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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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