Nigeria and a few African countries have been on the right path of stimulating the economy to get people working again, but the idea of job creation is being killed daily by those pocketing money for this purpose instead of investing it in the economy. Banks need to give more loans to small and medium businesses to help them expand and hire workers. Large corporations also need to spend the cash they’ve been hoarding on manufacturing and services in Nigeria and Africa.
For instance, in Nigeria, the value of the Naira needs to appreciate further to revive its manufacturing sector, its services sector, and infrastructure with labour and resources from within Nigeria itself, not from abroad. Nigeria also needs to utilize talents, energy, and resources towards restoring the economy.
In this vein, Aliko Dangote, President of Dangote Group and Africa’s richest man, has urged African entrepreneurs to focus on job creation for the continent’s teeming youths as a way to ensure economic prosperity and poverty reduction in the continent.
At the launch of AfroChampions Initiative, Dangote emphasized:
- The need for greater integration of African economies for real development of the continent.
- That the AfroChampions initiative is for African businesses to accelerate development and create more jobs to tackle unemployment of youths in the continent.]
- That it is the first time that leaders from Africa’s multinational companies will meet, not to discuss their sector and ad-hoc investment opportunities, but to exchange views on Africa’s transformation and on what contributions they can make.
- That Africa’s young population and a growing labour force are valuable assets in an aging world, adding, “Africa’s current population of 1.2 billion (16 percent of the world’s population) is expected to grow to 3.8 billion by 2100 – accounting for 49 percent of the world population. By 2034, the working-age population is expected to hit 1.1 billion, larger than that of either China or India.
- That African business leaders can overcome their differences and speak with one voice, to foster reforms facilitating trade between states with investments in strategic projects and synergies between countries.
- That there needs to be a change in the dynamics, in a way that is more favourable to Africa and Africans because as Africa’s biggest multinationals, we owe a duty towards our communities, towards the next generation of young men and women who now want to become Pan-African entrepreneurs.
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