For the whole of last week, global attention was on Nigeria, host to the World Economic Forum on Africa, WEFA 2014. While policy makers and business gurus discussed economic issues as they impact on the black continent, mothers, fathers and children around the world were agitating for the return of about 230 female students abducted by insurgents from Chibok Secondary School, Borno State, on April 14.
Although the campaign for the liberation of the Chibok girls dominated global attention, and indeed made news headlines round the world, the significance of WEFA cannot be lost on a continent still ravaged by poverty, low education, inadequate health care, poor sanitation and dismal infrastructure. The cheering news is that despite these seemingly self-inflicted ills, aggravated by corruption in high places, the global community is quite willing to give Africa a chance for improvement.
Undoubtedly the potential gains of WEFA are enormous. They hold a lot of promises. A few commitments in investment, aid and support were announced at the close of the forum on Friday. The pledges were in excess of $68 billion for investment in key sectors including education, health, agriculture and infrastructure. Specifically, leaders of countries in sub-Sahara Africa, under the aegis of the African Development Bank, have pledged $700 million between 2016 and 2020 to purchase vaccines to boost immunization for babies and guarantee a disease-free future for children and families. Yet another gain is the $20 million pact sealed by Nigeria, General Electric Health Care and USAID devoted to enhance mother and child health in a rich country still grappling with unsafe deliveries and childhood diseases, especially polio.
Despite Nigeria’s unfortunate tango with Boko Haram, which necessitated a huge security cordon, the forum was adjudged a success. It attracted about 1,500 delegates from 80 countries. Managing director of WEFA, Mr. Philip Rosler, said the security concerns during the forum actually generated a huge solidarity around the world in the fight against terrorism. It is perhaps a proof of the confidence in Nigeria’s potentials as Africa’s biggest economy and one of the fastest growing in the world. The successful staging of WEFA must be seen as an emphatic demonstration of this country’s relevance in the global economic system.
Going forward, the challenge to Nigerian leaders and managers of the economy is how to harvest this enormous goodwill for maximum benefits. The forum has identified local industries regarded as potential trailblazers committed to creating jobs and reducing poverty. They are termed Global Growth Companies, expected to exceed industry standards in revenue growth, innovative business practices and leadership in corporate citizenship. Instructively, six of these prime companies are Nigerian companies. They are well-positioned to drive economic growth, stimulate job creation and entrepreneurship in the continent. Needless to emphasize that government must walk the talk by ensuring consistent monetary and fiscal policies; efficient infrastructure, especially in the transport and energy sectors and security for lives and property. In summary, there is an urgent need to engender investors’ confidence and promote local entrepreneurship.
Despite this promising largesse from around the world, Nigerians have rightly criticized the price paid for the forum. It is inconceivable that a hefty sum of N4 billion would have been spent on a three-day conference. Besides, we find it ludicrous that President Goodluck Jonathan agreed to shut down Abuja simply because the city is hosting an international forum. That decision is too simplistic and patently vexatious. The events of WEFA were confined to a tiny portion of Abuja, so why ask students and all workers to stay at home for three days? This is not the first time the country will host an international event!