BizNis Africa
Latest News
Top 8 ways to improve your small business
Improving your business and boosting your bottom line does...
Denel Group CFO Odwa Mhlwana placed on special leave due to misconduct
The Denel Board of Directors has put the Group...
South African Business Leaders to gather at Vision 2030 Summit
The nation’s premiere platform for addressing the National Development...
BRICS Think Tanks Council proposes new platform to solve renewable energy challenges
Though renewable energy solutions have become less costly than...
Plan to transform South Africa’s construction sector ready for approval
South African National Roads Agency (SOC) (SANRAL) final version...
Black Woman owned Experiential Marketing Company taps into Africa’s petroleum sector
Tshepiso Sello is a young South African businesswoman who,...
Inter-generational partnership for economic growth remains key for SA youth
Genius and wisdom are not bound by age, race,...
e-Commerce retailers grew South African technical consumer market by 52% in 2017
E-commerce retailers grew their share of the South African...
AWIEF announces 2018 Award Judges
The panel consists of high-profile professionals and thought leaders selected...
#YouthDay: Vusi Thembekwayo shares funding techniques for entrepreneurs
As South Africans commemorated #YouthDay today, 16 June 2018,...

President Adesina recalled the Emir’s progressive posture during his time in public service

Africa’s development agenda must focus on the socio-cultural and commercial interests of Africans and the upliftment of Africa’s trade and economic ecosystem, said Muhammadu Sanusi II, the Emir of Kano and a former Governor of Nigeria’s Central Bank, during his address at the 2018 Annual Meetings of the African Development Bank Group in Busan, Korea.

“Africa’s economic transformation will be best achieved through fast-tracking regional cooperation and the execution of hard-nosed structural reforms that focus on the development of the continent’s human capital and material resources,” said Emir Sanusi II.

The Emir shared insight about revamping African regional integration, trade and economic relations with Executive Directors and Governors of the Bank, comprising Finance, Budget and Economic Planning Ministers from member nations.

An economist and financial risk expert, the monarch traced Africa’s post-colonial economic woes to the continent’s fiscal indiscipline and endemic disregard for its competitive advantages. For these reasons, he asserted, Africa’s development was stunted and its global trade ties lopsided in favour of offshore trading partners.

“Nine out of every 10 countries in Africa have huge trade deficits with China, but Asia developed mostly on domestic investments and resources,” he noted, underscoring the need for African Governments to invest in and promote creativity and indigenous enterprise.

The Emir advocated a series of structural reforms, including strategic investments in key sectors including agriculture, infrastructure, education, and small and medium enterprises. He called for deliberate industrial diversification noting that China has begun to move its mega-sized manufacturing capabilities out of low-cost industries.

African Governments also need to eradicate constitutional provisions and structures that increase the cost of governance at national and sub-national levels, manage demographic growth, and revamp and harmonize moribund and ineffective customs and excise duties that promote cross-border smuggling and revenue losses to governments, he said.

Africa’s debt burden continues to inhibit capital investment in industrialization, he observed, lamenting the misallocation of resources: “We need to begin to ask ourselves, ‘what do we do with the available funds in our coffers?’”

“Perceptions matter. So there is an urgent need for improved transparency, as this is clearly linked to good governance,” he said. “We need to accept that we have a perception problem that we must address. We need to tackle corruption, block leakages and create opportunities for new jobs.”

“Private sector capital is crucial for sustained economic growth but so is government’s intervention in guaranteeing business externalities like power, water and waste management, roads, housing and the legal and regulatory environment for innovation, commerce and industry.”

On trade, the Emir called for a regional and pan-African approach to trade negotiations, a tactical model which should be led by the Bank.

“The African Development Bank has the intellectual resources and clearly is better positioned to negotiate with China on behalf of Africa as a bloc of nations,” he said. “Europe approached global trade as a bloc so why can’t African nations do the same? This is clearly another area in urgent need of the Bank’s intervention.”

President Adesina recalled the Emir’s progressive posture during his time in public service. “As Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi was pro-development. He channeled significant investments into agriculture, infrastructure and SMEs.”

Leave a Reply

%d bloggers like this: