Too much has been said for too long but with too little result. Enough of rhetoric; action is required. EconomyOfAfrica LagosPlanOfAction Africa Nigeria
UBA’s Group Chairman Tony Elumelu recommended long-term solutions, which include a stimulus package, closer collaboration between the public and the private sectors including mobilising domestic resources and funding. President of African Export-Import Bank, , Prof. Benedict Oramah urged that the African Continental Free Trade Agreement be hastened to build continent-wide supply chains that will foster growth, a view shared by U.S. Senator Chris Coon.
Take good governance, for instance. Forty years ago this April, the then Organization of African Unity acknowledged the driving importance of sound, transparent and visionary political leadership to economic development.
Elumelu observed that no financial system can develop without a strong domestic sourcing and funding for growth. He is right.
Since 1980, even earlier in some cases, sub-regional economic groups such as ECOWAS in West Africa, have been created all over the continent-with varying degrees of effectiveness. AFREXIMBANK’s Oramah is right to have advocated a speedy implementation of the continental trade agreement AfCFTA. This is the latest, on a continent-wide level, that came into force late May 2019, for the first 24 African Union member states that ratified the agreement.
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