In an economic environment presently dominated by a fear of investing in Africa due to the fall in prices of oil and other commodities, the French businessman Vincent Bolloré clearly reveals his afro-optimism. Truly, the business mogul who has assets in the logistic, transport, power, agriculture and media sectors of the continent said in an interview published on January 13, 2016, by the French weekly Challenges that nothing would stop Africa’s development.

“For decades now, observers have been going about saying Africa was a lost cause. 18 months ago, it was supposed to succumb to the Ebola outbreak. Now, Ebola is history. Today, people fear the fall in prices of oil; tomorrow, it could be a locust invasion…! The truth is that nothing will stop Africa’s development,” he declared. “With Internet, Africa’s inhabitants are learning more and faster, better taking care of their health, and with the development of solar energy, they will have a constant power supply,” he added.

Moreover, Vincent Bolloré told the French newspapers he renounced to the IPO for his West-African railway project which costs €3 million.

“There is no IPO. It is true that I mentioned it at the general assembly but I never initiated it. We are financing the project ourselves,” he highlighted stating that “the Bolloré group had the means to auto-finance the project through its family shareholding which protects it from the diktat of stock exchanges”.

Named Blueline, the railway project includes the construction or renovation of 3,000km of railway which passes through five countries namely Cote d’Ivoire, Burkina Faso, Niger, Benin and Togo. As part of this project, Bolloré plans to renovate existing lines and build new ones, notably from Niger to Burkina Faso and Niger to Benin.

The IPO which was planned for spring 2016 was cancelled after people close to ex-French Prime Minister Michel Rocard and businessman Samuel Dossou from Benin initiated judicial procedures claiming they have been given rights by the States involved in the project.

In regard to this, Mr. Bolloré said he would not negotiate with the plaintiffs. “We only discuss with the states that provided us the concession. And if there are complaints, these States are responsible for attending to them,” he said. “It is common for such big projects, implemented in unsafe environments, to face some challenges”, he continues.

Vincent Bolloré also put in doubt the ability of his rivals to carry the project. “If we decided to invest nearly 3 billion here, it’s because we believe in Africa. We have faith in this continent where we have been active for more than 50 years now. Moreover, we are the only ones who have financed this railway project. Of course, many are the dreamers not ready to provide the funds required for its realization,” he declared.  

The head of the Bolloré group also challenged the claims related to him holding a dominating position in many of Africa’s sectors. “This is a joke! We were dominant when we were the only one investing. Today, everybody invest in Africa, Chinese, Indians, Americans… And it’s for the best. Our domination is getting mitigated,” he said.