HOW AFRICA CAN TURN AROUND ITS ECONOMY

, Magazine

African countries including Nigeria are blessed with plenty untapped resources and opportunities that can yield high returns and fully impact the economy.

Speaking at the OECD Africa Forum, the Managing Director of Lagos Deep Offshore Logistic Base, (LADOL), Dr Amy Jadesimi said Nigeria among other African countries is full of untapped, readily accessible business opportunities, where entrepreneurs can pitch to cre3ate low-cost, high yield and value-adding solutions for the local market.

Jadesimi added that most companies must begin to embrace sustainability. She noted that her organization’s success has proven the efficacy of the United Nation’s Sustainable Development Goals and hence provided enough framework for the development of new businesses and maximizing local materials in developing and underdeveloped states.

According to her, it will be a daunting task to sustainably industrialize Africa but will eventually be highly rewarding.

“The first step is great international support from governments and investors for indigenous private companies across the continent because these are the companies that will create the jobs” she said.

Jadesimi noted that while the influx of foreign establishments is good for the continent, certain restrictions and regulations are to be imposed on some western companies with activities having adverse effect on African and its citizenry.

According to her, “The world needs new financial regulations, which encourage investment into real businesses over long-time horizons, and discourages unstable, short-term wealth creation through trading and complex financial instruments that no longer relate to the real performance of the underlying companies or assets”. She opined that there are trillions of dollars currently invested in negative or low yielding assets in only 10 financial markets across the world. We need to do better!

She concluded that “International companies can start engineering and manufacturing in Africa now”. This according to her is because they will get access to all 1.5 billion Africans, as well as local and public sector companies and facilities through which they can set-up and operate locally.

These companies can also make use of free zones such as LADOL, in Nigeria and the many zones being rolled out in countries such as Ethiopia, Kenya, and Rwanda their costs and increase their revenues. fffffff