Africa’s richest man and chairman of Dangote Group, Aliko Dangote, and chairman of Bharti Enterprises, Sunil Bharti Mittal, are among top private sector names that will Co-chair the 24th World Economic Forum (WEF) on Africa.
The 2014 World Economic Forum on Africa, with the theme, ‘Forging Inclusive Growth, Creating Jobs’, is billed to take place in Abuja, Nigeria, between May 7 and 9, 2014. It is the first time any country in West Africa will be hosting the forum, a signal of Nigeria’s growing economic and political importance on the African continent.
The theme of the forum, according to sources, is informed by the inability of African economies to convert natural wealth to solutions that address persistent social challenges like unemployment and hunger.
Though Africa’s growth trajectory has been impressive in the last decade and has been projected to remain above 5 per cent in 2014, with West Africa the fastest growing sub-region, there has been no correlative in terms of employment and prosperity.
Nigeria, Africa’s second-largest economy and most populous nation – with over 160 million inhabitants – already plays a crucial role in advancing the continent’s growth, however, it is yet to convert its natural wealth into solutions that address persistent social challenges.
Strong gross domestic product (GDP) growth at an average of 8.25 percent per year over the past decade, has led to a six-fold increase in the size of the Nigerian economy to $262 billion at YE 2012, from $45 billion in 2000, according to data from the IMF. However this growth has often failed to trickle down to a large segment of the society.
The World Bank estimates that 46 percent of the Nigerian population lives below the poverty line even as the booming economy has led to the emergence of a small and growing middle class.Youth unemployment across the continent from Nigeria to South Africa is often as high as 50 percent.
This anomaly of jobless growth will be tackled and solutions found as the 24th World Economic Forum on Africa brings together regional and global leaders to discuss innovative structural reforms and investments that can sustain the continent’s growth while creating jobs and prosperity for all its citizens.
“For Africa to remain relevant, we need to adequately educate our people, as it is through education that we can unlock the potential of our youth to enable Africa to compete globally, and create jobs in the new knowledge economy,” said Goodluck Ebele Jonathan, President of Nigeria and chief host of the summit.
Director of Research and Advocacy, Lagos Sate Chamber of Commerce and Industry, Mr Vincent Nwani, said the coming of WEF Africa to Nigeria is partly in recognition of key reforms, which are of interest to the world, such as the power sector reform, which requires considerable investment from outside.
“if Nigeria could grow with generators at 6 per cent, it will compete with China in terms of the pace of growth with stable grid electricity,” he said, adding that the World Economic Forum has agreed to bring WEFA to Nigerian to support these reforms, encourage their sustenance and also because of the interest international investors have in the Nigerian reforms.
“Nigeria ‘s economic fundamentals isn’t as bad as people outside tend to belief, when the investors come and see things for themselves, form strategic relationships, more of them will invest in Nigeria,” he added.
The Co-chairs of the summit, who are also in the forefront of investing in Africa and providing jobs across the continent, come with tremendous insight on the theme of the 2014 WEF on Africa.
The Dangote Group plans to invest about $16 billion in cement, petrochemicals and agriculture over the next four years to boost expansion, including $4.7 billion to complete cement projects in 18 African countries, including Nigeria, Dangote, the company’s president, said in a recent interview.
Bharti Airtel, the group flagship of Bharti Enterprises has operations in 17 African countries and a customer base of over 269 million across its operations at the end of March 2013. It is the world’s fourth largest mobile operator and had revenues of $14.7 billion for the FY ended March, 2013.
Other Co-chairs for the Abuja summit are MD, McKinsey & Company, UK, Dominic Barton; CEO Heineken, Netherlands, Jean-Francois Van Boxmeer; Chair of the Executive Board Femmes Africa Solidarite, Switzerland, Bineta Diop; Chairman, Telkom Group, South Africa, Jabu Mabuza; and Vice-Chairman, GE, Hong – Kong. John Rice.
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas, and is headquartered in Geneva, Switzerland.
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