African Entrepreneurs Must Improve On Value Added Services
At the heart of Afrika’s under-development is lack of industries.
The continent has a small number of companies manufacturing goods locally.
This means most African nations rely on finished goods imported from Europe and Asia to run their industries and meet basic needs.
But the implication is that Africans export raw materials and jobs while importing finished goods and unemployment.
But one of Africa’s brightest minds, Dr Akinwumi Adesina wants that to change.
On Monday, Adesina who is President of the African Development Bank, AfDB asked African countries to add value to their products in all sectors for rapid industrialisation of the continent.
He made the call at a breakfast meeting for newsmen at the bank’s Annual Meeting in faraway Busan, South Korea.
He said Africa is greatly endowed with natural resources such as gas, oil and agricultural and mineral products that need to be tapped for export.
“Africa needs to create jobs, add values to products for export because no nation achieves industrialisation by exporting raw materials,” he said.
Adesina expressed the belief that Africa’s surest way to economic growth was through agricultural industrialisation.
The president said African countries need to create jobs, wealth and fiscal base by encouraging the growth of medium and small-scale enterprises.
He said a major challenge of Africa was that most countries exported raw materials, while calling for the practice to stop.
But it is not all talks for him. His bank will put money where its mouth is by investing 35 billion dollars in the next 10 years to support industrialisation in Africa to grow its industrial GDP.
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