TED Summit 2016: (Video) “African growth is not a fluke, it’s a trend,” ~ Ngozi Okonjo-Iweala

In Business by Ladybrille MagazineLeave a Comment

African growth is a trend, not a fluke, says economist and former Finance Minister of Nigeria Ngozi Okonjo-Iweala. Okonjo-Iweala describes the positive progress on the continent and outlines eight challenges that have slowed growth for Africa and how to resolve these challenges:

The eight challenges are things Africa did wrong:

1. Africa grew but did not create jobs.

2. The quality of growth was not good enough.

3. Inequality increased.

4. The absolute numbers of those in poverty did not decrease.

5. Africa did not invest enough in infrastructure.

6. The structure of the economy has not changed. Trade among fellow Africans is low.

7. Governance is very low. Africa has weak institutions and sometimes no institutions.

8. Broken education system

How do African nations fix these issues?

1. Manage the economy better.

2. Create consistency in policy.

3. Manage the success that Africa had in reducing its debt.

4. Focus on the things it did not do well i.e. power.

5. Focus on governance.

6. Educate youths, women and girls.

Leave a Reply