Way Out for Africa

Fri, Jul 12, 2013
By publisher
2 MIN READ

BREAKING NEWS, Business, Featured

THE 2013 Economic Report of Africa jointly produced by the United Nations Economic Commission for Africa and African Union Commission identify commodity-based industrialisation as the engine that can propel economic growth in Africa

Commodity-based industrialisation is an engine of growth for Africa, according to the 2013 Economic Report of Africa. The report jointly produced by the United Nations Economic Commission for Africa, UNECA, and the African Union Commission, AUC, in collaboration with the Centre for the Study of the Economies of Africa, CSEA, was launched in Abuja, July 11.

Okonjo-Iweala
Okonjo-Iweala

This year’s report focuses on taking advantage of Africa’s commodities to industrialise the continent in a bid to produce growth, jobs and economic transformation. The document “argues that African countries have a real opportunity, individually and collectively, to promote economic transformation and to address poverty, inequality and youth unemployment.”

“The report is based on nine studies of African countries, which have helped to generate evidence-based policy recommendations. The policy framework offered underscores, inter alia, the importance of designing and implementing effective development plans and industrial strategies to address constraints and tap opportunities that will trigger value addition and commodity-based industrialization,” a statement by UNECA said.

Ngozi Okonjo-Iweala, minister of finance and coordinating minister of the economy, delivered the keynote address at the public presentation in Nigeria. Okonjo-Iweala’s address gave a policymaker’s perspective to the question of whether Africa can leverage on primary commodities to industrialise. Emmanuel Nnadozie, director, Macroeconomic Policy Division of UNECA, assisted Okonjo-Iweala to do the presentation.

Chidi Uwazurike, chairman, House Appropriations Subcommittee on Petroleum and the Niger Delta, led discussions at the event. Other speakers include Akpan Ekpo, a professor and director-general of the West African Institute for Financial and Economic Management, WAIFEM, Frank Nweke,  chief executive officer of the Nigeria Economic Summit Group, and Adekunle Oyinloye, chief executive officer of Infrastructure Bank Plc.

— Jul. 22, 2013 @ 01:00 GMT

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6 thoughts on "Way Out for Africa"

  1. Yes, commodity-based industrialisation is the key to economic development in Nigeria. Let’s support people like Dr Okonjo-Iweala to push this message.

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