President of the African Development Bank (AfDB) Akinwumi Adesina, has called upon member countries to boost output of goods and services and incorporate digital payment systems to derive maximum mileage from the new US$3.4 trillion economic plan unleashed. His clarion call for a dynamic and efficient payment system comes close on the heels of the launch of thecontinent’s free-trade zone in Niger early this month. Billed as the largest trading bloc in the world, this contiguous and seamless region will touch the lives of 1.3 billion people. The leaders of the continent- which has 55 independent countries- are now realizing that Africa cannot be a place always for trading –importing and exporting. It should emerge a happening hub of industrial activities. They are now creating a base rule for all countries in the region to industrialize, creating capacities, export and importantly, generating employment.
Adesina hoped that the expected industrial manufacturing capacity in Africa while getting accelerated would create strong financial markets coupled with steady strides in food production to meet the demand necessitated by adding more people to its demographic profile.
The African Development Bank, last year, launched the Africa Investment Forum successfully wherein investors committed US$38.7 billion dollars, a rare feat achieved in 72 hours when they were together at the summit. Yet, there is an infrastructure gap in the country, which can be mitigated by channelizing investments from domestic resources, pension and sovereign funds. This needs careful planning and execution.
Importantly, the new trade bloc has created a buzz among business circles. Many multinational corporations, particularly in the US, Europe, Russia and Australia are now focusing on Africa in an unprecedented manner, apart from renewed focus from China and India. Recently, the US committed US$ 20 billion for helping developing countries in Africa. Also, there are individual companies in variety of fields like IT, telecom, manufacturing and food processing, which are planning to up their investments in Africa.
