African leaders, investors and business executives meeting in Nairobi have challenged governments across the continent to improve policies and reduce obstacles slowing down investment, saying Africa cannot achieve economic transformation without creating a stable and supportive business climate.
The leaders spoke during discussions at the Africa Forward Summit on Monday, where delegates from different countries gathered to explore ways of unlocking opportunities in sectors such as energy, technology, manufacturing, agriculture and healthcare. Participants said Africa has the resources and market potential needed for growth, but weak systems and policy bottlenecks continue to discourage investment.
The forum was jointly led by President William Ruto and French President Emmanuel Macron, bringing together heads of state, investors, policymakers and business leaders from different parts of the world.
Gbenga Oyebode, chairman of the Africa Legal Network and co-founder of Aluko & Oyebode, said the continent must take advantage of changing global alliances by strengthening partnerships and putting in place policies that can support investment.
“The French are showing that they are committed to the continent, especially at a time when there is no foreign funding coming in. What we need is to create a conducive environment for investment,” said Oyebode.
“In Africa, we don’t lack potential. We just need to invest. This is the right time. Our own people should be at the forefront of investment. Let us remove the bottlenecks that hinder us. We need a legal framework that can attract investment.”
Oyebode said African countries should focus on building systems that give investors confidence while also encouraging local investors to take a leading role in financing projects across the continent.
Mauritius Commercial Bank CEO Thierry Hebraud said Africa should stop depending on exporting unprocessed raw materials while importing expensive finished goods from abroad.
“It has been said that there are 600 million Africans who have no access to electricity. This energy crisis cripples healthcare, education and economic opportunity, leaving millions in the dark— literally and figuratively,” said Hebraud.
“Therefore, there is a critical need for tailored solutions instead of blanket policies designed for wealthier nations.”
He said Africa’s large reserves of critical minerals used in clean energy technologies place the continent at the centre of the global transition to greener economies. According to Hebraud, countries can benefit more if they invest in processing industries instead of exporting raw minerals.
“By investing in local processing industries, Africa could maximise its share of the mineral value chain and significantly increase its GDP, eventually securing a leading role in the global shift towards sustainability,” he said.
Sawari Ventures founder and chairman Ahmed El Alfi said Africa should invest more in innovation and entrepreneurship to stop the continued movement of skilled young professionals to foreign countries.
“By fostering brain circulation through strategic partnerships with Europe, African entrepreneurs can gain the knowledge and capital necessary to build world-class companies at home,” he said.
Equity Bank managing director and CEO James Mwangi pointed to the Champagne region in France as an example of how countries can increase the value of local products through branding and regional identity.
Mwangi said Kenyan tea producers have managed to transform tea into a premium product through geographical indications, farmer ownership and stronger quality standards.
According to him, the strategy has increased the value of Kenyan tea exports by between 20 and 30 times.
“This project demonstrates how value addition can be demystified and unlocked by leveraging unique local heritage to create globally competitive products,” said Mwangi.
Centum Investment Company Plc CEO and managing director James Mworia said Africa should move faster in building industries, creating digital employment opportunities and investing in environmentally friendly manufacturing.
He said the continent has long been described as having untapped potential, but the time has come for African countries to convert that potential into economic growth and global competitiveness.