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Agribusiness
Home›Agribusiness›African Development Bank Group Chief Economist Kevin Chika
Urama urges Nordic and Irish entrepreneurs in to make Africa their business and
investment destination
AFRICAN DEVELOPMENT BANK GROUP CHIEF ECONOMIST KEVIN CHIKA URAMA URGES NORDIC
AND IRISH ENTREPRENEURS IN TO MAKE AFRICA THEIR BUSINESS AND INVESTMENT
DESTINATION
By Brandon Moss
October 13, 2023
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According to Urama, agriculture and energy in Africa offer huge opportunities
for trade and investment with Nordic countries
ABIDJAN, Ivory Coast, October 2023/ — The African Development Bank Group’s
(www.AfDB.org) Chief Economist, Prof Kevin Chika Urama, has urged entrepreneurs
in Nordic countries and Ireland to make Africa their business and investment
destination.
Prof Urama, on an official visit to Denmark, Finland, Ireland, Norway and Sweden
between 25-29 September, said Africa’s population boom – projected to make it
the world’s most populous region by the end of the century, with up to 3.4
billion people – offers huge business and investment opportunities to the rest
of the world.
“With a population of more than 1.3 billion [currently], a youthful population
of 600 million, rapid urbanization and rising incomes of the middle class,
Africa is the lead-ing emerging market frontier,” said Prof. Urama, who was
accompanied on the trip by Ms. Mette Knudsen, Executive Director for the
Nordic-Indian-Irish Consituency at the African Development Bank.
According to Urama, agriculture and energy in Africa offer huge opportunities
for trade and investment with Nordic countries, as the size of the food and
agriculture market in Africa will rise to USD 1 trillion by 2030 from USD 300
billion in 2022.
Africa has 65% of the world’s uncultivated arable land with vast potential for
sustainable agriculture and agribusiness.
Speaking in Copenhagen, Denmark, during a meeting with businesspeople on 28
September, Urama said that the African Continental Free Trade Area, the largest
regional bloc in the world in terms of the number of countries, is estimated at
$3.5 trillion in market size.
“Danish businesses should seize these business opportunities and invest more in
Africa,” said Prof. Urama, who is also the Bank’s Vice President for Economic
Governance and Knowledge Management.
He said that bilateral trade between Denmark and Africa increased by 28.6%
between 2018 and 2022, from USD 2 billion to USD 2.6 billion and noted there was
potential for growth.
“But this increase is insufficient in both value and relative terms. Between
2018 and 2022, total exports to Africa from Denmark represented on average only
0.3% of Africa’s total global imports,” he said.
Denmark’s imports from Africa represent only 0.1% of Africa’s total exports
between 2018 and 2022.
“This needs to change given the huge potential and opportunities that African
markets offer to Danish businesses for trade and investment and the strong
partnership between Denmark and African countries,” he said.
Similarly, while addressing a business roundtable in Oslo, Norway, Urama
highlighted the low levels of trade between Norway and African countries,
despite the enormous potential that African markets offer to Norwegian
businesses.
Bilateral trade increased from USD 3.1 billion in 2018 to USD 5.2 billion in
2022, an increase of 68%. Foreign Direct Investment (FDI) by Norway in Africa
was estimated at USD 1.6 billion in 2021, a 12% decline from 2020.
“Much needs to be done to improve trade and investment between Norway and
Africa. Between 2018 and 2022, total exports to Africa from Norway represented
on average only 0.4% of Africa’s total imports,” he clarified.
Urama made similar calls to investors in Ireland, Finland and Sweden,
encouraging them to seize investment opportunities in Africa, particularly in
key areas such as green metals, such as lithium and cobalt, that will drive
global market growth in clean technologies.
“The continent holds 80% of the world’s platinum; 50% of cobalt and 40% of
magnesium, as well as vast deposits of lithium and graphite,” he said.
There are also untapped opportunities in the development of Special
Agro-industrial Processing Zones. The African Development Bank and its partners
are investing over USD 1.5 billion in the development of these zones, with 25
zones under development in 11 countries, he added.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance
institution. It comprises three distinct entities: the African Development Bank
(AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On
the ground in 41 African countries with an external office in Japan, the Bank
contributes to the economic development and the social progress of its 54
regional member states. For more information: www.AfDB.org
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