By Taiye Olayemi
Africa must become the next engine of global growth or risk exporting instability, says Mr Claver Gatete, UN Under-Secretary-General and Executive Secretary of Economic Commission for Africa (ECA).
The Communications Section of ECA disclosed in a statement on Monday that Gatete was speaking at the Ninth Africa Business Forum in Addis Ababa.
The ECA boss said global capital remained available but was increasingly selective amid economic uncertainty.
According to him, investment now follows scale, security and future markets.
“The question is not whether capital exists. The real question is: where will the next engines of global growth emerge?” he asked.
He argued the answer lies in Africa’s demographics, urbanisation and digital expansion, describing the continent as “the growth frontier of the century”.
He noted through the African Continental Free Trade Area (AfCTA), Africa is forming a single market of more than 1.5 billion people.
Gatete cited Côte d’Ivoire’s youth-led cocoa processing firm creating 1,000 jobs and Morocco’s automotive value chain employing over 220,000 workers.
Yet, he warned Africa’s transformation remains below potential due to infrastructure financing gaps and billions lost annually to illicit financial flows.
The News Agency of Nigeria (NAN) reports that Africa holds more than 1.1 trillion dollars in domestic institutional capital, but lacks mechanisms linking funds to bankable projects.
“If young Africans find productive employment, Africa becomes the growth frontier. If they do not, instability becomes globalised,” Gatete said.
He described the forum as a “delivery platform” aimed at connecting investors with viable projects and tracking implementation.
Gatete urged four priorities: scaling domestic capital, strengthening credit ratings, fully implementing AfCFTA, and investing in innovation, skills and data systems.
He said: “The opportunity cost of not investing in Africa will soon exceed the risk of investing in it.
“We can build industrial value chains, digital markets and green energy systems with Africa, or confront migration pressures and instability without Africa. The moment is now.” (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
