*As Okonjo-Iweala decries poor maintenance culture in Nigeria
Renowned scholar, Prof. Patrick Lumumba, has advised Africans to stop looking abroad for investment but to start believing in their capacity to develop the continent.
This was as the Director-General of the World Trade Center, Prof. Ngozi Okonjo-Iweala, deprecated poor maintenance culture in Nigeria, stressing that it has degraded achievements made so far in terms of national infrastructure.
The two global figures spoke at the Delta State Economic and Investment Summit.
Lumumba , who was the Keynote Speaker, told African political leaders, business moguls and policymakers, that Africa has been too timid about intra-continental investment, settling instead for capital from Malaysia, Brazil or China.
The Kenyan scholar and pan-Africanist said, “when we think about investment, we still imagine that our investors must come from Malaysia, Brazil or China. That is not the case.
“The next time this summit is held, I want to see Kenyans here, Ghanaians here, Ethiopians here, Moroccans here and Egyptians here.
“Africans must begin to believe that they possess both the intellectual capacity and the financial resources needed to develop their own continent.”
Delivering their speeches, Vice-President Kashim Shettima and Prof. Okonjo-Iweala dissected the practical obstacles to African investment, particularly the visa restrictions, that make it difficult for African business men and women to move capital and ideas across the African national borders.
Lumumba pointing directly at the problem stated: “An African entrepreneur cannot hop on a plane from Ethiopia and land in Asaba to invest without navigating landing cards and exit requirements.
“Meanwhile, Europeans move freely from Slovakia to Portugal using the same currency and minimal bureaucracy.
“We cannot build a competitive economy while remaining so fragmented”.
Prof. Lumumba highlighted that visa restrictions directly undermine the African Continental Free Trade Area (AfCFTA), the 54-nation trade agreement designed to create seamless commerce across the continent.
“They also frustrate regional integration and suppress the kind of peer-to-peer capital movement that might otherwise flow between African nations.
“I look forward to the day when an investor from Ethiopia can board a plane and arrive in Asaba without visas, landing cards or exit cards.
“I look forward to the day when there will be no visa requirements for an African coming into this country,” he stressed.
Lumumba tasked the Delta State government, they ahould think beyond crude extraction, bringing up Norway as a model.
“The Nordic country has used its petroleum wealth to build one of the world’s largest sovereign wealth funds, transforming oil into generational wealth and economic insulation.
“The Governor has reminded us of what Norway has done with its petroleum resources.
“Today, Norway has built one of the world’s largest sovereign wealth funds. The question for Delta State is simple: Can you do the same? The issue is not simply producing oil; the issue is whether you are using those resources wisely.”
He noted that Delta’s economy already exceeds those of more than 20 African countries.
“With agriculture, minerals, oil, pharmaceuticals and fishing potential, the state has the raw material for serious industrial development,” he stated.
He however warned that without reliable electricity, manufacturing will remain impossible.
“Factories cannot run on unreliable power grids. Universities cannot prepare workers. Hospitals cannot deliver consistent care. Investment money will look elsewhere.
“Development is impossible without energy. If you do not have energy, you are going nowhere. Energy must remain one of your highest priorities,” he said.
In her remarks, Prof. Okonjo-Iweala drew attention to extremely poor maintenance culture which she noted, hinder the life-span of infrastructure in the country.
She expressed that while Nigeria woo investors, the country’s leadership should pay attention to maintaining existing infrastructure so as to guide against deprecating gains already made.
Aside Shettima and Okonjo-Iweala, the gathering drew a large gathering of business leaders, investors and policymakers from across Nigeria and beyond.
