Business Consultant Ram Charan shares his expectations from NBA forum

Renowned global business consultant and author, Ram Charan, recently shared his insights on the theme of the Nigeria Bar Association's 57th Annual Conference, 'Africa Business: Penetrating Through Institution Building'. In an exclusive interview with CNBC Africa, Charan highlighted the critical role of institutions in driving economic growth and attracting foreign direct investments (FDIs) in Africa. According to Charan, the leadership of key institutions such as the central bank, finance ministry, and ministry of industry is paramount in building a strong foundation for economic development. He emphasized the need for leaders who not only have a vision but also excel in execution and succession planning to ensure continuity. Charan urged African countries to focus on strengthening these key institutions to improve their competitiveness on a global scale. While acknowledging the efforts of some African nations in instituting reforms, Charan raised concerns about the lack of execution-oriented leaders in many institutions. He underscored the importance of bridging this gap to accelerate the pace of institutional development and attract more FDI into the continent. Charan also pointed out the challenges faced by African countries, such as high interest rates and inflation, which hinder FDI inflows. He cited examples from countries like India, where focused efforts on institution building led to significant improvements in the business environment and contributed to higher FDI numbers. Charan stressed the need for African nations to prioritize key areas for development and maintain consistency in their reform agenda to drive economic growth and attract investments. By focusing on building strong institutions and addressing the underlying economic conditions, Charan believes that African countries can enhance their attractiveness to foreign investors and unlock their full economic potential.