Africa’s richest man Aliko Dangote during the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) urged the continent to adopt bold thinking and a long-term mindset, which is necessary to transform the continent into a “heaven” within just five years. He noted that “We can actually turn Africa into a heaven in the next five years. It doesn’t take time. Like I keep saying: You need to think big, and then you grow big. We African champions should know that we are the only people who can make Africa great. Nobody will do that for us. So, as such, we need to make sure that we concentrate. We believe in our own continent. The job of people like us is not about amassing wealth. It’s about creating wealth”. The speech is a call for economic emancipation and transformation of Africa. It should be clear that strategic investments and collaboration are key to driving economic growth, creating jobs and enhancing economic inclusion. Achieving the reality of heaven in Africa requires discipline to do so. First, Africa boosts rich natural resources and the world’s largest free trade area and a 1.2-billion-person market. Secondly, the continent has the potential to forge a new development path, harnessing the potential of its resources and people. It has to work on reducing poverty and fostering job-creating economic growth as critical priorities.
This is because about 464 million people in the region live in extreme poverty, and persistent poverty, scarce economic opportunities, the effects of climate change and weak governance, compounded by rising living costs, are fueling widespread social frustration and conflicts of diverse nature. Thirdly, Africa will be the new demographic powerhouse of the world. As all continents continue to grow older, and many economies will have a shrinking working population, Africa on the other hand is still young, with a median age of 19.3 years, hence the working age population is rapidly expanding. Fourthly is the geographic transition, also connected to demography. Most African urban areas are still small but growing rapidly. Studies show that doubling urban area size is associated with a productivity increase of an average of six percent. Africa is 45 percent urbanized implying that 698 million persons live in urban areas and for Kenya, 31.9 percent of the population or 18 million Kenyans live in urban areas, and by 2033, half of Kenya’s population will be urban. The key issue will be the management of these growing urban areas. Geography should also work to Africa’s advantage, because it is not far from key markets. The port of Mombasa is relatively close to India and Europe. In addition, Nairobi has already emerged as the region’s transport and service hub. Dr Giti is an urban management, public – private partnerships (PPP) and environment specialist. mutegigiti@gmail.com , @danielgiti
Dr. Daniel Mutegi Giti 