Global Investors Defy Insurgents, Converge On Abuja For WEF

Two bomb blasts and a kidnapping that has sparked global outrage did little to deter global investors, heads of states and policy makers from attending the World Economic Forum (WEF) on Africa set to begin in Abuja, Nigeria’s capital this morning.

BusinessDay has gathered that there have been little or no cancellations for the event which has so far attracted investors from as far afield as Asia, Europe, North America and Africa.

The summit with the theme, ‘Forging Inclusive Growth, Creating Jobs,’ is expected to be the biggest yet, with the World Economic Forum saying that the “interest in the Nigeria meeting has been unprecedented.”

Nigeria will host heads of state and executives from companies including General Electric Co, (GE), Bharti Enterprises, the Dangote group, McKinsey & Company, Heineken, and Telkom Group, South Africa, among others.

Home to the country with Africa’s largest population and consumer market, Nigeria also recently emerged as the largest economy in Africa with a GDP of $510 billion.

Many investors see the meeting in Nigeria as representing the continent’s largest business opportunity.

The country is Africa’s largest oil producer, its largest telecommunications market, the second largest beer market, SSA largest cement market, as well as the largest exporter of LNG.

Meanwhile, the forum on Tuesday announced its selection of Global Growth Companies (GGCs) in Africa, consisting of 16 of the regions most dynamic and high-growth companies.

The selected companies are: Seplat Petroleum Development Company Plc (Nigeria); Computer Warehouse Group (Nigeria); Interswitch Limited (Nigeria); Nagode Group (Nigeria); UAC of Nigeria Plc (Nigeria); Notore Chemical Industries Ltd (Nigeria); Nation Media Group (Kenya); Bidco Oil Refineries Ltd (Kenya); GML (Mauritius); Growthpoint Properties (South Africa); Capitec Bank Holdings Ltd (South Africa); Webber Wentzel (South Africa); KZN Oils (South Africa); Net1 UEPS Technologies, Inc (South Africa); Tekkie Town (South Africa); and Simba Group (Uganda).

These companies are considered trailblazers, shapers and innovators that are committed to improving the state of the world.

GGCs are fast-growing companies with the clear potential to become global economic leaders. The 16 nominated African GGCs represent a broad cross section of industrial sectors, but share in common a track record in exceeding industry standards in revenue growth, promotion of innovative business practices and demonstration of leadership in corporate citizenship.

“The World Economic Forum is proud to recognise these 16 champions that are at the forefront of driving responsible economic growth, job creation and entrepreneurism in Africa. We look forward to the active and dynamic role they will play at our meeting in Abuja, working with the region’s leaders to foster inclusive, sustainable growth in the region,” said David Aikman, Managing Director and Head of New Champions at the World Economic Forum.

Together with the Social Entrepreneurs, Technology Pioneers, Young Global Leaders, Global Shapers and Young Scientists, the GGCs make up the New Champions, a larger World Economic Forum community of pioneers, disruptors and innovators. Nomination as a GGC provides companies with an opportunity to join the larger GGC community of over 360 companies worldwide. These companies contribute to the Forum’s meetings, projects and knowledge products, which in turn support them on their path to achieving responsible and sustainable growth.

The 24th World Economic Forum on Africa will be held in Abuja, Nigeria, on 7-9 May 2014.

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