- Title: NIGERIA: Investment bank Rencap sees African growth outpacing Asia
- Date: 20th May 2011
- Summary: LAGOS, NIGERIA (MAY 18, 2011) (REUTERS) VARIOUS OF DELEGATES PICKING UP RENAISSANCE CAPITAL COUNTRY REPORTS KENYA POWER AND LIGHTING COMPANY REPORT BY RENAISSSANCE CAPITAL ON SHELF ZIMBABWE 2011 ECONOMIC OUTLOOK REPORT BY RENAISSANCE CAPITAL ON THE SHELF JOURNALISTS SETTING UP AT NEWS CONFERENCE ROTIMI OYEKAMI, RENAISSANCE CAPITAL NIGERIA, ADDRESSING JOURNALISTS JOURNALISTS LISTENING (SOUNDBITE) (English) STEPHEN JENNINGS, CHIEF EXECUTIVE OFFICE (CEO) RENAISSANCE CAPITAL SAYING: "I think the opportunity is just beginning, I think we will all be shocked by the kinds of growths and the kind of development that we will see over the next ten years." JOURNALIST LOOKING ON (SOUNDBITE) (English) STEPHEN JENNINGS, CHIEF EXECUTIVE OFFICE (CEO) RENAISSANCE CAPITAL SAYING: "We are making very large scale investments in many industries, in many countries, we have raised capital in 25 African countries last year, we doing major real estate developments in six countries, including building whole cities, the largest urban developments that are taking place in Africa and these are long term 15-18 years developments, they are not short term speculative projects." VARIOUS OF ORUNMA OTTEH, DIRECTOR GENERAL, SECURITIES AND COMMISSION, ADDRESSING DELEGATES GUESTS TAKING NOTES VARIOUS OF DELEGATES LISTENING JENNINGS SPEAKING TO GUESTS (SOUNDBITE) (English) STEPHEN JENNINGS, CHIEF EXECUTIVE OFFICE (CEO) RENAISSANCE CAPITAL SAYING: "Turnover liquidity will grow explosively and if that happens it will draw those investors into Sub-Saharan Africa, so I think it is all programmed, its all just a matter of time now, there is no major barriers to prevent much much bigger global participation in Sub-Saharan Africa." (*** FLASH PHOTOGRAPHY ***) GUESTS GETTING UP FROM SEATS/ JENNINGS AND OTTEH SHAKING HANDS
- Embargoed: 4th June 2011 13:00
- Keywords:
- Location: Nigeria, Nigeria
- Country: Nigeria
- Topics: Finance
- Reuters ID: LVA69YA5S2HVMUV8B03H2L1918U6
- Story Text: Investment bank Renaissance Capital (RenCap) says African economies can outpace the fastest growing countries in Asia as long as sound policies and structures continue to be implemented by governments across the continent.
The bank focused on emerging markets, believes countries such as Nigeria, Liberia, Ghana and Uganda could emulate the sustained double-digit gross domestic product growth seen in some of the fastest-growing emerging economies like India and China.
At the opening of a recent investment conference hosted by the Moscow-based bank in Nigeria's commercial capital Lagos, Chief Executive Officer, Stephen Jennings said that Sub-Saharan Africa offered investors unlimited and untapped opportunities in their markets.
"I think the opportunity is just beginning, I think we will all be shocked by the kinds of growths and the kind of development that we will see over the next ten years," he said.
The Renaissance Capital three-day investor conference is aimed at educating investors as well as providing a platform for tangible investment opportunities in Africa.
Jennings said that his bank plans to invest around 2 billion US dollars in various projects in the continent by 2014.
"We are making very large scale investments in many industries, in many countries, we have raised capital in 25 African countries last year, we doing major real estate developments in six countries, including building whole cities, the largest urban developments that are taking place in Africa and these are long term 15-18 years developments, they are not short term speculative projects," said Jennings.
According to Jennings, the political changes sweeping across north Africa have turned some investors to safer heavens.
But he said he was optimistic the situation would change very soon, because Sub-Saharan Africa had no major barriers that inhibited foreign investments as it has a more stable political outlook than its northern neighbors and some of the booming emerging economies of the BRIC (Brazil, Russia, India, China) group.
"Turnover liquidity will grow explosively and if that happens it will draw those investors into Sub-Saharan Africa, so I think it is all programmed, its all just a matter of time now, there is no major barriers to prevent much much bigger global participation in Sub-Saharan Africa," he said.
Jennings said that that Africa's strength unlike China's was the increasing democratization of the continent since this increased stability, minimizing political risks.
Renaissance Capital says that 12 of the 25 fasted growing economies in the world are in Africa.
RenCap intends to make Nigeria its main African investment banking hub, a country it says has huge economic growth potential due to its vast population of 150 million, improved political landscape and reform plans. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
