FT Africa: “What Makes Africa Work Are The Ingenuity And Resilience Of Its People” – Osinbajo

FT Africa: “What Makes Africa Work Are The Ingenuity And Resilience Of Its People” – Osinbajo

Vice President Yemi Osinbajo delivered the keynote address at Financial Times Africa Summit, 2017 with the theme “What Makes Africa Work,” which held in London on Monday.

While speaking on the question that FT asked, “What Makes Africa Work,” Osinbajo said, “Today we can demonstrate with clear examples that what makes Africa work are the ingenuity and resilience of the people, especially its 70% youth population, leadership and good governance, allowing the private sector and markets to function, focusing on infrastructural development, and the incredible opportunities that abound”.

Read the Excerpts of the Speech

Across the entire continent, there is a commitment to providing much-needed infrastructure in the form of power stations, ports, rail networks, roads, that not only bring down the cost of doing business but also actively engage the private sector in funding, operation and or ownership.

Nigeria recently announced the commencement of the process of concessioning its major airports with a view to attracting world-class which it hopes to attract the investors. But perhaps most importantly Africa now recognizes the limitations of governments, in cash and capacity, to run businesses. Wisdom today is in letting the private sector invest wherever it can and in practically any sector of the economy even those that once carried the halo of national security assets such as telecoms and power. Consequently, we have seen the emergence of dynamic pan-African investors, who on account of their track records are able to borrow commercially cheaper than Governments. Aliko Dangote, is, of course, an excellent example with investments in cement manufacturing in 10 African countries. Is about to complete a 650,000 barrels per day Refinery in Lagos Nigeria, the largest single line Refinery in the world and larger than all four of government-owned refineries put together. A dedicated 550 kilometre subsea pipeline passing through major gas processing hubs brings crude to the refinery. He is also investing in a 3million Metric Ton fertilizer plant in the location, the largest single line in the world.

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October 10th, 2017

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