Coordinator of the United Nations Development System in China, Siddharth Chatterjee, has called for adequate investment in infrastructure to boost market growth in Africa.
Chatterjee said this in his address at the reception ceremony of new ambassadors and their spouses organised by Baba Ahmad Jidda, Ambassador of Nigeria to China.
Chatterjee said: “If you have to maintain your philosophy of growth, you have to invest in Africa now because this population will hit 2.5 billion by 2050. It is going to be the biggest market of producers and consumers; it is the youngest continent in the world.
“The middle age of Africans is 18, whereas the middle age of China is already 47, the middle age of Sweden is 49; you have to shape and nurture those markets now.
“In order to do that you have to invest there, I think we have to get the UN involved, in terms of providing basic infrastructure.”
According to him, the UN has not been fully utilised in your respective countries, adding that “it is an untapped potential that you still have that has lots of different agencies, programmed and social policy experts.”
He further said there is the need for focused group discussion on issues that border on development of the continent to chat way forward.
He quoted the African Development Bank as having predicted that by 2030 agro-business in Africa will actually grow up to $1trillion.
“The continent has 60% of arable land and then, we are currently net importers of $100billiin worth of food yearly.
“About 40 or 50% of agriculture products are post-harvest losses. We have to look at the China-Africa Bridge, to bring in the technology and innovation, and the second area is in the area of health.
“Actually, companies can make profit from these if we can achieve economies of scale and bring the cost down, healthy Africa means a healthy market. This implies that there are enormous opportunities which are already starting to take place,” he said.
The global economy is a bit contracted, not in a recession but we are not far from it, so you can imagine that fear is in each country.
In an interview with the News Agency of Nigeria (NAN), Amb. Martin Mpana, Dean, Group of African Ambassadors and Ambassador of Cameroon to China, commended the UN investment in Africa initiative.
Mpana said: “It is on the right track and that is what we want and wish to work for; the question of investment is a little bit difficult.
“The global economy is a bit contracted, not in a recession but we are not far from it, so you can imagine that fear is in each country.
“We do welcome investment wherever they come from, because Africa definitely needs financial means to invest in infrastructure,” Mpana said.
He reiterated that investment is needed to connect countries, build roads, airports, as well as other facilities in line with growing population.
