adminThe World Economic Forum (WEF) on Africa, the first to be hosted by Nigeria, is an annual forum which started two decades ago with focus on issues aimed at fostering Africa’s economic growth.The Forum which had been praised for its positive achievements, had been quite helpful in efforts to attract investors to African economies.
One of its ambition is to attract $3.5 billion investment in Africa’s agricultural sector.
Nigeria won the right to host the WEF on Africa at the WEF annual meeting in Davos, Switzerland, in January, making it the first West African country to host the forum.
The Forum to be held in Abuja from May 7 to May 9, has “Forging Inclusive Growth; Creating Jobs” as its theme and its success had been hinged on peace and security in Abuja, an agenda which had forced the Nigerian government to shut all offices and schools as the forum lasts to ensure a serene atmosphere.
Experts are of the opinion that the theme of the forum is quite apt, considering the growing challenges of unemployment and poverty facing the region.
Elsie Kanza, director, head of Africa, WEF, said that Nigeria was a good choice for hosting the WEF on Africa because of its significant roles in African affairs.
Africa, she said, had recorded an appreciable economic development, particularly in the last 10 years, with expected accelerated growth of 4.7 percent in 2014 and 5 percent in 2015.
In spite of this growth, the continent continues to be bedevilled by high poverty and unemployment rates and this has become a major source of concern for most African leaders.
For instance, in spite of the recent assessment of Nigeria as the largest economy in Africa and the 26th in the world, with its 89.22 percent growth in Gross Domestic Product (GDP) in 2013, the country is still grappling with the twin challenges of unemployment and high poverty rate.
Although the rating is by all means some cheery news for the country’s economy, many Nigerians have yet to witness inclusive growth in pragmatic terms.
This is because the expectation of the average Nigerian includes the creation of jobs, the reduction of inflation, proper remuneration for workers and broad-based development, aimed at reducing high poverty and inequality among the citizenry.
President Goodluck Jonathan, recently noted that WEF on Africa would enable Nigeria attract investments in critical sectors of the economy such as power, oil and gas, manufacturing and agriculture, among others.
He said that the forum would also provide a window for Nigeria to showcase its economic potential and opportunities, adding, however, that the forum’s benefits might not be instantaneous but they would materialise within a couple of years.
Besides, the Minister of Finance, Dr Ngozi Okonjo-Iweala, said that Nigeria would gain a lot of benefits from the hosting of the WEF on Africa.
“Nigeria has 70 percent of the ECOWAS economy, 30 percent of the economy of sub-Saharan Africa and 21 percent of Africa’s economy; this is a substantial chunk.
About 13 heads of state and more than 1,000 delegates, including Chinese Premier, Li Keqiang, had confirmed their intent to participate.
This would make it the highest number of participants at the forum so far. – APA .
Online Reporter