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Economy

Elumelu urges African leaders to take economic growth seriously

Founder of the Tony Elumelu Foundation Mr. Tony Elumelu, has told African leaders from the public an private sectors to take the growth of Africa more seriously.

He stated this while giving an address titled; “The Leadership Needed to Catalyse Africa’s Transformation,” at the inaugural Africa Now Conference which was hosted by the President of Uganda, Yoweri Kaguta Museveni, and held in Kampala.

“The leaders we need in Africa today, are leaders who genuinely care about humanity. we need leaders who are driven by an ambition to leave society better than they met it. we need leaders who understand and care about creating a positive legacy. we need leaders who are genuinely committed and care about the future of Africa,”.

This has been on ground for a while

Elumelu, who is also the Chairman of UBA Bank has been talking about improving economic growth for a while now. In 2015, he addressed African leaders, talking about Africapitalism and ways to increase economic and social wealth.

Sectors need to co-orperate with each other

The Heirs Holdings Chairman explained that the public and private sector of the African economy needs to come together in order to enhance economic growth and stability.

The conference is a forum to discuss growth – The conference creates opportunity for Heads of States and leaders of private and public sectors to develop strategies on how improve the African economy.

 

African leaders should work on this for economic growth

  • Develop critical infrastructure – The lack of modern infrastructure in Africa costs the continent a lot every year. Africa needs to develop expansive electrical grid, roads, railways, and communications. These systems allow for more efficient production and transportation of goods, allowing for an increased economic output.
  • Develop human capital – Africa must invest in the skills of its people in order to advance their standard of living. Currently, “33 million primary school-aged children in Sub Saharan Africa do not go to school,” and “40% of Africans over the age of 15 and 50% of women above the age of 25 are illiterate.” Africans need improved access to education in order to work in skilled trades and earn higher wages.
  • Manage population – Africa has a really large population and every year it doubles. Without enough circulating funds, poverty rate continues to increase. African leaders need to help reduce the population by focusing on family planning.
READ MORE:  "We need to return to 1963 Constitution to get Nigeria right"—Femi Okunnu

Source: Nairametrics

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