The renewal of African economies, currently grappling with internal and external shocks, will be possible once governments hasten policy reforms, invest in youth-driven innovations and promote integration, senior officials said on Saturday.
Yemi Osinbajo, vice president of Nigeria, said Africa is poised to become the next frontier for investments, trade, and innovations, subject to sustaining reform momentum in the continent’s policy and regulatory regimes.
Speaking at the 2023 Ibrahim Governance Weekend underway in the Kenyan capital of Nairobi, Osinbajo stressed that it is possible to unleash economic prosperity in Africa if governments accelerate reforms, restructure governance systems, and harness demographic dividends.
Osinbajo added that the secret to unlocking Africa’s huge potential lies in investing in education for the youth and reimagining key sectors like manufacturing, agriculture, energy, and financial services.
Kenya is hosting the 2023 Ibrahim Governance Weekend that has brought on board retired African presidents, senior officials, industry executives, heads of multilateral agencies, donors, civil society leaders, and scholars to discuss innovative ways to revitalize governance architecture in the continent.
Convened by Mo Ibrahim Foundation, a not-for-profit pan-African lobby founded by Sudanese-British entrepreneur and philanthropist, the three-day forum is expected to inject vitality into a new governance agenda for the continent that roots for fidelity to the rule of law, transparency, and inclusivity.
Africa has the potential to experience a significant post-pandemic economic rebound anchored on retooling economic policies, improved governance, and visionary political leadership, said Donald Kaberuka, former president of the African Development Bank.
According to Kaberuka, Africa’s greatest potential lies in its vast natural wealth like minerals and arable land, skilled youthful workforce, the embrace of democratic tenets, and ongoing economic reforms that are attracting foreign direct investments.
Kaberuka said Africa’s economic renaissance is in sight once the continent hastens diversification, invests in green manufacturing, and revamps crucial sectors like education and health.
He added that the African Continental Free Trade Area has the potential to convert the continent into a manufacturing and trading hub besides shielding countries from tremors in the global supply chains.
Ibrahim Assane Mayaki, African Union special envoy for food systems, emphasized that structural reforms, progressive leadership, and leveraging technology and innovations are key to realizing the continent’s growth and transformation agenda.
Mayaki said African nations should establish vibrant and resilient institutions of governance in their quest to tackle poverty, under-development, climate crisis, and conflicts.
