Igor Vayn, Chief Executive Officer, Renaissance Capital, commented,“We are confident in the vast untapped development potential of African countries,fuelled by expanding economies and a growing consumer base. Since we first launched herein 2007, we have maintained our deep commitment to grow our presence on the ground. As markets have evolved and become more mature, we have broadened our offering in Africa. Going forward, we will continue to develop our business in the continent to support its economic growth and facilitate further investment in Africa’s fast-growing markets.”
He added: “This year, we bring the conference to Nigeria at a profoundly important moment for the country. The peaceful presidential election and transfer of power to Muhammadu Buhari are a testament to the success of the electoral process. The prospect of reforms by a new administration implies significant upside potential for Nigeria over the medium term. We think Nigeria is at the cusp of a recovery, and the low oil price combined with a change in the government provides the best investment opportunity in years.”
Renaissance Capital's "Frontier and emerging markets: Reform awakens" report issued last week once again proves the increasing strength of African markets and highlights the breadth of opportunities the continent presents.
Charles Robertson, Global Chief Economist at Renaissance Capital, notes: “We see great long-term potential across Africa, particularly, in Nigeria, Kenya and Egypt.”
“We believe Nigeria will be a trillion dollar economy by 2025 and it will keep doubling in size every 10 years. GDP per capita is likely to reach around $15,000 by 2050. Following the April elections, the new government presents the best opportunity in recent years to push forward reform for Africa’s largest economy.”
This year, the conference welcomes over 150 investors representing both global and frontier funds and 50 companies from across the African continent. Among the participants, are senior management figures from large corporations. The three-day conference will host over 1,000 one-on-one meetings and dedicated sector site visits, including to Ghana.
See photos from the Press Conference below.