{"id":62331,"date":"2018-05-22T18:51:49","date_gmt":"2018-05-22T17:51:49","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=62331"},"modified":"2018-05-22T20:08:32","modified_gmt":"2018-05-22T19:08:32","slug":"why-africas-development-is-stunted-emir-sanusi","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/why-africas-development-is-stunted-emir-sanusi\/","title":{"rendered":"Why Africa&#8217;s Development Is Stunted- Emir Sanusi"},"content":{"rendered":"<div dir=\"ltr\">Africa\u2019s development agenda must focus on the socio-cultural and<\/div>\n<div dir=\"ltr\">commercial interests of Africans and the upliftment of Africa\u2019s trade and<\/div>\n<div dir=\"ltr\">economic ecosystem, said Muhammadu Sanusi II, the Emir of Kano and a<\/div>\n<div dir=\"ltr\">former Governor of Nigeria\u2019s Central Bank, during his address at the 2018<\/div>\n<div dir=\"ltr\">Annual Meetings of the African Development Bank Group<\/div>\n<div dir=\"ltr\">(<a href=\"https:\/\/am.afdb.org\/en\" target=\"_blank\" rel=\"noopener\">https:\/\/am.AfDB.org\/en<\/a>) in Busan, Korea.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cAfrica\u2019s economic transformation will be best achieved through<\/div>\n<div dir=\"ltr\">fast-tracking regional cooperation and the execution of hard-nosed<\/div>\n<div dir=\"ltr\">structural reforms that focus on the development of the continent\u2019s human<\/div>\n<div dir=\"ltr\">capital and material resources,\u201d said Emir Sanusi II.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The Emir shared insight about revamping African regional integration,<\/div>\n<div dir=\"ltr\">trade and economic relations with Executive Directors and Governors of the<\/div>\n<div dir=\"ltr\">Bank, comprising Finance, Budget and Economic Planning Ministers from<\/div>\n<div dir=\"ltr\">member nations.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">An economist and financial risk expert, the monarch traced Africa\u2019s<\/div>\n<div dir=\"ltr\">post-colonial economic woes to the continent\u2019s fiscal indiscipline and<\/div>\n<div dir=\"ltr\">endemic disregard for its competitive advantages. For these reasons, he<\/div>\n<div dir=\"ltr\">asserted, Africa\u2019s development was stunted and its global trade ties<\/div>\n<div dir=\"ltr\">lopsided in favour of offshore trading partners.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cNine out of every 10 countries in Africa have huge trade deficits with<\/div>\n<div dir=\"ltr\">China, but Asia developed mostly on domestic investments and resources,\u201d<\/div>\n<div dir=\"ltr\">he noted, underscoring the need for African Governments to invest in and<\/div>\n<div dir=\"ltr\">promote creativity and indigenous enterprise.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The Emir advocated a series of structural reforms, including strategic<\/div>\n<div dir=\"ltr\">investments in key sectors including agriculture, infrastructure,<\/div>\n<div dir=\"ltr\">education, and small and medium enterprises. He called for deliberate<\/div>\n<div dir=\"ltr\">industrial diversification noting that China has begun to move its<\/div>\n<div dir=\"ltr\">mega-sized manufacturing capabilities out of low-cost industries.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">African Governments also need to eradicate constitutional provisions and<\/div>\n<div dir=\"ltr\">structures that increase the cost of governance at national and<\/div>\n<div dir=\"ltr\">sub-national levels, manage demographic growth, and revamp and harmonize<\/div>\n<div dir=\"ltr\">moribund and ineffective customs and excise duties that promote<\/div>\n<div dir=\"ltr\">cross-border smuggling and revenue losses to governments, he said.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Africa\u2019s debt burden continues to inhibit capital investment in<\/div>\n<div dir=\"ltr\">industrialization, he observed, lamenting the misallocation of resources:<\/div>\n<div dir=\"ltr\">\u201cWe need to begin to ask ourselves, \u2018what do we do with the available<\/div>\n<div dir=\"ltr\">funds in our coffers?\u2019\u201d<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cPerceptions matter. So there is an urgent need for improved transparency,<\/div>\n<div dir=\"ltr\">as this is clearly linked to good governance,\u201d he said. \u201cWe need to accept<\/div>\n<div dir=\"ltr\">that we have a perception problem that we must address. We need to tackle<\/div>\n<div dir=\"ltr\">corruption, block leakages and create opportunities for new jobs.\u201d<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cPrivate sector capital is crucial for sustained economic growth but so is<\/div>\n<div dir=\"ltr\">government\u2019s intervention in guaranteeing business externalities like<\/div>\n<div dir=\"ltr\">power, water and waste management, roads, housing and the legal and<\/div>\n<div dir=\"ltr\">regulatory environment for innovation, commerce and industry.\u201d<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">On trade, the Emir called for a regional and pan-African approach to trade<\/div>\n<div dir=\"ltr\">negotiations, a tactical model which should be led by the Bank.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cThe African Development Bank has the intellectual resources and clearly<\/div>\n<div dir=\"ltr\">is better positioned to negotiate with China on behalf of Africa as a bloc<\/div>\n<div dir=\"ltr\">of nations,\u201d he said. \u201cEurope approached global trade as a bloc so why<\/div>\n<div dir=\"ltr\">can\u2019t African nations do the same? This is clearly another area in urgent<\/div>\n<div dir=\"ltr\">need of the Bank\u2019s intervention.\u201d<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">President Adesina recalled the Emir\u2019s progressive posture during his time<\/div>\n<div dir=\"ltr\">in public service. \u201cAs Governor of the Central Bank of Nigeria, Sanusi<\/div>\n<div dir=\"ltr\">Lamido Sanusi was pro-development. He channeled significant investments<\/div>\n<div dir=\"ltr\">into agriculture, infrastructure and SMEs.\u201d<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Distributed by APO Group on behalf of African Development Bank Group (AfDB).<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Africa\u2019s development agenda must focus on the socio-cultural and commercial interests of Africans and the upliftment of Africa\u2019s trade and economic ecosystem, said Muhammadu Sanusi II, the Emir of Kano&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":44628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-62331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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