Formerly, "This is Africa/fyeahAfrica".
(Profile Photo by Mama Casset)
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A LITTLE ABOUT ME:
Based in Cape Town, South Africa
From Lagos, Nigeria
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(As an unemployed media student, all donations go into ensuring my survival in this cruel world and future projects I hope to embark on).
(since Oct. 21th 2012)
Nigeria’s commercial nerve center, Lagos is set to become the continent’s 13th biggest economy, similar to the size of West African nation, Ghana, investment research and advisory firm, Renaissance Capital has revealed. In its latest report titled, “Nigeria Unveiled: Thirty Six Shades of Nigeria,” the company stated that with a per capita income of about $2,900 which is currently double amount of the national average of $1,700, Lagos is at par with countries such as Morocco and Sri Lanka.
Lagos’ economy is significant to that of Ghana and is the heart of Nigeria’s $284 billion GDP economy.
“We base our analysis on states’ internally generated revenue, which make up 15 per cent of state government revenue, and consumption data, as proxies for state income.
“Lagos State produces about 12 per cent of Nigeria’s GDP, which is equivalent to $32 billion by 2013 ending. Post rebasing, which we now expect in early 2014, we estimate a 40 per cent upward revision in the country’s national income.
“By our estimates, the Lagos State economy will become Africa’s 13th biggest economy in 2014 at approximately $45 billion – equivalent to that of Ghana,” said RenCap.
You know it’s serious when they start comparing a city to countries. And we manage all this without stable electricity, easy access to basic resources, and the necessary infrastructure to accommodate life in a commercial urban landscape.
Just think about what Lagos would be if all the above-mentioned factors were appropriately set up and maintained.
The World Bank says, between 2013 and 2015, Sub-Saharan Africa’s economy will grow at an average of five percent while the global economy will only grow by about three percent over the same period.
However, high growth rates are no reason for euphoria, says Robert Kappel, a German Africa researcher from the GIGA Institute in Hamburg. He has been researching the development prospects of 42 sub-Saharan countries. He says international comparisons show that most of them are performing poorly.
“The growth is mainly coming from outside factors such as the demand for raw materials and agricultural products that has increased greatly in recent years and has pushed up prices. That means export has greatly contributed to this high economic growth, and that is also a great weakness,” Kappel told DW.
The International Monetary Fund (IMF) and the World Bank recently warned that Africa is becoming dependent on trade with foreign countries.
At this year’s World Economic Forum in Cape Town, former UN Secretary General Kofi Annan urged the industrialized nations to apply stricter rules for trading in natural resources with Africa. He said corruption and tax evasion are bleeding wealth from the continent.
Industrialization in Africa remains slow and agriculture cannot even meet the needs of Africa’s own populations. Job markets show zero growth. In South Africa, more than 25 percent of the population, mainly young people,are unemployed.
“Africa is doing well. We are making tremendous progress, particularly in the past two decades. But if we are to sustain this and to ensure growth that allows for employment creation for the youth and greater equitable distribution of prosperity, then we need to speed up the reforms, deepen transparency, reduce bureaucracy in getting projects approved.”
MARTIN: Do you think that the prize is having its intended effect?
IBRAHIM: I think so. What we wanted out of the prize, really, is raw attention to the issue of governance and leadership. The week before we announce the winner or the week after, this is the main subject of conversation in every dinner table in Africa. People say, oh, well, why my president didn’t get it? Why this guy got it? Why? Once people start to talk about governance and leadership, that all what we wanted. Once a civil society gets hold of this issue, then our job is done.
MARTIN: What - of the major forces that we are now seeing in Africa - we’re seeing a drive toward entrepreneurship, the roots of which have always been there. We’re seeing a very young population. We are seeing a reverse migration in many ways, so many people who’ve been educated in the west in a previous generation would have stayed in the west are now returning home. We’re also seeing investment, like from China and a number of other countries, but China being the one that gets the most attention. Of all those factors, what do you think is going to be the most transformative?
IBRAHIM: I think the rise of the African civil society is very important and this new generation of young people - and, by the way, half the African people is below 19 years old. We have the most young population anywhere on the planet and this young generation is much better educated than us, than our generation. It’s much better connected to each other, but in our times, many years ago, there was only one newspaper in the country run by the government, one TV station, one radio station, both run by the government. And just to acquire a photocopier, you needed permission from the police.
Now, it is different, so the flow of information - this connected young people who receive better education than us who are not afraid. They are asking the questions. Why is that our standard of living? You know, Africa is rich as a continent. Why are we poor? That’s the question. And when people start to ask that question certain conclusions will be reached and that is very important. So I’m really quite optimistic about the future of Africa, given this vibrant, young generation of people.
MARTIN: What do think you…
IBRAHIM: African women also are very important.
Mobile communications entrepreneur, billionaire, and philanthropist, Mohamed ‘Mo’ Ibrahim is optimistic about the continent’s future.