PwC calls for the deepening of West Africa- Lebanon relations

Leading professional service firm PricewaterhouseCoopers (PwC) has called for further deepening of economic and trade relations between West Africa and Lebanon. This call was made at a breakfast meeting recently hosted by the firm for Lebanese business leaders. The event which was put together by PwC firms across West Africa in collaboration with PwC in the Middle East was aimed at providing informed analyses of the political and socio-economic status of the region with the view to highlighting the immense investment opportunities the region holds.

The meeting held at PwC’s Saba House building in Beirut and provided a unique opportunity for networking between the business leaders and the contingent from PwC which included specialists in various arms of the firm.

Commenting on the event, Darrell McGraw, Partner and Energy leader at PwC Nigeria noted that the economic indicators of West Africa makes the region an attractive destination for investment from across the globe and Lebanese businesses he said, must key into this especially given the long historical relationship Lebanese have had with the region.

He  said “there is no shortage of superlatives to describe West Africa and the potential of her economy. The abundance of natural resources, a population projected to reach 400 million by 2020, two-thirds of which are under twenty five and the deepening of democratic institutions across the region presents an attractive and stable environment for investment. We know that the region is home to over two hundred and fifty thousand Lebanese many of whom have established successful businesses and we at PwC think there is room for the deepening of this mutual beneficial relationship especially by exploring the many untapped potential of the region”

Wadih AbouNasr, partner and head,  Tax services at PwC Lebanon who welcomed the participants and highlighted the current volumes of trade between Lebanon and the countries in West Africa notably Nigeria, Ghana and Cote D’Ivoire, noting specifically the areas in which opportunities exists.

Pierre Edde, the development director of South Energyx Nigeria Limited, the developers and city planners of Eko Atlantic City. His presentation detailed the design, planned infrastructures and investment opportunities in the new city being developed out of the Atlantic Ocean in Lagos. Eko Atlantic city he stated is expected to house over 250,000 residents and businesses in an area covering about 10million square meters. As a Lebanese company working in Nigeria, Pierre was also able to highlight the investment potential in the country while also sharing his experience of doing business in Nigeria.

The opportunities in Francophone Africa were highlighted in a third presentation by Douty Fadiga Partner in Advisory and Audit for PwC in Cameroon and Madeleine Tanoe Partner at PwC Cote d’ivoire. Their presentation dwelt on the celebrated strides of Cote D’ Ivoire especially the progress it has made since the end of political crisis in 2011 and the opportunities this has thrown up for business.

Modestus Anaesoronye