African leaders urged to boost economic growth
The Supervising Minister of National Planning Commission (NPC) Bashir Yuguda has urged African leaders to pursue policies that would make the current growth momentum on the continent more resilient to external shocks.
He stated this at the 7th Joint Annual Meetings of the Economic Commission for Africa (ECA)’s conference of African Ministers of Finance, Planning and Economic Development currently in Abuja.
“Africa’s economic emergence and transition from a continent of low-income into middle-income economy requires changing the economic structure from predominantly agrarian to industrial and making the most of its large reservoir of natural and agricultural resources,” he stated.
Yuguda also stated that this will significantly boost the economic performance of the countries, as well as lift many Africans out of poverty through employment and wealth creation.
He stressed that empirical evidence from developed, newly industrialized and emerging economies has shown that sustainable development cannot be achieved on a weak industrial base, adding that strategic planning always plays a key role in economic growth and development.
Yuguda emphasized the Nigerian government that has developed a National Industrial Revolution Plan (NIRP) and the National Enterprise Development Programme (NEDEP), aimed at ushering in a new era for industrial, micro, small and medium enterprises development in Nigeria.
“Itwillfast-trackindustrialisation, accelerate inclusive economic growth, job creation, transform Nigeria’s business environment and stop the drain on our foreign reserves caused by importing what we can produce locally,” he added.