COVID-19 Economy: Why Nigeria must develop digital economy, increase national savings vanguardnews
Foreign Investment Network has listed a number of economic strategies Nigeria and other African countries could adopt, to avert the economic effects of the COVID-19 pandemic.a United Kingdom-based company driving foreign direct investment, FDI for Africa and other developing economies.
They, however, noted that while the situation creates panic, it has also provided an opportunity for African countries to try digital investment and explore new tools for economic growth. “Africa should find a way of increasing national savings because national savings is something you can borrow against. Our national savings are very low and we have far more money outside the banking system; we have to be more creative in developing informal savings mechanisms.
“African leaders are failing the African people. We need to start to invest in our own economy, develop our own industry and become autonomous in terms of food, “ he said. Former Canadian Minister of International Development, Christian Paradis, hinted on the need for a coordinated approach in the supply and distribution of materials, reliefs, vaccines and others to Africa as COVID-19 hits the continent harder.
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