How FirstBank, Bank of Industry Drove Investment and Growth at 2024 Africa International Investment Summit in New York

Segun Atanda/

The 2024 Africa International Investment Summit (AITE), hosted in New York on September 24, marked a pivotal event for Africa’s economic future, as business leaders, entrepreneurs, and policy influencers gathered at the Millennium Hilton Hotel UN Plaza to champion transformative investment in Africa.

Sponsored by FirstBank and the Bank of Industry, the summit took place alongside the 79th United Nations General Assembly, centering on the theme, “Transformative Public Policies as Drivers of Economic Growth.”

In his opening address, Tunde MacAlabi, CEO of T-BYK Ventures Limited and organizer of the summit, highlighted the potential of African SMEs to expand into North American markets.

“The SME sector is the engine of growth for any society,” he said, expressing gratitude for the ongoing support from FirstBank, the Bank of Industry, and Nigeria’s Ministries of Trade, Industry, and Foreign Affairs.

Olusegun Alebiosu, CEO of FirstBank, emphasized the significance of collaboration between governments, private enterprises, and international organizations in crafting policies to foster innovation and financial inclusion.

“At FirstBank, we believe transformative public policies are the gateway to sustainable economic growth,” he said, reaffirming the bank’s commitment to driving development across Africa.

Speakers also underscored Africa’s youthful, energetic population as a key asset in enhancing productivity and global economic contribution.

David Spaulding, Managing Director of Lenape Legal Ltd, highlighted Africa’s dynamic potential despite challenges, urging U.S.-based businesses to pursue investments across the continent.

Latron Price, President of American Sales and Distribution Services Inc., noted opportunities for African businesses to capitalize on resources from U.S. agencies like the Export-Import Bank and USAID, which offer financing and strategic advantages.

Women’s contributions to economic advancement were a focal point, with Dr. Adedayo Benjamin-Laniyi, a leading advocate for women’s involvement in economic development, stating, “A woman’s agenda is a human agenda. It drives intervention in communities and fosters human capital development.”

Queen Ahneva Ahneva, founder of the Museum of African Textiles, spotlighted Africa’s burgeoning textile industry as a sector ripe for investment.

“Africa is blessed with vast resources, both human and material,” she said, emphasizing the continent’s unique growth potential in fashion and textiles.

With a successful second edition in 2024, attendees voiced excitement for AITE 2025, as the summit continues to lay the groundwork for deeper investment and economic collaboration between Africa and global stakeholders.

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