Delegates set agenda for African leaders at Africa Economic Summit 2024
By Jeffrey Agbo
Delegates from several African nations gathered in Abuja for the 3rd Africa Economic Summit from June 3 to 4, 2024 organised by the Africa Economic Summit Group ( AESG) to deliberate on several issues confronting African nations.
The summit’s theme was: Africa: Riding the Crest of Global Economic and Political Volatility.
During the two days of brainstorming and robust discussions and engagements, the summit got on to a good start after the address of Vice President Kashim Shettima and other key addresses from the Deputy Speaker of the House of Representatives, Benjamin Kalu; Minister of the Federal Capital Territory, Nyesom Wike; and the Minister of Industry, Trade and Investment, Doris Uzoka-Anite.
Other speakers at the summit included Boss Mustapha, former Secretary to the Government of the Federation of Nigeria, David Molapo, former Chairman of South Africa Airlines and President ICAN 4ir, South Africa; R Yoofi Grant, CEO, Ghana Investment Promotion Centre; Dr Sam Amadi, former Chairman, Nigeria Electricity Regulatory Commission and Director Abuja School of Social and Political Thought; Hon Josiah Muriithi Thiriku, Chairman Conference of Speakers Kenya; Wole Abu, CEO Liquid Intelligent Technologies; Wabo Majavu, Executive, Strategy and operations, Africa Data Centers, South Africa; Sibusiso Kunene, Founder and CEO, Ulwembu Business Services, South Africa; Prof John Osonwa, CEO, Net Zero Climate Solutions ltd, Amb Lady Josephine Nwaeze, CEO NEWS Engineering; Esther Chioma Amah, lead consultant, Carbon Credit; Air Vice Marshall, Monday Riku Morgan, former Chief of Defence Intelligence Nigeria; Barr Chijioke Orji, MD/ CEO Adasanmi Agriculture.
A communique made available to TheNiche and signed by the President of Africa Economic Summit 2024, Sam Ohuabunwa, and CEO of Africa Economic Summit Group, Brian Reuben, mentioned the key resolutions of the summit.
They are, “The Summit resolved that African Nations must quickly embrace the AFRICAN CONTINENTAL FREE TRADE AGREEMENT (AfCFTA) protocols and quickly dismantle all obstacles to the full consummation of the agreement. The Summit therefore called on the African Union (AU) to set a target of at least 30% of Intra-African trade by 2030.
“To aggressively pursue this goal which will bring tremendous salutary effect to the African Economy, the Summit urged the AU and particularly the AfCFTA to adopt the Slogan: ONE AFRICA! ONE FAMILY!! ONE ECONOMY!!! This slogan should serve as a tonic and a clarion call for ALL Africans to think globally African. It is our best chance of aggregating sufficient resources and energy to compete with the other Continents made up of very large Countries like the USA, China and India. The small and brittle countries of Africa can never be competitive on their own.
“In addition to pulling together resources (human and material) the next critical factor that can help Africa leapfrog and achieve SDG goals is an aggressive investment in Digital Transformation to drive Economic, political and social development. Internet Penetration and application is Africa’s best opportunity to mobilize the energies of our active youth population and drive employment and creativity. Investing in Digital Technology infrastructure has a multifactorial impact on Education, Healthcare, Agriculture, financial inclusion and Security in Africa. African Governments, with a fraction of the money spent on international travels and perquisites of office of the political class can further fan the embers of this digital revolution which is already ignited taking root in some African Nations mostly by private sector initiatives.
“The summit decried the embarrassing situation of Food scarcity and unbridled food inflation in Africa and determined that Africa must set a date to STOP importing all manner of food. Beyond dealing with Enhanced Food Security, African Nations need to adopt new schemes that resolve the trinity of challenge that currently beset Agriculture: Land acquisition, Access to Capital and inputs and market access. Novel systems that de-risk agriculture and make it very attractive for our young people and other business-minded people to participate in the Agricultural/ food processing/food export chain were recommended.
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“Mobilize domestic and foreign investments for critical projects. Minimize borrowing, prioritize projects and use internally generated resources. Start winding down from aids and replace with trade. Provide incentives for diaspora bonds and investments.
“Prioritize education and healthcare for a skilled workforce and produce fit-for-purpose manpower to serve Africa and provide external services. Adopt entrepreneurial education models to expand opportunities for wealth creation and reduction of unemployment. Focus on inclusive growth health care plans that share responsibility between all strata of Government and the Private sector. The successful unique collaboration that helped African Nations contain COVID-19 Pandemic should serve as a model going forward.
“Build strong leadership systems to raise Africa’s leadership stock. Hold African Governments more accountable through citizen activism. Use Technology and open government system to promote transparency and combat corruption. Deliberately promote gender equity and inclusiveness in African Political leadership with focus on the younger generation and an ethically engineered Leadership development.
“Simplify regulations, minimize Bureaucracy, and promote entrepreneurship. Executive , legislative and judiciary arms of governments must have common vision in achieving good governance. Investment attraction should be the focus of African economic policies- both local and foreign investors noting that investments create businesses, programs and projects; programs projects and businesses create jobs. Jobs create Wealth and Wealth drives away poverty. Poverty reduction must be a major KPI for our National political leaders.
“Secure land tenure and invest in affordable housing. Introduce new schemes and culturally acceptable housing. Mass housing projects with a good mortgage system will help reduce the housing crisis. Innovative pooling of resources in communities can ease housing shortages.
“Foster partnerships to tackle shared challenges effectively. Must quickly bring to reality the objectives of the regional economic integration promoted by the Regional blocks and the AU. Security in Africa must be handled on Regional basis to achieve desired results. Collaboration and integration is the way to go. Africa must devise ways to enforce and monitor implementation of agreements across the continent. Allowing Nations to proceed at their individual speed is a big drag on Regional Integration.
“Climate change is a critical issue in Africa, and it is important to consider the impact on vulnerable workers and communities. Africa needs to prioritize the funding and implementation of sustainable climate projects that address the unique challenges faced by the continent. Use of sustainable energy abundant in Africa – Solar and hydro energy should be our focus. The transition plans of using Gas – CNG vehicles and electric vehicles must be given added focus. Impact of Climate change on Security especially in the Sahel Region must be a central focus in the Region and a deliberate information diffusion and citizen enlightenment must be pursued.
“Finally African governments must commit to enhancing rule of law and show example by being law abiding themselves, pursue increased infrastructural development, provide attractive and globally competitive investment climate, promote private public sector collaboration to facilitate productivity, wealth creation and poverty minimization.”
