The Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji has counseled sub- regional business operators in Africa to strive towards developing their businesses and the sub regional economy in general through the application of African solutions and the local potential in the continent rather than adopting foreign methods.
Oyetunji said this during the third Chief Executive Officers’ summit for African operators sponsored by the Company in Eden Island, Seychelles.
The summit, attended by delegates from different African countries has the theme: ‘Navigating through global headwinds.’
Advising the operators on their business development, Oyetunji stated: “I do not think it is by repacking products or structures borrowed from Europe or China that will change Africa, I think we must come up with African thoughts, principles and culture to transform our countries,” he said.
According to him, the continent is blessed with huge potential needed for its growth and development.
He said Continental Re would continually create steps to address those challenges facing the insurance sector.
“I strongly believe that we will not get the inspiration from outside but one thing we will continue to do in Continental Re is that we are focusing on bringing back talent from the diaspora and this is one of the things we want to encourage”, he said.
Oyetunji expressed his company’s commitment to support underwriters and ensure capacity development in the African Continent.
Also speaking at the event, the Commissioner for Insurance, Kenya, Mr. Sammy Makove said in the last ten years, Africa had witnessed strong economic growth trajectory.
Makove said this while speaking on the topic ‘Creating a value curve: How can foreign investors share and support Africa’s prosperity?’ at the summit.
He said that the services sector’s share of total employment and Gross Domestic Product has continued to grow exponentially, upstaging the traditional agricultural and manufacturing sectors.
According to him, this promising growth in the services sector is a paradigm shift not only in driving value addition but also serving as a critical input for other economic activities.
He pointed out other sectors where growth is expected, as agriculture, water, fisheries, forestry, tourism, oil and gas.
He however, observed that foreign investment has not grown significantly over the last few years.
He said that Africa has an impressive economic potential with sustained GDP growth of five per cent over the last ten years.
The commissioner identified a growing consumer market due to rapidly growing population and a young and dynamic workforce in the continent.
He observed that currently on the continent, there are availability of expanding innovative business models such as mobile technology services, large and expanding informal sector as well as signs of improving and more efficient business environment.