The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says investors should suffer from Fear of missing out (FOMO) when considering investing in Africa.
Emefiele, represented by his Deputy and Board Chairman of AFC, Dr Kingsley Obiora disclosed this at the Africa Finance Corporation (AFC) Live Infrastructure Solutions Summit.
He claimed that Africa had seen several crises in the last two years, each with serious consequences for the continent’s economies. He called on African governments, central banks, corporate leaders and investors to rally together and be bolder in “our ambitions and support our continental champions and institutions like AFC.”
The apex bank boss claimed that the crisis has given Africa a new sense of urgency about increasing its self-reliance in the manufacturing and processing of basic goods. He went on to say that the Ukraine issue had economic ramifications for the African continent.
He said: “We are operating in an ever complex, challenging and competitive global economic environment.”
He stated that Africans need to partake actively in generating funding home and abroad. He said, “We all have a role to play in raising funding from both domestic sources and international funding and making sure we are deploying this capital effectively and at speed to support double-digit growth. ”
CBN boss said, “When investors look at projects in Africa, they should suffer from fear of missing out.
“Missing out on investment returns and missing out on creating a bigger social and environmentally positive impact that can be attained anywhere possible.”
“Africa must seize the opportunity. We owe it to our children and future generations,” he added.
“Fear of missing out” is the feeling of apprehension that one is either not in the know or missing out on information, events, experiences, or life decisions that could make one’s life better.
Given the current economic phenomenon of war in Europe, soaring inflation, and capital flight from emerging economies, the CBN statement could be deemed quite ambitious.
CBN has indicated that the recent increase in oil prices does not equate to higher revenue nor does it improve the external reserves of the Nigerian economy.
It was reported that Africa Finance Corporation (AFC) has launched a $2 billion facility to aid bank-driven economic recovery in Nigeria and other African countries.
The funds would be distributed through AFC loans to commercial banks, regional development banks, and central banks across Africa.
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