NIAMEY, Niger – AFRICA is not responsible for climate change, the Russia-Ukraine conflict, nor Covid-19, but bears the resultant damage, which calls for enhanced support from wealthy countries and international finance institutions to overcome the challenges, a senior United Nations official has said.
Speaking during the opening session of the African Union extraordinary summit of Heads of States and Government on industrialisation and economic transformation here yesterday, UN Industrial Development Organisation (UNIDO) director general Mr Gerd Muller said Africa possesses immense economic potential, but needed adequate support from the global community.
President Mnangagwa and other African leaders are attending the summit.
The continent was being crippled by disruptive geo-political factors not of its own making such as climate change complications, the Russia-Ukraine conflict and the Covid-19 pandemic, which had severely affected a majority of developing economies.
In the case of Zimbabwe, economic development efforts are being retarded by the continued imposition of illegal sanctions by the United States and its Western allies.
Despite these setbacks, Mr Muller said UNIDO was convinced that Africa is the continent with opportunities for the future, with an advantage of a dynamic youth dividend.
However, the Covid-19 pandemic, the rising costs of critical commodities due to the Russia-Ukraine conflict, and climate change were crippling Africa said Mr Muller.
“And yet the African continent is not responsible for any of these crises. The first world countries must take responsibility,” he said.
The quest for economic justice, fair trade and enhanced access to critical global finance were what Africa needed to drive a formidable industrial revolution.
“Strong aid is needed for African states and more support from the International Monetary Fund and World Bank with access to finance. Compensation and support for African States were also critical in the fight against climate change impacts,” said Mr Muller.
In view of the need to boost regional production and trade volumes as part of enhancing economic resilience for Africa, he called for collaborative effort in harnessing investments towards critical regional infrastructure such as energy and transport, which were key enablers of growth.
He commended the Africa Union for taking bold steps towards transforming the continent through the African Continental Free Trade Area (AfCFTA), which he said must be buttressed by solid industrialisation strategies.
UNIDO stood ready to partner and support the region in several projects that sought to unlock regional industrialisation.
“The processing of raw materials in your continent into higher value products is critical in transforming the regional economy. Africa needs cars made from the continent and I am glad you are making some strides in the pharmaceutical sector,” he said.
“Africa needs its own vaccines and growing capacity in this direction is critical. We also need to develop more energy supply to even cover rural areas. Africa can be a hub for a green model economy with capacity to create more decent jobs. I believe it is the future of Africa.”
Speaking at the same occasion, African Development Bank president Dr Akinwumi Adesina said in a speech read on his behalf that the success of AfCFTA demanded that the continent moved with speed in closing the infrastructure gap and enhancing access to industrialisation finance so as to unlock higher regional production capacity.
He pledged the bank’s continued support to ensure sustained momentum towards transforming Africa.
AfreximBank chairperson and president Professor Benedict Oramah said his bank was working closely with the African Union Commission to unlock higher continental industrialisation as well as promoting trade.
AfreximBank had helped central banks across Africa to mitigate the adverse impacts of Covid-19 through procurement of vaccines and protective clothing, as well as facilitating food and fertiliser, among other interventions.
This year’s summit is being held under the theme: “Industrialising Africa: Renewed commitment towards an inclusive and sustainable industrialisation and economic diversification.”
It is part of the Africa Industrialisation Week, the annual commemorative activities aimed at highlighting Africa’s renewed determination and commitment to industrialisation. – The Herald
