Today, the attention of the world shifts to Nigeria as the nation hosts the 24th World Economic Forum, WEF, African edition in Abuja under the theme Forging Inclusive Growth, Creating Jobs.
Expected to end on Friday, the forum is the first of its kind in the West African sub-region with about 13 Heads of State and 1,000 delegates participating.
More than half will come from African countries and many will come from the business communities, NGOs and religious groups. Some of the Heads of State that would be participating are China, Republic of Benin, Cote d’Ivoire, Togo, Rwanda, Kenya, Algeria, Tunisia, Ghana, Mali, Senegal, Niger and the United States.
Available records show that the number is one of the largest the forum had witnessed in the many years it had been hosted in different countries. In other words, the large turnout is an indication of global leaders’ confidence in Nigeria, despite her obvious developmental challenges.
The World Economic Forum is an international institution committed to improving the state of the world through public-private cooperation in the spirit of global citizenship. With an expected annual growth rate of 5% in 2012-2013, sub-Saharan Africa continues its transformative journey from a developing continent to a hub of global growth. According to the World Bank, almost half of Africa’s countries have attained middle-income status. At the same time, the continent’s positive outlook is threatened by fluctuating commodity prices, rising inequality and youth unemployment. To build on its achievements, African leaders need to strengthen the continent’s competitiveness, foster inclusive growth and build resilience in a volatile global environment; accelerating economic diversification, boosting strategic infrastructure and unlocking talent are critical success factors in this new leadership context.
Indeed, this year’s World Economic Forum will provide an important platform for regional and global leaders from business, government and civil society to deepen the continent’s integration agenda and renew commitment to a sustainable path of growth and development.
Africa’s remarkable growth trajectory is projected to remain above 5 per cent in 2014 with West Africa the fastest growing sub-region, representing the continent’s largest business opportunity. At a time as this, it is a welcome and necessary boom to a region whose youthful population offers the prospects of a significant demographic dividend, fuelled by growth in consumer industries, manufacturing and business process outsourcing.
Therefore, the choice of Nigeria to host the event couldn’t have come at a better time. Recently, the country’s Growth Development Production, GDP was rebased, making it the largest economy in Africa. Nigeria is also the largest black nation on earth with vast human and natural resources waiting to be tapped. It is also the 4th largest oil producer in the world. In addition, Nigeria has the largest business opportunity in the sub-region and remains at the top of the growth rate with a lot of investment opportunities.
That is not all, Nigeria, sub-Saharan Africa’s largest economy and most populous nation – with over 160 million inhabitants – already plays a crucial role in advancing the continent’s growth; yet it is also emblematic of the challenges of converting natural wealth into solutions that address persistent social challenges.
It is heartwarming that the global business community realised the fact that our country, the largest economy in Africa, has a great role to play to ensure positive economic growth in the continent. Hence, the major focus of the forum should be on how best to ensure that Africa, with its positive growth rate could be inclusive.
We welcome all participants who defied every negative report about the country to be in Nigeria for this milestone event and wish them successful deliberations. We also hope that the outcome of WEF would in no distant time, translate to positive economic development for Nigeria and Nigerians.
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