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African leaders urge Industrialization growth

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By Abdulwasiu Usman

The summit was to examine African industrialization and AfCFTA progress.

Africa, the world’s second most populous continent, is blessed with a variety of natural resources that may be harnessed to enrich inhabitants and the continent as a whole. With this view, African leaders continue to push for socioeconomic and industrial progress during their summit in Niamey, Niger’s capital. According to the African Development Bank Group (AfDB), the summit was organized to review the continent’s progress in economic diversification, industrialization, and the African Continental Free Trade Area (AfCFTA) in light of global shocks, debt vulnerabilities, climate change, and security issues.

The summit’s host, Niger’s President Mohamed Bazoum, urged African governments to enhance and use the rule of law to foster African entrepreneurs and the private sector to improve the continent’s economic and commercial environment. He adds that the continents need private-public sector collaboration to achieve cohesive industrialization. Nigeria’s President Muhammadu Buhari has advised African governments to capitalize on the continent’s massive and increasingly young population. He argues that the labor gap may be reduced if young people are given access to a high-quality education tailored to the labor market’s needs.

Africa’s economic growth needs to be built around value-added products.

On his part, Rwanda’s president, Paul Kagame, argues that the continent’s lack of industrial base results from a lack of investment in industrial policy, energy, and infrastructure. Given the present rate of Industrialization in Africa, he said, the development targets outlined in Agenda 2063 seem unrealistic. Also at the summit, AfDB President Akinwumi Adesina, who was represented by Marie-Laure Akin-Olugbade, AfDB acting vice president for Regional Development, Integration and Service Delivery, avers that industrial production is a significant factor contributing to the success of developed free trade areas around the world.

Furtherly, he noted that considering the global instance, Africa’s developmental and economic growth and stability need to be built around value-added finished products that can be marketable in the international market. There is a need to refine the continent’s raw product into a marketable commodity. Adesina highlighted the AfDB’s ongoing work, stating that the institute is investing $25 billion to reform the agricultural sector and unleash the agribusiness industry, which is projected to be worth $1 trillion by 2030.

37 of Africa’s 52 nations have been industrialized in the last 11 years.

Akinwumi Adesina of the African Development Bank (AfDB) emphasized the need to develop energy, health, natural resources, and pharmaceutical sectors in order to promote Africa’s Industrialization and economic diversification. Oil, gas, minerals, and metals abound in Africa, and the continent has a sizable blue economy that has to be swiftly industrialized. The first Africa Industrial Index was unveiled during the summit by the African Union, the African Development Bank, and the United Nations Industrial Development Organization.

Index rates the degree to which African nations have industrialized across several criteria, including the capital, labor endowments, institutions, infrastructure, and macroeconomic stability. According to the institutions’ collaborative research, during the previous 11 years, 37 of Africa’s 52 nations have been industrialized. The research evaluates the development of 52 African nations using 19 essential parameters. Manufacturing performance, capital and labor, business climate, infrastructure, and macroeconomic stability are only some of the areas measured by the index’s 19 components.

African leaders are committed to taking far-reaching decisions.

The summit, which featured twenty heads of state and government as well as their representatives, underscored benchmarks for countries to assess their industrial performance better and adopt best practices more effectively. In light of mounting frustration with the slow pace at which projects and programs related to industrialization and achievement of the African Union Agenda 2063 have been implemented, African leaders are committed to taking far-reaching, conscious decisions to expedite industrialization, economic diversification, and trade on the continent, with contractual capacity by the inhabitants.


Related Link

AU: Website


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jdpumping
Member
1 year ago

For every robust economy industrialization has been the bane of development so Africa leaders needs to do more about these by making their countries attractive for industries in order to grow the economy

Abusi
Abusi
Member
1 year ago

Growth of the economy has to be driven by the industrialization system that has been put to place. Africa needs more growth in industrialization. We need to do more to bring other Africa countries on board so they can develop and grow at the same place with other countries.

Adeolastan
Adeolastan
Member
1 year ago

The industrialization of Africa continent is overdue considering the population growth and the way God blessed Africa countries with variety of different natural resources spread across.But the Africa leaders doesn’t care because of their selfish interest.

Tolaniiii
Tolaniiii
Member
1 year ago

It is necessary to transform the raw product that is found on the continent into a commodity that can be sold.

Christiana
Christiana
Member
1 year ago

Africa’s developmental and economic growth and stability, in light of the global example, must be based on value-added completed products that can be sold on worldwide markets.

Tonerol10
Tonerol10
Member
1 year ago

African leaders urge Industrialization growth. We really need to do more for the betterment and growth of Africa industrialization.

theApr
theApr
Member
1 year ago

African countries’ industrialization levels are rated according to a number of factors, including capital, labor resources, institutions, infrastructure, and macroeconomic stability.

Hassan Isa
Hassan Isa
Member
1 year ago

Natural resources abound in Africa, the world’s second most populous continent, and could be used to improve the lives of its people and the continent as a whole if only people there knew how to take advantage of them.

Bola12
Bola12
Member
1 year ago

With the contractual capacity of the residents, African leaders are determined to implementing far-reaching, purposeful decisions to accelerate industrialisation, economic diversification, and commerce on the continent.

Chibuzor
Chibuzor
Member
1 year ago

As a result of this perspective, African leaders will continue to advocate during their summit for socioeconomic and industrial advancement.

Adesanyaj72
Adesanyaj72
Member
1 year ago

The African government should strengthen and employ the rule of law to encourage African business owners and the private sector to better Africa’s commercial and economic climate.

Nwachukwu Kingsley
Nwachukwu Kingsley
Member
1 year ago

If young people are provided with access to a high-quality education that is geared toward meeting the demands of the labor market, the labor gap may be narrowed.

Taiwoo
Taiwoo
Member
1 year ago

In context of the increasing dissatisfaction with the glacial pace at which initiatives and programs related to the African Union Agenda and the process of industrialization are being implemented

Godsewill Ifeanyi
Godsewill Ifeanyi
Member
1 year ago

The success of developed free trade regions around the world is significantly influenced by industrial output, which is one of the key factors contributing to this success.

Haykaylyon26
Member
1 year ago

African industrialization system need to be put in good place for the growth of economy of countries so thing can be improved it can work well with more partnership of more Africa countries

Kazeem1
Kazeem1
Member
1 year ago

Africa’s population increase and the diversity of the continent’s natural resources mean that the region is long overdue for industrialization.

Remi1
Remi1
Member
1 year ago

Twenty heads of state and government attended the summit, along with their officials, and it highlighted standards that nations should follow in order to more accurately measure their industrial performance and adopt best practices.

Ultra0711
Ultra0711
Member
1 year ago

Industrialization is the best we could advocate for. All effort should be concerted towards achieving this through harnessing the continents enormous resources and developing the economy.

DimOla
DimOla
Member
1 year ago

For Africa to attain fast socioeconomic development and industrialization every government in each of the African countries should invest massively in these areas.

SarahDiv
Member
1 year ago

African leaders who should be scolded for their lack of performance are the ones now making suggestions and urging industrialization.

Iyanu12345ogg
Iyanu12345ogg
Member
1 year ago

African leaders who should be scolded for their lack of performance are the ones now making suggestions and urging industrialization.