Nigeria, Others Must Tackle Electricity, Intra-African Trade Challenges for Economic Growth, Says UK-based Group

Peter Uzoho

The United Kingdom-based Africa Economic Summit Group (AESG) has urged the Nigerian government and its counterparts in Africa to collaborate and address issues militating against achieving improved power supply, unhindered intra and inter-African trades, and other issues hampering the continent’s economic growth and development.

The group made the call in a communique from the multi-stakeholder summit it organised in Lagos on “Enhancing Africa’s Competitiveness,” which was presented to journalists by the Chairman of AESG, Dr. Brian Reuben.

According to the communique, discussants at the summit observed the unsavoury state of business in Africa especially as it has to do with lack of synergy among the African nations, adding that lack of constant supply of power was detrimental to development of businesses in the region.

As a way out of the quagmires bedeviling growth and development of the African economy, the AESG, in the 17-point recommendation, said that African states must collaborate to solve energy problems in the continent and commit to a transition to cleaner energy.

It stated that Nigeria needed power supply notwithstanding the seeming constraints, as its catalyst to economic development, noting that governments in Africa need to commit to deploy gas to solve power problems.

The UK-based summit group advised that the government of African nations should revisit some restrictions they have in place at their borders as the African Continental Free Trade Area (AfCFTA) would not thrive under such draconian policies.

Stating that Africa must rise to take its God-given pride of place especially in economy, the summit group added that the continent must not position itself for second fiddle, as it has the human and natural resources required to lead.

It further said that African governments must reduce wastage in order for the continent to become the wealth custody to the rest of the world.

The AESG said: “Africa must prepare the people and provide an enabling business environment. It must see the private sector as a means of entrepreneurial development.

“That customs role should not be hinged on revenue generation but trade facilitation to encourage international trade. They can generate revenue in the process, rather than embarking on steps that would impede the trade they are meant to facilitate while trying to meet revenue targets.

“That Africa should create her own solutions and by doing so earn the respect of the world; African entrepreneurs should embrace business with a sense of responsibility for solving the problem in the society, not with the objective of making money. Profit must be the consequence of creating valuable solutions.

“That Nigeria and other African countries should learn from Ghana, Rwanda etc. Leaders should identify the challenges and be faithful in tackling them.”

The group advised that Africa should step up, think of what to do with her numerous resources while they last before they become stale.

It maintained that African countries should work together to be able to achieve sustainable economic goals, warning that competition does not have to be against one another as everyone should focus on innovative ways of moving the continent forward.

It, however, encouraged African nations to expunge self-centeredness, learn to position Africa to create employment for the teeming youth and take cue from Ghana’s ‘knowledge bank’ job creation concept.

Advocating that local products should be sold in local currencies in Africa, the group said African policy makers need to be patriotic as that would enhance trade consistency, and imbue confidence within the region.