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Nigerians heed the call to “grow Africa” using development finance

Nigerians heed the call to grow Africa using development finance
  • Oct 01
  • Tags Development, Finance, Africa, Growth

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“Six of the fastest growing global economies are African economies, with the phenomena of productive value added sectors and services being the driver of some of these non-mineral rich countries,” said Dr Nthabiseng Moleko, USB lecturer and Commissioner on the Commission for Gender Equality, at a recent Alumni Association event of the University of Stellenbosch Business School (USB).

The World Economic Forum (WEF) has shown Tanzania, Mozambique, Rwanda, Ethiopia, Democratic Republic of the Congo (DRC) and Cote d’Ivoire are among the world’s fastest growing economies since 2015.

USB held its West Africa Alumni Association Chapter with several former students who are now leaders in industry, executives and innovators. The theme for the event was titled, Grow Africa using development finance. Alumni attended and expressed their intent of making development impact on the continent.

“We are responsible for our own growth and development, we must determine our own narrative and we owe it to the next generation to restore the broken walls of Africa.”

Isa Omagu, former USB Advisory Board Member and Chairperson of the Alumni Association, said: “Nigerians are also innovating using the shared agency infrastructure framework, which drives financial inclusion and strives to empower the previously disadvantaged using microfinance, micro-pensions and micro-insurance.”

USB’s Alumni Association hosts these sessions on the continent to continue promoting networking opportunities for alumni with the intention of developing leaders that will transform the continent. Current Chairperson Shayo Imologome led the Alumni Association team, who voluntarily gather and meet to further develop their nation.

“Africans cannot afford to rest and expect their development and growth to arise from another source.”

Says Moleko: “We know that Africa is mineral rich yet most economies are not diversified showing massive reliance on a single commodity, with price fluctuations adversely affecting most of our national output. We have not focused sufficiently on growing productive and value adding sectors. We also need to drive domestic capital mark mobilisation, even using pension funds and capital markets to drive national development goals. The misnomer that development does not lead to profits must be changed and allocation to the infrastructure asset class has shown positive spinoffs and returns.

“A continent awash with underdevelopment, infrastructure shortages and high levels of unemployment should use its finance and debt for its own development and drive value adding sectors rather than merely driving consumption based growth,” she said.

The attendees engaged robustly and it was collectively confirmed that Africans must unite and commit to financing and driving their own development. The importance of innovation, ethical leadership, risk management, long term vision and resourcing our own development were key themes discussed by the attendees. Existing challenges were opportunities and it is the role of the citizens to also take charge of the economies; to drive the growth agenda.

“Africans cannot afford to rest and expect their development and growth to arise from another source,” Moleko argued. “We are responsible for our own growth and development, we must determine our own narrative and we owe it to the next generation to restore the broken walls of Africa.”

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The Guardian Nigeria also published this article. Read more here: https://guardian.ng/news/nigerians-heed-the-call-to-grow-africa-using-development-finance/

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