● says accountable and Responsible Leadership needed.
The Presidential Candidate of the Labour Party in the February 25th election, Peter Obi, has said that the leadership recruitment process is the biggest challenge facing Africa and limits the harnessing of opportunities in the continent.
Obi said in opening remarks he made in the United Kingdom on Monday at the Commonwealth Trade and Investment Summit in London: “Of all the factors required to properly Harness the African Opportunities, the most important requiring all the support from strategic partners such as Commonwealth is the Political Leadership Recruitment and Sustenance Process”
The LP chief said that Africa’s most important deficit remains a deficit of leadership. His words, “The effective and sustainable harnessing of the opportunities in Africa through an agenda/framework rooted in the African Consensus will require the enthronement of accountable and responsible leadership across Africa. This will be the most effective way through which our internal coherence and external connectedness can be properly harnessed for the sustainable and inclusive growth and development of Africa”
He listed what he called a few low-hanging fruits that the African Consensus should pursue in collaboration with the Commonwealth.
▪︎ Creation of a special fund for the development of infrastructure and African SMEs;
▪︎ Special incentives to promote the export of products and services from Africa to other Commonwealth countries and the world.
▪︎ Intentional but aggressive knowledge and skill development exchange between Africa and the Commonwealth;
▪︎ Crafting of an African Development Agenda/Framework that is African-oriented and globally very attractive.
Obi noted that even with the immense potential and opportunities in Africa, many challenges remain and they are related to widespread leadership failures, limited access to funding, inadequate infrastructure, rural-urban migration, limited women and youth empowerment and regulatory barriers are pervasive.
“Africa is home to many people living in extreme poverty, and there are significant deprivations and disparities in income. While these challenges question the sustainability of the progress being made, there is a growing belief that Africa can be on the cusp of a major transformation with the opportunities that abound if the right reforms are pursued” Obi remarked.
According to Obi, “there is no doubt as to the immense opportunities across Africa, the challenge is on the best framework to harness the opportunities for sustainable and inclusive growth and development of Africa even as he recognized Africa’s potentials in emerging technologies, Entertainment, and Agriculture.
“Since we live in a global economy, harnessing African opportunities will require partnerships of different forms that can be broadly categorized into internal and external partnerships. While the internal partnerships include robust public-private and public-public collaborations within and outside African countries, the external partnerships cover collaborations such as Africa and the Commonwealth, Africa and Europe, Africa and the United States of America, Africa, and China, Africa and the rest of the world.”
Obi stated that despite the challenge of leadership Africa remains a continent of incredible richness, not just in terms of its natural resources but also its human capital. As the second largest and second-most-populous continent of the world with a population of over 1.4 billion people, Africa is home to a youthful and dynamic workforce with the largest concentration of working-age population of about 1.1 billion people. This demographic advantage, with an abundance of natural resources ranging from minerals to over 874 million hectares of arable land for agricultural revolution, positions Africa as a key player in the global economy.
He said the continent’s economic potential cannot be overstated noting that some of the countries are already experiencing rapid economic growth, with several African economies consistently outperforming global economic growth averages.
“Of the top twenty countries with the highest growth projections for 2024, twelve are in Africa. The rise in population and an expanding middle class with about 53% of income earners falling within the age group of 16 to 34 years presents a vast consumer market, creating opportunities for investment and trade. While every socio-economic sector in Africa presents immense potential and opportunities, let me use just four sectors- technology, entertainment, natural resources, and agriculture to further illustrate the emerging opportunities”
Obi insisted that Africa’s current development crisis is not really that of resources or opportunities. “We know the opportunities and where they exist. While some African leaders are commendably developing and growing their respective economies, what is required is the enthronement of responsible and purposeful leaders across all African states to create the required support and ownership for the robust formulation and implementation of the African Consensus Development Agenda.
He charged the Commonwealth with its long years of experience in political leadership in Africa to partner to support Africa to instill Accountable and responsible political leadership which has remained the most critical requirement for the harnessing of the immense opportunities in Africa for the benefit of Africa, the Commonwealth, and the global economy…
* Below is the full text of Obi’s Remarks
Harnessing The African Opportunity
(Opening Remarks at the Commonwealth Trade and Investment Summit, London, 27th November 2023).
Distinguished Guests, Ladies and Gentlemen,
1. Harnessing African Opportunities – It is a topic of immense importance and promise, the opportunities within the vast continent of Africa. Africa is a continent of incredible richness, not just in terms of its natural resources but also its human capital. As the second largest and second-most-populous continent of the world with a population of over 1.4 billion people, Africa is home to a youthful and dynamic workforce with the largest concentration of working-age population of about 1.1 billion people. This demographic advantage, with an abundance of natural resources ranging from minerals to over 874 million hectares of arable land for agricultural revolution, positions Africa as a key player in the global economy.
2. The economic potential of Africa cannot be overstated. The continent is experiencing rapid economic growth, with several African economies consistently outperforming global economic growth averages. Of the top twenty countries with the highest growth projections for 2024, twelve are in Africa. The rise in population and an expanding middle class with about 53% of income earners falling within the age group of 16 to 34 years presents a vast consumer market, creating opportunities for investment and trade. While every socio-economic sector in Africa presents immense potential and opportunities, let me use just four sectors- technology, entertainment, natural resources, and agriculture to further illustrate the emerging opportunities.
3. Technology: Africa is not only catching up with the technological advancements of developed economies but is also innovating in unique ways. From fintech (financial technology) solutions that address financial inclusion to mobile technologies that leapfrog traditional infrastructure, Africa is proving to be a hub of innovation. Africa is one of the fastest-growing markets for mobile phones and internet access. This rapid adoption of technology is transforming the way Africans live and work. It is creating new opportunities for entrepreneurs and businesses including more access to education and healthcare. As a business enabler, it provides immense opportunity for agricultural revolution particularly with rising food prices and inflation.
4. Entertainment: The rise of the African entertainment industry such as Nigeria Nollywood, Hollywood of South Africa, Riverwood of Kenya, Ghallywood of Ghana, and many others with an estimated annual revenue of over $5 billion and a potential to generate about $20 billion shows a paradigm shift, driven by amplified global attention from investors, multinational corporations, and digital platforms. This increase has led to a considerable inflow of startup capital, strategic investments in creative content, and a rising global viewership. Beyond its fiscal implications, African music and entertainment assume critical roles as conduits for the preservation of cultural identity and heritage, serving as mediums for storytelling and knowledge dissemination. This sector has transformed into a remarkable economic cornerstone for the African continent, fostering collaboration between African and international artists and catalyzing a rich tapestry of cultural exchange and diversity.
5. Natural resources: In addition to discoveries, Africa is home to a litany of natural resources, including oil, gas, minerals, and timber. For instance, 40% of the gold and 90% of chromium and platinum deposits in the world are in Africa. The largest deposits of the world’s cobalt, diamond, platinum, and uranium are also in Africa. The richest country in the world in terms of mineral and natural resources is The Democratic Republic of Congo (DRC) with an estimated value of over $24 trillion including the largest deposits of coltan and cobalt. The DRC picture can be extrapolated for many other African countries. This is in addition to the well-known oil and gas resources of Nigeria, Angola, and Gabon or the gold resources of Botswana.
6. Agriculture: Recent studies show that Africa has 60 percent of the world’s uncultivated arable lands and that Africa’s food and agriculture market could increase from its present amount of less than US$300 billion a year to over US$1 trillion a year by 2030. The same studies show that with agriculture at the core of Africa’s economic transformation, the continent has the potential to become a global agricultural powerhouse and a net exporter of food. However, this can only be achieved if the right combination of policies is implemented. I have always maintained that Nigeria can earn more from agriculture than from oil if we invest in the vast uncultivated lands in the North.
7. However, even with the immense potential and opportunities in Africa, many challenges remain. Related to the widespread leadership failures, limited access to funding, inadequate infrastructure, rural-urban migration, limited women and youth empowerment, and regulatory barriers are pervasive. Africa is home to many people living in extreme poverty, and there are significant deprivations and disparities in income. While these challenges question the sustainability of the progress being made, there is a growing belief that Africa can be on the cusp of a major transformation with the opportunities that abound if the right reforms are pursued.
8. As there is no doubt as to the immense opportunities across Africa, the challenge is on the best framework to harness the opportunities for sustainable and inclusive growth and development of Africa. Since we live in a global economy, harnessing African opportunities will require partnerships of different forms that can be broadly categorized into internal and external partnerships. While the internal partnerships include robust public-private and public-public collaborations within and outside African countries, the external partnerships cover collaborations such as Africa and the Commonwealth, Africa and Europe, Africa and the United States of America, Africa, and China, Africa and the rest of the world.
9. With Africa constituting about 50% of the population of the Commonwealth, supporting the efforts to robustly harness African opportunities is not only in the interest of Africa but also in the interest of the Commonwealth and the global economy. Africa’s success is Commonwealth Success, and Africa’s failure is arguably a Commonwealth failure. As institutions and infrastructure are critical factors for sustainable and inclusive growth and development of any society, they remain urgent and lasting areas of partnership between Africa and the Commonwealth for harnessing African opportunities. But how will the partnership work? What framework or concept will guide the partnership?
10. We will agree that over these years, Africa has been guided, encouraged, and supported to pursue economic growth and development (including trade and investment) through different policy inclinations. The question we all know the answer is the extent to which Africa has performed with these policies. Intra-African trade remains abysmally very low at about 15% while poverty, unemployment, insecurity, inequality, and infrastructural deficit remain persistent.
11. Like the needs of other parts of the global economy, Africa needs growth, trade, investment, human capital development, infrastructure, good health and education, jobs, and security of lives and property. Having tried different development approaches, it seems that some of the policies require a deeper appreciation of African peculiarities. With the outcomes we have and the immense opportunities Africa is endowed with, I think it is time to re-examine, develop, and adopt an approach that can be described as an African Consensus for the sustainable development of Africa.
12. The African Consensus will require deep assessment and utilization of Africa’s internal peculiarities/coherence and external connectedness to create an Associational African Economy. As we live in a global community, the African Consensus will require partnership and collaboration to succeed. It will be developed, agreed, owned, and executed by Africans in collaboration with strategic partners particularly with deep and wide knowledge of Africa and the environment. Where should be the first point of call for such partnerships? I think it should be the Commonwealth!
13. As I conclude, let me state a few low-hanging fruits that the African Consensus should pursue in collaboration with the Commonwealth. i. creation of a special fund for the development of infrastructure and African SMEs, ii. Special incentives to promote the export of products and services from Africa to other Commonwealth countries and the world. iii. Intentional but aggressive knowledge and skill development exchange between Africa and the Commonwealth. iv. Crafting of an African Development Agenda/Framework that is African-oriented and globally very attractive.
14. Of all the factors required to properly Harness African Opportunities, the most important requiring all the support from strategic partners such as the Commonwealth is the Political Leadership Recruitment and Sustenance Process as I think that Africa’s most important deficit remains a deficit of leadership. The effective and sustainable harnessing of the opportunities in Africa through an agenda/framework rooted in the African Consensus will require the enthronement of accountable and responsible leadership across Africa. This will be the most effective way through which our internal coherence and external connectedness can be properly harnessed for the sustainable and inclusive growth and development of Africa.
15. Africa’s current development crisis is not really that of resources or opportunities. We know the opportunities and where they exist. While some African leaders are commendably developing and growing their respective economies, what is required is the enthronement of responsible and purposeful leaders across all African states to create the required support and ownership for the robust formulation and implementation of the African Consensus Development Agenda. Again, with the long years of experience of the Commonwealth in political leadership, it is a good partner to support Africa. Accountable and responsible political leadership remains the most critical requirement for the harnessing of the immense opportunities in Africa for the benefit of Africa, the Commonwealth, and the global economy.
16. I thank you again for the privilege to learn and interact with you today and I wish you a most fruitful and impactful deliberation.