Participants at the just concluded economic and investment summit held in Dutse, Jigawa State, have concluded that Sub-Sahara Africa has the potential to drive world economy in 30 years time.
According to reports gathered from Businessday News, the summit which was part of activities marking the 2013 Democracy Day at the state was to encourage investment on agriculture, information and communication technology (ICT), solid minerals and small and medium scale enterprises (SMEs).
CEOAFRICA news desk, according to BusinessDay news correspondent reported that Paul Boateng, one time Britain’s secretary to the treasury, who led the investors’ round-table segment of the conference, says the poor state of infrastructure in the region is the number one obstacle to the realization of this goal. He noted with confidence that if the country in the region are prepared to learn from what emerging economies like China and India did in the area of infrastructural development, it will fast-track the pace they are moving economically.
Boateng, while buttressing his argument, stated according to Businessday news that Africa requires an efficient railway system as part of the necessary ingredients of improving economically.
According to him, Africa is a resource rich continent, which places it at a strategic advantage above others, and a modern railways is needed to move goods.
“For some time now economic growth in Africa has reached over 8 percent, here in Nigeria it has been projected that the economy would grow by 6.3 percent, this is a good development. I discussed this growth with some African ministers at a conference at Addis Ababa, Ethiopia, and we noted these growth are recorded in spite of the current deficit in infrastructure, we agreed that if the challenge of infrastructure is tackled the continent will join the Asian tigers in 30 years time”, he stated.
He commended Jigawa State government for organizing the investment summit which, according to him, is an indication of the state’s commitment to develop economically.
CEOAFRICA news desk, according to Bussinessday News, also gathered that Mustapha Bello, executive secretary, Nigerian Investment Promotion Council (NIPC), an agency marketing the nation’s investment opportunities, was part of the event. In his key note address, he disclosed that Nigeria has put a number of policies and incentives in place to encourage investors to invest in the country.
He explained that the major foreign direct investment flow being recorded in the country is as a result of these positive initiatives of the government, charging state government to establish this king of agency, to drive their respective investment opportunities.
Also at the event is Richard Montgomery, country head, DFID in Nigeria, who commended the Jigawa State government for putting in place the necessary business environment through building infrastructure.
