By Arthur Asiimwe
KIGALI, June 28 (Reuters) - Nigeria's largest insurance group, Industrial and General Insurance (IGI) Plc plans a $2 billion expansion drive in Africa, the company's chief executive officer told Reuters.
Three years ago, the insurance firm began expanding out of Nigeria, initially investing in Ghana, Gambia and Uganda.
"Originally we set aside $200 million of our own funds but we see this attracting another $2 billion (from our other firms)," Remi Olowude, chief executive officer of IGI, said in an interview late on Friday.
"Our future roll-out plans are in east and west Africa," he said.
The IGI group, which has interests in banking, infrastructure and construction, posted gross turnover of $62 million in 2007.
In West Africa, the group is eyeing new projects in Sierra Leone, Angola and Sao Tome while in east Africa, it is in negotiations with firms in Kenya and Tanzania and looking for opportunities in Burundi and the Democratic Republic of Congo.
The company is also targeting South Africa and wants to set up water, aviation and tourism projects in Rwanda, where it already owns an insurance firm.
"The first foot we put forward is insurance, followed by banking, construction and real estate, followed by waste management and infrastructure," he said.
Olowude spoke to Reuters on the sidelines of the first joint east Africa investment forum where some 700 local and foreign investors are gathered to seek opportunities in the trading bloc.
As the continent sees increased investments, mainly from China and India, Olowude sounded a wake up call for Nigerian firms and other African entrepreneurs to take the lead in investing in the region.
"Almost everybody that comes (to Africa) wants to take one or two things out," said Olowude.
"We are also looking for profit but the profit will be invested here because we are Africans and we have to uplift ourselves. We must not be indebted so much to Europe, China or to America."
China's bilateral trade with Africa grew by an average 30 percent per annum in the last eight years, reaching $73.8 billion in 2007. Foreign direct investments grew to $13.7 billion from $500 million during the same period.
"It is a wake up call for Nigerians, for every African. We should also bring resources from Nigeria which has oil and has a lot of resources -- human resources, brain power -- to help our brothers and sisters." (Additional reporting by Helen Nyambura-Mwaura; Editing by Lincoln Feast) (For full Reuters Africa coverage and to have your say on the top issues, visit: http://africa.reuters.com/
