By Abiola Alabi
If we go by the data and records available from various sources, it is apparent that the African economy has grown in an impressive manner for the last decade. Though other continents in the world are ahead of Africa in terms of technological and infrastructural development, security and reliability, the pace with which Africa is moving ahead is quite encouraging and the continent, as a result, is on the watch-list of several developed and developing nations.
One of the primary reasons for such growth has been the growth in agriculture along with proper utilisation of available natural resources. In light of this, there is great hope that Africa’s new position will bring forth a steadier and more diversified economy in the future. This diversification can be addressed by focusing on the following areas:
Proper governance and a stable leadership is something that the citizens of any country desire. They want their voices to be heard and to know that the government pays heed to what they want. Serious investment in human capital is an important step which all governments need to undertake.
No development is possible if the people of the country do not have a sense of security. Peace is an important ingredient for development and, thus, African countries needs to communally move towards a paradigm shift in governance that makes its citizens feel secure and safe.
Economic growth is another area that needs to be given importance and focus. Trade is a bridge between Africa and the international community, therefore it needs to be nurtured and allowed to prosper to ensure its’ sustainability. Sudden and irregular growth spurts will do little to help develop or boost the economy in the long run. More resources need to be allocated to growth in the areas of infrastructure and agricultural to ensure an upwards trend.
Financing is another sector that needs closer attention amongst African nations. Intelligent financing by Africans, could mean that countries are not left even more indebted to entities in the Western world after gaining financing on projects with little or no sustainability potential. There are various changes leaders are working at, to make that happen and a good model for this is the work of Trico Capital International in Nigeria. The company’s focus is on Investment for sustainable, private enterprise, infrastructure and self-financing projects in West Africa. Austine Ometoruwa who is the CEO of Trico Capital International is keen to work on financing that doesn’t leave Africa ever more indebted to G8 economies.
The economy of the African nation is still in its nascent stage, and there is still much to do for bringing the nation up to allow it to stand against the other giant economies of the world. These can be achieved only if there are clear targets and proposals which are followed with utmost care and planning.
Abiola Alabi is a Nigerian blogger, journalist and writer. He is particularly interested in infrastructure development and urban renewal in and around the burgeoning metropolis of Lagos