RMB Nigeria CEO speaks to boosting Africa’s FDI inflow

Africa's potential for economic growth and development through increased foreign direct investment (FDI) has been a topic of discussion at the recent RMB Think Summit in Lagos. Bayo Ajayi, the CEO of Rand Merchant Bank Nigeria, emphasized the importance of the right policies and infrastructure to attract capital and add value to Africa's developmental goals. Ajayi highlighted the abundance of natural resources in Nigeria and across the continent, which remain largely untapped. He called for policy consistency, open borders within Africa, and mutually beneficial agreements with foreign investors to drive FDI. Ajayi underscored the role of the private sector in building a strong Africa, noting the efforts of institutions like RMB and the African Development Bank (AFDB) in providing financial facilities and filling the infrastructure gap. He stressed the need for foreign capital that drives value for Africa and urged governments to attract more investments by aligning policies, leveraging resources, and addressing the infrastructure deficit. The conversation also touched on the digital renaissance and the evolving landscape of banking in Nigeria. Ajayi emphasized the importance of combining traditional banking values with digital innovation to drive economic growth. As Africa aims to position itself for a $1 trillion economy, the role of FDI in achieving this goal becomes paramount. While progress has been made, there is still a significant need for foreign capital flows to propel Africa's growth trajectory. In conclusion, the key to boosting Africa's FDI inflow lies in strategic policy frameworks, enhanced infrastructure, and a collaborative approach between governments, private sector players, and foreign investors. By creating an enabling environment for investment and prioritizing value-driven capital, Africa can unlock its full economic potential and chart a path towards sustainable growth and prosperity.