Negative perception responsible for low investment inflow in Africa — Dangote

WORLD ECONOMIC FORUM— From Left: Nigeria’s ambassador to Switzerland, Mrs.Fidelia Njeze Akuabata, President Goodluck Jonathan, President of Dangote Group, Alhaji Aliko Dangote, and Finance Minister Dr. Ngozi Okonjo-Iweala at the World Economic Forum in Davos, Switzerland, yesterday.

President and Chief Executive of Dangote Group, Aliko Dangote, at the on-going World Economic Forum in Davos, Switzerland, decried the negative perception of socio-political situation in African countries, saying it is responsible for the low level of investment inflow into the continent.

Speaking during a live telecast of a business platform “Africa’s Next Billion” alongside other leaders including Nigeria’s President Goodluck Jonathan and Ghana’s John Mahama, Dangote stated that the wrong perception of the security and political situation in Africa had made investors especially from the West lost sight of the potentials in the continent.

According to him, the African countries have also done little or nothing to remedy the ugly situation.
Explaining that the situation in Africa was not as bad as being painted, the business mogul said corporate investors don’t check what Africa is truly about, but base their judgment and perception on what they read in newspaper, which is not always positive.

“For instance foreign investors wait for election to be concluded, after then, they try to check the stability of government of the day for at least two years but then, its more difficult to take any decision because the tenure of the government is coming to end and by so doing, foreign investors are scared of incoming or incumbent and the cycle keeps going on.

“But then I don’t think there is anything to be afraid of because no government is against business, every government is pro-business. Most business risk is perceived not actual risk”, he stated.

Dangote lamented that Africa isn’t good at telling its’ our own stories, people often rely on stories they heard from others to make their decision, most times those stories are not true. People always underestimate Africa.”