Osinbajo Highlights What Makes Africa Work
If you are among the skeptics, who stand on the sidelines in Africa, thinking the continent is going nowhere, Nigeria's Vice President Yemi Osinbajo, wants you to have a rethink.
Africa works, he says and the Professor of Law also knows what makes it work.
He addressed the Financial Times Africa Summit in London on Monday and listed some factors that have contributed to growths that Africa has recorded.
"Today, we can demonstrate with clear examples that what makes Africa work are the ingenuity and resilience of the people, especially its 70% youth population, leadership and good governance, allowing the private sector and markets to function, focusing on infrastructural development, and the incredible opportunities that abound," Professor Osinbajo said.
Sharing Nigeria's experience, the Vice President said strong visionary leadership committed to good governance have proved to be critical where the Africa’s economies have recorded successes.
"Nigeria earning 60% less revenue than 5 years ago, last year invested 1.3 trillion Naira in infrastructure, the largest capital spent in its history," he explained.
According to him, the nation will increase investments in infrastructure in the 2018 budget and he believes good governance, prudent management of resources, means you can do more with less.
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"Ethiopia delivered its light rail and within Addis ahead of schedule and with no cost overruns.
"Rwanda has shrugged off the tragedy of genocide of barely 20 years ago, delivering on infrastructure and earned its place as the second easiest place to do business in Africa.
"Ghana is galloping away with GDP growth figures this year of 9%," he said, listing remarkable achievements in some of the continent's nations.
Insisting that the Africa growth story is real, the Vice President listed breakthroughs that have been recorded in different sectors and nations, highlighting that of MAIN ONE, Africa’s first underwater optical fibre cable, established in Nigeria.
Growing investments in the electricity sector in Nigeria, agriculture sector in Tanzania and a few other countries were enough for the Vice President to stake his money, but he is not a betting man like he said.
“If I were a betting man I would surely put my money on African businesses that demonstrate an awareness of how technology will be an exponential catalyst for business.
All over Africa telephony and technology are unearthing riches hitherto unknown. Kenya’s M-pesa has become the largest mobile telephony payment solution in the world.
The story of how MTN in Nigeria became the largest mobile network in Africa in less than a decade is still the stuff of legendary investment stories,” he said.
Professor, Osinbajor, however, reiterated a message to Uncle Thomas, insisting that Nigeria’s population is rich enough for good business ideas to translate into cash.