Renaissance Capital, a leading emerging and frontier markets investment bank, opened its 9th Annual Pan-Africa 1:1 investor Conference in Lagos on Thursday, following a bespoke investor trip to Ghana earlier this week and the successful completion of its investor conferences in Russia and South Africa in April.
Now in its ninth year, the conference continues to provide the opportunity to hear first-hand from prominent government officials, opinion leaders and economists in the region, alongside Renaissance Capital analysts, who collectively share African insights and present high-opportunity corporate stories.
The Conference serves as a platform for closed-door 1:1 meetings between top global and local investors from across the globe and over 30 corporate representatives to discuss investment opportunities in Nigeria and other fast-growing economies on the continent.
The keynote speakers and panellists at the conference include Dr Adedoyin Salami, a renowned Nigerian economist and Executive Director, African Business Research, and Mrs Patience Oniha, Director-General, Nigeria Debt Management Office, among other prominent business and opinion leaders.
Temi Popoola, CEO Nigeria, Renaissance Capital, said: “This conference provides an opportunity to broaden and expand the narrative around investing in West Africa – a long term, broad objective of fulfilling our mission to providing client solutions and ensuring we remain an innovative and ever-evolving partner to them.
“We hope to bring more visibility to the region and help facilitate increased capital inflows. We continue to believe Africa will be a $29 trillion economy in 2050, larger than the 2012 combined GDP of the US and the Eurozone.”
In her investor address, Mrs. Patience Oniha, Director-General, Nigeria Debt Management Office, said: “The combination of fiscal and monetary policy strategies adopted by the federal government has delivered results on several key parameters – GDP, inflation, external reserves, FX stability, etc.
“This trajectory is expected to continue. The reinforcement of the ongoing strategy through other policy measures, of which the focus is on generating non-oil revenues, is one of the factors that will boost economic indicators.”
The conference played host to a panel session covering the future of West African Exchanges, with participation from Dr Edoh Kossi Amenounve, CEO, Cote D’Ivoire Stock Exchange, Ekow Afedzie, Deputy Managing Director, Ghana Stock Exchange, and Tinuade Awe, Executive Director, Nigerian Stock Exchange.
Charles Robertson, Renaissance Capital Global Chief Economist, said: “The main challenges for investors are on the front of liquidity: how can Ghana and Nigeria increase liquidity in the near future?
“Nigeria is looking better on most metrics, having accelerated growth, a stable currency and rising FX reserves, but needs to improve on bank lending which remains weak”.
He added: “The cyclical story is again improving for much of Africa as commodities pick up. The credit rating downgrade cycle is basically finished. We think Nigeria will have one of the strongest growth accelerations in Africa in 2018, while the currency is well supported for 2018.”
Renaissance Capital most recently acted as the Lead Issuing House on Nigeria’s first ever corporate infrastructure bond and first 10-year bond issued by a non-financial corporate entity (Viathan Funding Plc) – a deal that has been nominated by the 2018 African Banker Awards for Deal of the Year (debt category) – and as Joint Lead Manager for the largest combined new issue and liability management offering ever by a Nigerian issuer (Fidelity Bank).