Page 10 - Nile Explorer Issue 12

Opinion & Views

A Cobalt Mining pit in the DRC
significantly over 25% and 100% boost productive and manufacturing
respectively for the past 20 years. sectors, while maximizing participations
However, despite being so richly from the locals through training
endowed with natural resources such as and transfer of technology as part of
H. E. Abdullahi Yusuf Mohamed
minerals, oil and gas, African economy localization programs.
African nations should focus on human
and society as a whole has gained little
Realizing benefit, remaining as one the poorest capital development, taking advantage
of its 1.3 billion youthful population,
continents on the globe.
The African In Africa, the blessing of natural resources strengthening its education sector
does not always present opportunities;
linkages with the industry, especially
but creates competitions over access to
in aspects of vocational training,
Dream the bounty by the elite, which normally science and technology, ICT, research
becomes the underlying reasons behind
and development with the aim of
most conflicts and political instability
diversifying the economies through the
that led to oppression, violence, and transformation of the underdeveloped
killings and - to certain extent - wars. productive sectors into large scale
It is the dream and hope of every African modern agriculture and agribusinesses,
he world has seen the deadliest and
Tfastest spreading pandemic since to see a united New Africa cooperating downstream industries, manufacturing,
1900. COVID-19 has caused closures with each other and progressing digital economy, trade and services
sectors.
towards sustainable peace and balanced
to business activities, halting movement
of mankind through lockdowns, and development in the quest to construct a Close cooperation and coherent effort
hitting major economies of the world prosperous continent for all African. To between African nations is vital to enable
economic and market integration within
realize the African Dream, we require
with unprecedented multiple blows that a paradigm shift by African leaders, the African continent which is extremely
brought growth to the lowest level since
the Great Depression in 1929. politicians, business and society leaders, crucial to support the development
of productive downstream sectors.
civil servants and NGOs in the area of
The African continent is not spared from cooperation, to work closely together on The integration will not only create a
this lethal impact, though not as severe
as it impacted the much more developed common shared dream and aspirations. massive single liberalised market for the
economies, livelihood have been We should take the advantage of the industries to exist, but also will enhance
current global pandemic and economic
food and energy securities within the
affected negatively through reduced, and
even collapsed business and investment downturn to pursue structural reform continent.
activities as a result of the economic and transformation that come with new I truly believe, it is now the best time for
strategies and policies towards building
the whole Africa to take the opportunity
slowdown and a downturn global sustainable peace and structured to unite and embrace progressive change
demands of good and services..
While the more developed economies economic development for a balanced to face the daunting challenges facing
and prosperous society that upholds the
the new world and times ahead. Only
are busy planning to resuscitate and rule of law and social justice. by jointly planning for an integrated
revive their state of economy and
livelihoods from this catastrophic event A more diverse and labour intensive and structured economic reforms and
wrought by the pandemic, African economic framework is needed to transformation programs, that our
African Dream for a united, peaceful
develop sustainable and balanced
nations should take this unexpected
moment of opportunity as a new dawn economic development in which and prosperous continent for all African
or ground zero to reflect, refresh and governments should impose wider can then be realized.
scope of requirement with investors
reposition, not only economic policies on a long term basis, particularly as
and approach, but to re-engineer and H. E. Abdullahi Yusuf Mohamed Economic
re-imagine entire economic frameworks regards natural resource exploitation Advisor, Advisor to Ministry of Oil, Energy
and development planning, including
and ecosystems that make up the African downstream investment in assets such and Mining, former Minister of Oil, Energy
continent. and Mining, former member of Parliament
With intensified exploration activities as refineries and processing plants. committee of Natural Resources, former
for the past decade that resulted in The larger economic development Member of Parliament of Federal Republic
framework should also include the
substantial oil and gas discoveries, oil of Somalia, Executive Chairman to SIBCo
and gas reserves in Africa have increased establishment of industrial zones to Group.
10 | The Nile Explorer 012