Editorial
For three days last week, economic activities were shut down in the nation’s capital, Abuja, as Nigeria hosted the World Economic Forum on Africa (WEFA) amid serious security concerns. The conference, which ended last Friday, was the 24th in the series since the meetings began in Davos, Switzerland, 24 years ago. It was also the first time it would hold in West Africa.
Expectedly, the forum brought together an assemblage of policy makers, heads of governments and institutions, renowned entrepreneurs, investors and donor agencies from around the world. Beyond the glamour, the tight security and the huge financial cost reportedly in excess of N4 billion, the forum provided an excellent platform for experts from many nations to explore the African business environment and increase international relevance as well as foreign direct investment in the continent. The august meeting held under the theme: “Forging inclusive growth, and Job Creation”
In spite of Nigeria’s security challenges, this forum could not have come at a better time for the country. It held not long after the rebasing of the country’s Gross Domestic Product (GDP), which made Nigeria the largest economy in Africa with a GDP of N80.3 trillion, ahead of South Africa.
Nonetheless, while Africa was duly recognised as a potential investment haven, the business climate in Nigeria was a constant reference point among the discussants. The participants severally highlighted how successive governments in the country did not leverage on the nation’s abundant resources to forge inclusive growth and create jobs for its teeming jobless citizens estimated at 24 million, out of a population of 170 million.
We share these concerns. For instance, out of the 200 million youths in Africa, the over 60 percent of them that are jobless are Nigerians. This is largely believed to have contributed to the present insecurity in some parts of the country, with the North-East geo-political zone taking the largest share of the burden.
Undoubtedly, as the forum noted, Nigeria has great potentials and remains a very attractive investment destination. These potentials have not been fully explored and exploited, largely because our governments have paid more attention to winning elections than creating the environment necessary for sustained economic growth and overall development of the country.
It is not surprising that agriculture was identified by the participants as one sector Nigeria can effectively use to forge inclusive growth and create more jobs. Until recently, Nigeria paid only scant attention to agriculture, but the situation is gradually changing under the leadership of the incumbent Minister of Agriculture, Dr. Akinwunmi Adesina. What this means is that growth can be achieved in many sectors if our leaders demonstrate the necessary know-how and are dedicated to their duties.
But for this to happen, we agree with the forum that governments in Africa, and Nigeria in particular, must create enablers such as good infrastructure, good governance, security and rule of law. This also involves building of institutions, establishment of regulatory frameworks and strengthening of policies that will attract not only foreign investors, but also encourage local businesses and investors to keep their money in Nigeria rather than abroad. This fact was well illustrated by Africa’s richest man, Alhaji Aliko Dangote, at the forum.
Currently, illicit outflow of cash outside Africa is put at $63 billion yearly, the bulk of this from Nigeria. This, sadly, under-develops the continent, while enriching other nations’ economies.
If the benefits of the just concluded conference are to be realised, the implementation of its various resolutions to bring about inclusive growth and improve regional integration is crucial. Things must go beyond the 2.1 billion people that the organisers claimed watched the programme worldwide. The gains must start with bridging the present infrastructure gap, and improve access to finance, which is one of the biggest problems in the country today. Also, unreliable power supply remains a major drawback. More than half the Nigerian population, according to a recent survey, lives in darkness. Education, especially among females in the North, remains low while healthcare is not affordable to many. Inequality is still high in the country, as the wealth of the country resides in the hands of a tiny few.
Overall, Nigeria may have hosted “the best World Economic Forum on Africa”, according to the forum’s Managing Director, Mr. Phillip Rosler, but this will mean nothing to majority of Nigerians if the attainment of inclusive growth and more job opportunities remains elusive. The people must feel the impact of this ambitious theme and plan. Indeed, in the absence of inclusive growth, the problem of insecurity will likely continue.
We, therefore, urge governments in Africa to create a community of interest, purpose and action towards actualising the lofty goals and resolutions of the Abuja conference.
Source: Sun Online News. Posted by: Crescent University Mirror(Oguntayo Ezekiel, Editorial Dept.)
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