ACCOMPLISH MAGAZINE AUGUST 2023
Jim Ovia: Making Waves In The World
Jim Ovia: Making Waves In The World
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REPORTAGE<br />
JIM OVIA IN HIS<br />
OWN WORDS<br />
This collection of opinions from Jim Ovia<br />
was compiled from his interview with CNN’s<br />
Marketplace Africa in 2019<br />
Jim Ovia believes that Africa presents<br />
boundless business opportunities, thanks to<br />
its vast resources and improving education<br />
levels. He sees Africa as a continent that<br />
offers tremendous potential for foreign<br />
investors.<br />
The rise of Nigerian companies and their<br />
recognition exemplify the hardworking<br />
nature of people in Africa.<br />
Jim Ovia revealed that Zenith Bank was<br />
established with an initial capital of N20<br />
million in 1990, which was approximately<br />
equivalent to $5 million at the prevailing<br />
exchange rate of around N4 to a dollar. Fast<br />
forward 20 years later, the shareholders’<br />
funds of Zenith Bank had surged to an<br />
impressive $4 billion. “This kind of returns,<br />
you don’t get it even in God’s own country,<br />
America. You don’t get it in Europe. You don’t<br />
get it in Russia. You can get them in Nigeria.”<br />
Jim Ovia believes that Nigeria presents<br />
significant opportunities for success.<br />
Investing in banking is a great<br />
opportunity in Nigeria.<br />
“Just don’t give up in Nigeria.” Ovia<br />
encourages young people to remain<br />
focused and determined despite the<br />
challenges they may encounter in business,<br />
emphasizing the importance of not giving<br />
up. Ovia advises future startups and<br />
entrepreneurs to be persistent, focused,<br />
honest, and committed to their chosen path.<br />
Manufacturing is considered the<br />
best investment option across the<br />
continent.<br />
Ovia acknowledges that investors<br />
may feel nervous due to the<br />
responsibility of showing good returns<br />
to their stakeholders. He believes it’s<br />
natural to have concerns in business.<br />
“We would build our own roads...<br />
buy power plants... dig boreholes...<br />
BYOI – Bring Your Own Infrastructure<br />
or Build Your Own Infrastructure.”<br />
Ovia highlights the need to overcome<br />
challenges in Nigeria by taking<br />
proactive measures and creating<br />
necessary infrastructure.<br />
According to Ovia, making money<br />
and losing money are both part of the<br />
investment journey, and investors need<br />
to focus on generating good returns<br />
over time rather than avoiding risks<br />
altogether.<br />
Agriculture is also a promising industry for<br />
investment in Africa.<br />
14<br />
Accomplish Magazine
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