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AID fosters economic growth in Africa

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By Mercy Kelani

Industry enhances productivity thereby generating employment for the masses.

Adoption of November 20 as the date for annual commemoration of Africa Industrialization Day was established by the assembly of heads of African States and Government of the Organization of African Unity (OAU) on July 26, 1989, at its Twenty-fifth Ordinary Session which was held at Addis Ababa, Ethiopia. The establishment of this day was to increase awareness of inclusive and sustainable industrialization being a significant condition for economic growth and poverty eradication in Africa. It mostly has focus on the mobilization of the commitment of international communities to African industrialization.

The African continent requires industrial development to enable sustained and inclusive economic growth. This is because with industry, enhancement of productivity, increased workforce capabilities, and generation of employment is guaranteed. Industrialization helps in the achievement of high growth rates in African countries, diversification of economies and reduction of exposure to external shocks. Subsequently, there will be a resolution to challenges affecting the continent as there will be a possibility to the eradication of poverty through creation of wealth and employment.

AID tackles challenges affecting the continent.

According to research, Africa, although enriched with great potentials and development opportunities, is one of the most underdeveloped continents around the world. As a result, Africa Industrialization Day has its focus on the mobilization of the commitment of international communities to tackle continental challenges such as military conflicts, lack of infrastructure, and diversification for promotion of industrial development of the African continent. Year 2022’s commemoration looks towards an increase in foreign direct investment, reduction in the cost of doing business, improved ease of conducting business and investment and development of specific sectors.

Africa, the second most-populated continent in the world with over one billion people, represents 1.4 percent of the world Manufacturing value added in the first quarter of 2020. COVID-19 Pandemic, although had slow evolvement in Sub-Saharan Africa, had great negative impact on African economic activities causing it to drop to 3.3 percent in 2020; this caused the first recession in the continent since the past 25 years. The industry sector was greatly affected by domestic lockdowns and lower external demand from the global recession.

Announcements of AID are made by UNIDO at its headquarters.

During the commemoration of Africa Industrialization Day, there will be a convening of the African Union Summit on Industrialization and Economic Diversification – which will take place in Niamey, Niger – under the theme “Industrializing Africa: Renewed commitment towards an Inclusive and Sustainable Industrialization and Economic Diversification.” The celebration of this day gives relevant stakeholders opportunity to analyze industrialization in Africa by viewing how there can be a change in the current status quo of the continent.

United Nations Industrial Development Organization (UNIDO), being the key organizer of the events commemorating Africa Industrialization Day, makes announcements at its headquarters in Vienna, Austria. The announcements made towards 2022 annual celebration have issued remarks from The African Union, the Economic Commission for Africa, and the United Nations. Through the recognition of AID, the African continent looks towards raising global awareness on the need for African Industrialization for the achievement of sustainable and inclusive expansion.

Commemoration of the day enhances intra-African trade.

The importance of Africa Industrialization Day includes the encouragement of collaboration with global stakeholders and policymakers for the expansion of development and financial resources of Africa; review of Africa’s industrialization challenges for improvement of production capacity of labor and industries; and enhancement of intra-African trade for harmonization and increased competitiveness. The aforementioned highlights of this day will aid international trade and global value chains, and the creation of employment opportunities for the mass population and advancements in the manufacturing sector.


Related Link

United Nations: Website


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Abusi
Abusi
1 year ago

The substance of AID work in Africa is to ensure there economic growth in Africa. Our economy growth is low, so it needs to be strengthened. Our different economic policies of African countries will also contribute to make us achieve this economy growth.

jdpumping
jdpumping
1 year ago

Are they really tackling African issues I doubt it what have they truly achieved with the AID program,not so sure Africa is still at the fire front of several issues facing all it’s countries,the heads of state better sit up and do better.

theApr
theApr
1 year ago

Challenges facing the continent will be resolved, and the potential of eradicating poverty through the generation of wealth and employment will become a reality

Nwachukwu Kingsley
Nwachukwu Kingsley
1 year ago

The goal of creating this day was to highlight the importance of inclusive and sustainable industrialization to Africa’s economic development and the fight against poverty.

Godsewill Ifeanyi
Godsewill Ifeanyi
1 year ago

African countries need to invest in manufacturing so that their economies can grow at a rate that benefits all of their citizens. This is due to the fact that industry always results in higher productivity, more skilled workers, and new job opportunities.

Hassan Isa
Hassan Isa
1 year ago

The goals of this celebration are to attract more FDI, lower the cost of doing business, make it simpler to invest and grow certain industries, and so on.

Taiwoo
Taiwoo
1 year ago

The continent’s problems can be fixed, and extreme poverty can be eliminated, if we invest in its future and create wealth and jobs.

Kazeem1
Kazeem1
1 year ago

Despite its abundance of enormous potentials and development chances, Africa remains one of the least developed continents in the world. This is despite the fact that Africa is rich in both.

Adesanyaj72
Adesanyaj72
1 year ago

Global value chains, mass job prospects, and technological progress in the manufacturing sector are all set to benefit from the events that have been highlighted above.

Christiana
Christiana
1 year ago

The day was established to draw attention to the significance of inclusive and sustainable industrialization to Africa’s economic development and the battle against poverty.

Tolaniiii
Tolaniiii
1 year ago

If we invest in Africa’s future and work to build wealth and employment opportunities, we will be able to solve the continent’s issues and bring an end to extreme poverty.

Chibuzor
Chibuzor
1 year ago

The internal restrictions and the drop in demand from abroad brought on by the global recession had a significant impact on the industrial sector.

Bola12
Bola12
1 year ago

Africa Industrialization Day encourages global stakeholders and policymakers to expand Africa’s development and financial resources.

Iyanu12345ogg
Iyanu12345ogg
1 year ago

Our economy growth is low, so it needs to be strengthened. Our different economic policies of African countries will also contribute to make us achieve this economy growth.

Tonerol10
Tonerol10
1 year ago

Industry enhances productivity thereby generating employment for the masses. Africa is really lacking behind, anything that can improve our growth is welcome

Haykaylyon26
Haykaylyon26
1 year ago

Our economy is not standard and it is low we all have to come together and contribute to promote and improve our economy in other to stop people from suffering the rate of poverty is high

Ultra0711
Ultra0711
1 year ago

Africa is still one of the least developed continents in the world, despite the fact that it possesses a huge variety of enormous potentials and development opportunities. This is despite the fact that both natural and human resources are abundant in Africa.

Adeolastan
Adeolastan
1 year ago

Nigeria seriously in need of aid to develop but aid has been given to the country since ages and it has not have serious effect on the life of the citizens because the corruption level is very high which is very bad to the economy.

DimOla
DimOla
1 year ago

With AID we are sure of growth in Africa economically because it helps in creating employment opportunities, revenue generation for the country and productive.

SarahDiv
SarahDiv
1 year ago

AID is very important to most underdeveloped country most especially African countries. It helps in economic growth, create massive employment opportunities, productivity and generate revenue for the country.

Remi1
Remi1
1 year ago

For the continent of Africa to experience long-term, inclusive economic growth, industrial development is necessary. This is because industry ensures that productivity will improve, workforce capacities will increase, and jobs will be created.