Africa is on edge of economic boom - Ezekwesili

Africa is on edge of economic boom - Ezekwesili
By Kabanda Chulu in Kitwe
Sat 04 Sep. 2010, 20:10 CAT

WORLD Bank vice-president Obiageli Ezekwesili has observed that Africa is turning the corner towards the path of an economic rebound.

Officiating at the inaugural Africa-Singapore Business Forum held in Singapore City on Thursday, Ezekwesili stated that Africa’s resilience during the recessions and its successes indicate a continent on the edge of economic boom.

“If I had been invited to speak to you a few years ago, my remarks would have been greatly influenced by the adverse impact from the food, fuel and financial crises on Africa but I believe that the continent is perhaps at the about the same point now as where India was 20 years ago and where China was 30 years ago, just before their economic booms set in,” Ezekwesili stated.

“Africa is the future of the global economy and Singapore is, among all ASEAN countries, the largest investor in Africa in terms of cumulative FDI with US$3.5 billion invested across a broad range of industries and Singapore is a trading nation and a vital node in global trade flows as the physical gateway to Asia.”

She highlighted the success stories that had helped to open the eyes of the world to a different Africa from one of conflict and tyranny to one of reform and economic stability.

“Just ten years ago, The Economist dubbed Africa ‘The Hopeless Continent.’ But this year, The Economist in recognition of the huge dividends that Africa is reaping after some tough choices such as mobilising domestic resources, redirecting wasteful spending, investing in basic education and health, reforming public utilities and reducing protectionist policies, has named Africa the ‘economic lion’ ready to take its place beside the Chinese dragon and the Indian tiger,” Ezekwesili stated.

“Among the successes: Mali’s export sector led by the mango industry, ‘Nollywood’ Nigeria’s film industry and Rwanda’s focus on tourism and ICTs, which is helping boost its economy and the efforts of women in Kenya to bring cut flowers on the world market.

But many challenges do remain in Africa and infrastructure is as a critical bottleneck with less than 25 per cent of the population of sub-Saharan Africa having access to electricity compared with 40 per cent in other low income regions of the world.”

Opening the forum, Singapore’s Minister for State for Trade and Industry Lee Yi Shyan stated that as Africa moves forward, Singapore’s experience had a lot to offer the continent.

“Singapore’s experience is a case study of relevance and our public and private sectors have accumulated knowledge in areas of mutual interest and one such area is in building and managing urban infrastructure,” he stated.

And Mo Ibrahim Foundation chairman Mo Ibrahim challenged businesses coming into Africa to ensure that they played a positive role in the sustainable development of the region and to conduct business in an open and transparent manner and respect the environment.

This Business Forum, organised by International Enterprise Singapore and the Singapore Business Federation, comes at a time when there is increasing interest from Asian countries, beyond just China, in the myriad of opportunities opening up in Africa.