Private sector in Africa is building world class brands-Osinbajo

 

VICE President Yemi Osinbajo has expressed his satisfaction with the growth rate of private sector in Africa and called for regional integration among African countries.
Speaking at the inaugural meeting of the Afrochampions Initiative in Lagos, Professor Osinbajo said in the last few years, it has become obvious to many African countries that both momentum and common sense are in favour of the private sector leading the continent economies and championing initiatives that will drive-in traffic, trade and commerce.
He stated that the private sector in Africa is already building world class brands and trading everywhere and I think that was obvious from the last but one presentation.
According to him, “In manufacturing, the Dangote group is already manufacturing cement in several African countries; in banking, Ecobank, UBA, GTB, Access bank are all doing incredible things across the African continent. In Telecoms – MTN, & broadband infrastructure firm – MainOne, are doing business everywhere on the continent.”
Expressing his feeling on the challenge facing the continent, the Vice President said other regions play as a bloc, but Africa is still slightly splintered into several different economies, and the ease of doing business across the region remains a significant challenge.
“Despite the rhetoric of African governments since the days of OAU and now the AU, Africa governments appear to be late starters in concrete action. Regional integration is a key requirement for the region’s development but it remains at very low levels.”
He further that, Africa still have one of the lowest trade integration levels at under 20 percent while Asia is in the 40th percentile and European integration is much further ahead at about 60 percent.
But I am pleased to say though that all of that is changing, flowing from the agenda 2063 of the African Union, the continental future era initiative which we have just heard about, the launch of the African passport and other initiatives on the free movement of persons; it is becoming clearer and clearer on how we intend to go in regional integration and it is becoming clearer and clearer how quickly we can move, he said.
“On our part in Nigeria, it is clearly for us, a strategic priority that we have a single integrated African market that is deep enough to do all of what we can do and for our potential.
Already African goods are all over Africa but as you know, mostly through informal channels, a formalised market is therefore important to us such that we can benefit maximally.
But these public sector initiatives need the sense of urgency that the private sector will bring, this is why we certainly believe in the Afrochampions Initiative because we think it is the private sector that will do what is required to bring the urgency and sense of mission to all that we have been trying to do in the African Union, Osinbajo stated.
He however called for synergy and collaboration between the Afrochampions and all the organs of the AU involved in economic integration issues, their enthusiasm and energy is perhaps to shorten the arm that the AU needs at this time.