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Economy

‘Africa must generate more local wealth’

The Chief Executive Officer and Executive Director of FCMB Bank (UK) Limited, Mr. James Benoit, has urged African economies to look more inward by creating wealth that will ensure sustainable development of the continent and reduce over-reliance on foreign remittances.

While admitting Nigeria’s dependence on diaspora remittances may not disappear any time soon, he advised that its proportion in the total budget has to reduce as soon as possible to achieve the country’s growth agenda in the near future.

The international banker and investor, while fielding questions with the media, stressed the need for African countries and their leaders to eschew excessive regulation which is responsible for unnecessary bureaucracy hindering growth.

Speaking about what needed to be done to fast-track growth in Africa, Mr. Benoit said: “There is no fast-track because it is part of the problem. We need to stop thinking of fast track, one-off game changers.

“Africa has a major demographic challenge which will be its growth engine or else drown it. Red tape bureaucracy must be cut, youth must get education or trade, and other skills and the empowerment of women must all be addressed,” he said.

He emphasized that the critical role of technology in Nigeria’s economic growth and advancement must be accorded priority. Mr. Benoit reiterated, more specifically, the importance of educating or training the youth and ensuring medical care is accessible, so they can healthily contribute.

Source: Daily Trust

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