News
Nigeria in Davos, rues Africa’s low domestic output, poor trade balance
A situation where the whole of Africa is posting just three per cent in both Gross Domestic Product (GDP) and the same percentage in its share of world trade, must be reversed, Vice President Kashim Shettima, demanded on Thursday, stating that time had come for African economies to start adding value to their commodities by stepping up to the secondary scale, of turning raw materials into manufactured goods.
Shettima, who emphasised at the African Economy of Scale Plenary on the sidelines of the ongoing World Economic Forum (WEF) in Davos, Switzerland, regretting that African trade was still hovering around three percent of world trade, implored African leaders to work towards ramping up the total $3.1 trillion Gross Domestic Product (GDP) of countries on the continent, amounting to a paltry three percent of the overall global GDP.
His presentation at the forum, captured by Stanley Nkwocha, his spokesman said: “The total Gross Domestic Product of African countries taken together is barely $3.1 Trillion, which is less than 3% of world GDP.
“African trade still hovers at 3% of world trade. These indices must be reversed and ramped up. I believe this is one of the key concerns of Africa’s Economy of Scale. It must be borne in mind that African economies are still largely primary and basic, with considerable dependencies on the global economy. Most countries on our continent are still known for their export of raw materials, minerals, and food crops. African economies understand that we must begin to add value to primary products like cash crops and step up to secondary and tertiary product manufacturing.”
In his brief remark at the event which was held at Kurpark Village, Davos-Klosters, Shettima pointed out that it is for this reason Africa is considered by top analysts the world over as a growth economy in dire need of investments and infrastructure.
He however told African leaders that economies of scale “portend the ability to do more” by coming together and forming “a more formidable unit, with a bigger voice and stronger negotiating abilities.”
He urged them to run faster and purposefully to catch up with the rest of the world in eradicating crass poverty on the continent and prove that the continent could be a significant contributor to world productivity that can “integrate better with the rest of the world in an age when Artificial Intelligence and Machine Learning are redefining human interactions and existence.”
He continued: “Size matters in negotiations and scalability. And African nations need more productivity to improve our people’s standards of living. We need more food, more affordable housing, a burgeoning textile sector to clothe our people, more energy/power, more social services for our poor and disempowered people, and cheaper, better transportation systems. Our work is well cut out for us.
“Pooling resources together as African nations allows us to cut the cost of producing many of those necessities for our peoples. We need to achieve higher levels of efficiency both in our public and private sectors.”
The Vice President noted that while the African trade agreement is projected to boost the continent’s GDP by $450 billion in the next decade, the urgency to actualise an African economy of scale is the reason behind the continent’s trade cooperation as demonstrated by the African Continental Free Trade Agreement (AfCFTA).
He applauded the idea of economy of scale for Africa, describing it as timely because the continent is seen as the last frontier for development, with many opportunities presenting themselves.
Shettima observed that the challenges dogging Africa face are not drawbacks, but opportunities for engagement, productivity, and profitability, even as he pegged the continent’s infrastructure deficit at trillions of US Dollars.
Highlighting some of the deficit, he said: “51 new housing units have to be built in the very minimum. We need schools, stadia, community centres, roads, rail networks, airports and water transport, technology enablement, and major interventions in the energy sector, among others.
“Viewed from space, Africa still presents as the darkest continent. This narrative can be changed by a combination of efforts and deep collaborations among ourselves and the global community. I aver though, that the greater challenge is within ourselves.
“The concept of Africa Economy of Scale is therefore a wakeup call to all of us here seated, to embrace a major leap of faith, away from the usual sordid monikers with which we have been identified, as a people and as a continent. There is a need to prepare a much better Africa for our children and those unborn. In an Information Age, we can no longer hoard information and set small dreams that will not impact our world.”
Shettima further acknowledged the efforts made by African youths in repositioning the continent, saying they, “have created major tech-driven private-sector organizations, some of which are unicorns – with over $1 billion in terms of capitalization.
He added: “The Pan-African Payments and Settlement System (PAPSS) is a product of the technological prowess of our young professionals, working within the larger organizational structure. In the creative and arts sectors, African youths are making a profound impact on and outside the continent. There has also been a major push in the outsourcing industry, for African youths to show more relevance by targeting remote work all over the world. The terrain is being redefined.”
Hours after Mohammed Hayatu-Deen did, Chibuike Rotimi Amaechi, on Tuesday, also flatly rejected the outcome of the presidential primaries, of the African Democratic Congress, alleging widespread voter disenfranchisement and electoral malpractice.
Amaechi former Minister of Transportation and former Governor of Rivers State, described the announced results as “concocted,” insisting that the process failed to meet the standards of transparency and fairness earlier promised by the party.
He said in a statement: “I unequivocally reject the concocted results being announced,” Amaechi stated.
He said he had previously maintained that he would only accept the outcome of the primaries if the process was free, fair and transparent, stressing that the exercise did not reflect the democratic values the ADC claimed to represent.
“I will not accept results from a process that does not reflect the values that the ADC had pledged to uphold, to rescue Nigerians from the impunity and gross mismanagement that our country is currently facing in the hands of the ruling party,” he said.
Amaechi alleged that a significant number of party members were denied the opportunity to vote during the exercise.
“There’s no way that about eighty percent of members of the party were not allowed to vote, and you expect me to accept such results,” he stated.
The former Rivers State governor questioned the moral basis of the ADC criticising the ruling All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) over alleged electoral malpractice while allegedly engaging in similar conduct internally.
“A party that criticizes the ruling APC and INEC for vote buying, rigging and writing of results, cannot be engaged in vote buying, writing of results, and other electoral malpractices that leads to the disenfranchisement of voters who are party members. This is not acceptable!” he declared.
Amaechi said the ADC was envisioned as a platform to amplify the voices of ordinary Nigerians and provide credible political alternatives irrespective of ethnicity, religion or social background.
His rejection of the outcome is expected to deepen tensions within the opposition party following the conclusion of its presidential primary election.
“These timeless virtues of devotion, selflessness, and submission to divine will are values our nation desperately needs today,” were the exact words with which Godswill Akpabio, attempted to rouse Nigerians to the ethos of unquestionable faith and service to the country.
Akpabio, Chairman of the National Assembly, who drew example from Prophet Ibrahim, admonished Nigerians to emulate his unwavering faith, obedience, and willingness to sacrifice for the sake of Almighty Allah.
The Senate President, who conveyed his sentiments via a statement by Eseme Eyiboh, also used the specifically hail President Bola Ahmed Tinubu, his vice, Kashim Shettima and Muslim faithful in Nigeria and around the world as they celebrate Eid El Kabir.
Stressing that the occasion called for prayer and sober reflection on the theme of sacrifice, he added: “This sacred occasion reminds us of Prophet Ibrahim’s unwavering faith, obedience, and willingness to sacrifice for the sake of Almighty Allah.
“To our dear President, Commander-in-Chief of the Armed Forces of Nigeria, Asiwaju Bola Ahmed Tinubu, his vice, Senator Kashim Shettima and Muslim brothers and sisters, I felicitate with them on behalf of my family, constituents and the Senate on this blessed Eid. May the lessons of sacrifice, compassion, and generosity that define this season strengthen your faith and bring peace to your homes.
“As you share with the less privileged and extend love to neighbours of all faiths, you embody the true spirit of Nigeria. To all Nigerians, I urge us to use this solemn period to pray fervently for peace, security, and prosperity in our land. Let us pray for our troops in the frontlines, for farmers to return safely to their fields, and for unity to prevail over division in our Nation.
“Eid El Kabir also calls us to deep reflection on the future of our country. Just as Prophet Ibrahim was tested, Nigeria is in a season of testing. The sacrifices we make today in patience, in tolerance and in choosing hope over despair will determine the Nigeria our children inherit.
“The Renewed Hope Agenda of this administration, supported by the National Assembly, is anchored on that same principle: that meaningful progress often requires collective sacrifice.
“May Almighty Allah accept your prayers and sacrifices. May He heal our land, guide our leaders, and bless the Federal Republic of Nigeria. Barka da Sallah. Eid Mubarak.”
“I will not be attending the announcement of the ADC Presidential Election Results today. I am concerned by reports from across the country of widespread vote rigging, some of which I myself observed, and will therefore be taking advice on my next steps.”
These were the exact words of Mohammed Hayatu-Deen, one of the presidential aspirants of the African Democratic Congress (ADC), with which he cast a slur on the ongoing presidential primaries of the party, hinging his position on reports of fraud trailing the exercise.
Hayatu-Deen, a second timer in the search for the nation’s number one job, ran against Atiku Abubakar, Nigeria’s former Vice President and Rotimi Chibuike Amaechi, former Minister of Transportation.
In a statement on his assessment of the exercise which began on Monday, the renowned economist Chairman of the Nigerian Economic Summit Group (NESG), used his X platform to convey his dissatisfaction with the process.
The ADC which said the collation for the exercise would take place in Abuja had urged aspirants, party leaders, delegates, and members to conduct themselves peacefully and uphold party unity.
Bolaji Abdullahi, its spokesman, who described the exercise as a defining moment for both the ADC and Nigerians seeking a credible political alternative, maintained that it remained committed to internal democracy and a transparent leadership selection process.
“The ADC remains proud to stand today as the only truly democratic party in Nigeria because it is the only political party whose choice of presidential candidate is determined through open primaries,” he said adding that the conduct of aspirants and party members during the exercise would reflect the leadership culture the ADC seeks to promote.
-
News4 weeks agoBREAKING: Makinde, Turaki, lose! *S’Court affirms Wike’s PDP leadership
-
News2 weeks agoTinubu to African leaders: Copy Nigeria, produce your way out of poverty
-
News1 week agoBREAKING: US-Nigeria troops slaughter 175 ISWAP fighters
-
Features4 weeks agoJim Nwobodo: The Sun shines, thrills, at ‘The Vanguard Awards’
-
Columns5 days agoDear General Gowon: That apology you’re running from is your nemesis
-
News2 weeks agoWhy we pegged presidential ticket forms at N60million – NDC
-
News2 weeks agoGowon on civil war: My book is to put records straight, remove falsehood
-
News3 weeks agoBREAKING! Coast brightens for Obi, as NDC zones presidency to South