Kola Karim, considered by Forbes, in 2014, the fourth most powerful men in Africa, leads a conglomeration that brings together oil, gas, energy, infrastructure and construction, among other areas of business and comes to Portugal next week to participate on the 1st EurAfrican Forum, an initiative of the Portuguese Diaspora Council.

On an interview to Lusa, Karim turned up optimistic about the future of the oil industry, but admitted that an economy too dependent on this resource faces risks.  

“It is, in fact, a problem and it can be a critical factor to countries like Nigeria and Angola [the two major producers of oil in Africa] and, that’s why they need to diversify their economies. Nigeria is now focusing on agriculture, that employs a lot of people and helps feeding the country and boosts the exportations. Angola focuses on the mining sector among other areas”, highlighted the entrepreneur.  

Even so, oil has a “brilliant” future lying ahead, added.  

“Imagine the quantity of cars that exists today in Portugal, do you think that in 30 years there will be 50% of electric cars in Portugal? I don’t think so”, observed, suggesting that the oil products will increase “on a sustainable way” on the next years, following the increasing world population and the energy demand, although on an more ecologic model such as the hybrid cars, for example.

For the Shoreline president, the economic crisis that reached on a more intense way the South Europe countries, can be seen as “an opportunity” for the Portuguese companies take their products and services to Africa, namely populous countries such as Nigeria, that has more than 190 million inhabitants.

On this scope, the EurAfrican Forum will be “a great mean to construct bridges and coalitions with Portuguese companies that has Africa on their DNA” and that search “the right partner” in strategical areas such as infrastructures, oil, gas and energy.

“This is the future of Africa and these are the fields that add value to Africa”, highlighted Kola Karim.

Nigeria, leader on oil production in Africa, is among the main oil suppliers of Portugal, besides Algeria, but also it was among the major crude suppliers of the Portuguese market.

The head of Shoreline said that expects Portugal “to assume a central role” on the connection to the Sub-Saharan African countries, that goes beyond the traditional coalitions with the former colony, “looking at the whole Sub-Saharan Africa as a platform to the integration and construction of bridges to business”.

The entrepreneur advocated that “the same European continents need to give more support to the African economies” and should face the African countries as partners, but those partnerships must be beneficial for both parts.

“We have one billion people, 60% of them with under-30 on the African continent, that’s why it is also an opportunity for [the European companies] to build a dynamic sector of trade and services”, underlined, adding that Africa has at the moment two big assets: democracy “that is launching roots” on the majority of the African countries and the “capital flow” that is already retracting to the investment in Africa.

The EurAfrican Forum, that will take place on July 10, 2018, at Estoril Congress Center, aims to be a “discussion space” about common problems that affect both continents – economic, but also social and inclusion problems – and “identify opportunities for a joint action”, according to the organization.  

By Lusa, July 2018