Conflict, insecurity hindering Africa’s growth – Osinbajo
Conflict and insecurity are the major factors impeding the growth of Africa, Vice President Yemi Osinbajo said at the weekend.
Osinbajo delivered a lecture virtually to the 2023 Africana Conference of the Fletcher School, Tufts University, USA, titled “Africa 2050: Making Growth Work.”
The VP, who addressed a wide range of issues affecting Africa’s development, decried wars, pandemic, political strife, and energy crisis, among others.
Osinbajo informed the audience that growth ambitions “need knowledgeable leadership committed to good governance”.
“The ability of Africa to make the most of growth depends a great deal on peace and security in the rest of the world and within the continent,” he said.
The Professor of Law urged developed countries to support the fight against terrorism in Africa, especially in the sub-Saharan region.
Noting that terrorism is a threat to humanity, Osinbajo charged the global community “to treat the menace of terrorism in the Sahel as a common challenge”.
The VP told “great and emerging powers” to put aside rivalries and work together with ECOWAS and the African Union “to stamp out terrorism”.
On access to resources, he joined the call for a new framework for debt restructuring that goes beyond the Debt Service Suspension Initiative and the Common Framework.
Osinabjo suggests the framework for tackling debt issues should go along the lines of The Global Sovereign Debt Roundtable that took off at the IMF/ World Bank Spring meetings.
The scholar restated his view that “Africa has the potential to become the first truly green civilisation…to use renewable fuel for purposes of a transformative economic journey”.
He said since the continent has the lowest carbon emissions, it can use green energy effectively and mobilise its young population to promote green manufacturing.