Participants at the 2024 African Export-Import Bank (Afreximbank) yearly general meeting, held in Nassau, Bahamas have advocated investment in infrastructure and the creation of stronger institutions to enable Africa to participate fully in the global economy.
The experts lamented that Africa comprised of 17 per cent of the world’s population but accounted for just four per cent of global output GDP and two per cent of world manufacturing, saying these would continue to undermine the continent’s ability to gain larger value from the global market.
A former vice chair of the Federal Reserve of the United States, Dr Roger Ferguson, said Africa’s growth rate must accelerate such that it would deliver what China and the South-East Asian Tigers have done.
According to him, Africa’s vast infrastructure deficit has continued to constrain its growth, stressing that infrastructure development plays a pivotal role in enabling economic growth, fostering social progress and driving sustainable development.
He stated that the challenges facing Africa also present an opportunity for the continent to embrace more efficient technologies.
He pointed out that technologies have numerous benefits, especially in the areas of support for healthcare delivery services and promotion of access to education, noting that the only way to realise the benefits is through investment in infrastructure.
Ferguson also stressed the need for Africa to step up investment in the manufacturing sector and funding for local production.
“Africans need to have a payment system that can work effectively, step up manufacturing, develop infrastructure, fund investment in local production, save to have independence and increase trade and investment within the continent,” he said.
Also speaking, Nigeria’s former vice president, Yemi Osinbajo, stressed the need for Nigeria and Africa to translate their huge economic potential into reality.
According to him, Africa needs to find ways of dealing with local issues and tackling myriads of problems within the continent.
“The global challenges are not the problem; it’s getting things done in our environment and the easiest way of doing that is to encourage the private sector. Dangote refinery speaks to the fact that the private sector is mature and can attract cheap capital for investment,” he said.
