Read Dr. Jones Edobor’s speech in Germany on Africapitalism

The speech in the attachment was delivered recently in Germany by Dr. Jones Edobor, PhD.

The speech is titled “Africapitalism – A Pathway to Socio-Economic Development of Africa – with special reference to Nigeria .”

It was delivered at the NIDOE Project Summit 2017 In collaboration with African Tide Union e.v. On May 27, 2017 At the Lensing Carree Conference Centre In Dortmund, Germany

Dr. Edobor takes the reader through the corridors of how African population can be harnessed for economic development.

He also discussed how the private and public sectors can key in to a sustainable development of African, especially Nigeria, economically.

Read:

Africapitalism – A Pathway To Socio-Economic Development Of Africa – With Special Reference To Nigeria

First of all, let me thank the organisers of this event for inviting me to make this presentation. I am honoured to be here today. May I give you an overview of how I intend to proceed. 

The introductory part shall briefly discuss the growing population in Africa, the socio-economic challenges they pose, what Africapitalism intends to achieve and whether Africapitalism could be a role model for Africa. 

I shall also touch on some other relevant economic philosophies as they relate to the topic and discuss the role of the private sector in achieving sustainable regional development. 

In the main part, we shall discuss the necessary macroeconomic policies and the role of government in creating the kind of enabling environment required for the private sector to thrive. I shall touch on the need for Africa’s economic and infrastructural integration to be intensified, amongst others. 

Summarizing, I shall briefly touch on what roles the African Diaspora can play in facilitating the process of the development of Africa. As I proceed, I intend to point to some pathways of possible solutions to the issues identified. 

Given time constraints, this presentation will not be exhaustive. Actually, when I told some friends that I was going to Germany to talk on Africapitalism this weekend, they scratched their heads trying to figure out and finally asked me what that is? 

So, I won’t be surprised if any of you in this hall is also wondering about what it is. Before expatiating on or attempting an answer, let us look at the population figures of Africa to understand the urgency and enormity of the challenges Africa may be facing in about 50 years. 

The UN calculates that there are more than 7 billion living humans on Earth at the moment, from which about 1.2 billion (17%) live on the African continent, with an international trade share of less than 5%. 

In fact, while Global population growth peaked several decades ago and has been decreasing since then, Africa’s growth has continued to see annual acceleration and by some estimates of up to 30 million people a year. 

Some estimates have it that by 2050, just 33 years from now, the total population of Africa will have doubled to 2.4 billion. 

According to a recent article in the Guardian, of the 2.37 billion increases in population expected worldwide by 2050, Africa alone will contribute 54% and by 2100, Africa will contribute 82% of total growth of 3.2 billion of the overall increase of 3.8 billion people worldwide. 

It is important to note that Nigeria will be adding more people to the world’s population by 2050 than any other country, according to UN projections. These rather alarming figures are calling for appropriate and adequate responses by Africa’s leaders. 

A close look at the performance of Africa’s economy between 2000 and 2010 reveals that the continent achieved an overall average real annual GDP growth of 5.4% in that period. 

Regionally, for example the growth in the Sub- Sahara region was even higher, averaging around 7%. These were rather impressive overall growths; unfortunately, these growths have not lead to significant job creation and the alleviation of poverty. 

This development is contrary to what Economists would normally expect from growths of 2% and above that lasted for such a long period of time, which is job creation. So, why hasn’t this happened? 

This is primarily because Africa’s growths have been fueled by increases in the demand for Africa’s natural resources, whose extractions processes are highly mechanized and are exported unprocessed. 

To respond to these challenges Africa’s economists must dare to challenge the status quo and devise new approaches that recognize the continent’s specific needs, with emphasis on private initiatives. 

The question you might probably be wanting to ask is, isn’t this what economic neoliberalism philosophy, with emphasis on private initiatives and extensive economic liberalization policies, such as privatization of public assets, deregulation, free trade, and reductions in government interventions, in order to increase the role of the private sector, is all about? 

Indeed, economic neoliberalism was a paradigm shift away from the post- war Keynesian approach that propagates aggregate demand side approach with strong government interventions through fiscal policies. 

In fact, renowned economists such as Friedrich Hayek, Milton Friedman and James M. Buchanan and many others, who have been championing economic liberalism have been demanding a pushback of the roles of government in economic and social development. 

Continue reading here: Africapitalism – A Pathway To Socio-Economic Development Of Africa – With Special Reference To Nigeria

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