Professor of Economics and Public Policy at Cheikh Anta Diop University, Dakar, and Professor Olu Ogunsakin.

Retired Commissioner of Police, Fatai Owoseni, will participate as Featured Speaker, while Pharm. Chidinma Odu-Obi is listed as Guest Speaker.

The Director-General of the Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona, and Hon. Joshua Audu Gana are among the panelists, with Dr. Joseph Ogebe scheduled to moderate the discussions.

The outcome of the deliberations will be closely watched for practical proposals on mobilising investment, improving access to long-term financing and addressing structural barriers to trade and enterprise development across African economies.