By NKIRUKA NNOROM

Chief executive Oficer of United Bank for Africa, UBA Plc, Mr. Philip Oduzua, has urged businesses and investors from the developed economies, who are desirous of taking advantage of the bourgeoning business and investment opportunities in Africa to seek credible local partners to help them in the process.

Speaking at the panel on pan-African businesses at the recently concluded three-day Milken Global conference in Los Angeles, California, Oduoza said it is imperative for the investors to partner with local players like UBA “that understand the business terrain to help them navigate around some of the seeming challenges of investing in Africa”.

Understanding of the local culture, customization of products and initiatives were identified as critical factors to successfully invest in Africa by the panel which was made up of Phillips Oduoza, UBA GMD/CEO, Berand Petersen, Chairman, De Beers Consolidated Mines in South Africa, Ahmed Heikal of Citadel Group in Egpyt, Pade Durotoye, CEO Oando Exploration and Production Ltd and Jonathan Berman of Dalberg Consulting.

The Panel also called on prospective investors from developed countries to evolve new financial models that will enable them invest in the Ports, transportation and power sectors.  The panel also called for more of structured financing and capacity building as well as the need for prospective investors to listen more and dialogue constructively; have more Export Credit Agencies (ECAs) Development Finance Institutions (DFIs) and Sovereign Wealth Funds (SWFs) focus more on Africa .

The  panel on pan-African businesses discussed how entrepreneurs and industry leaders are harnessing the enormous potentials in Africa to transform the continent in diverse fields like manufacturing, technology, real estate, financial services, infrastructure and agriculture.