Achieving sustainable economic development in Africa

Achieving sustainable economic development in Africa has been a long-standing challenge for many countries on the continent. Nigeria, as one of the largest economies in Africa, continues to face obstacles that hinder its growth potential. In a recent interview on CNBC Africa, Keith Boyfield, Director of Keith Boyfield Associates, highlighted several key areas where Nigeria is struggling to reach its full economic potential. Boyfield pointed out four main factors that are impeding Nigeria's economic growth. The first major issue he addressed was the country's inadequate electricity supply. Nigeria currently only has a total capacity of 7,000 megawatts, with many of those megawatts not functional at any given time. Boyfield emphasized the crucial need for Nigeria to improve its electric grid infrastructure to support business and industrial activities. He underscored the contrast with Ghana, where significant progress has been made with the support of international organizations like the African Development Bank in implementing sustainable energy projects. The second challenge Boyfield identified was the skills gap in Nigeria, attributing it to historical factors dating back to the colonial era. He compared the educational standards in Nigeria to those in countries like Malaysia and China, noting a significant disparity in the technical and scientific proficiency of graduates. Boyfield stressed the importance of aligning educational curricula with the needs of a growing economy, emphasizing the importance of practical skills in engineering and technology. Trade agreements were also a critical area of concern raised by Boyfield. He highlighted the upcoming visit of British Prime Minister Theresa May to Nigeria to discuss a potential trade deal post-Brexit. Boyfield articulated the opportunities that an independent trade agreement with the UK could offer Nigeria, positioning it as a way to expand trade and access new markets. He criticized the European Union for its trade policies towards Africa, citing examples like the high tariffs imposed on processed coffee from Kenya, which he argued, hinder the continent's economic progress. Additionally, Boyfield emphasized the need for Nigeria to diversify its economy away from reliance on oil exports and focus on developing other sectors. He recommended leveraging joint ventures and international expertise in key industries such as agriculture and creative sectors like Nollywood. Boyfield highlighted the importance of looking towards emerging industries like technology and finance for future growth prospects. Despite outlining these key areas for improvement, Boyfield candidly pointed out the overarching challenge that plagues Nigeria's economic landscape - corruption. He underscored the damaging impact of corruption on Nigeria's reputation, both domestically and internationally. Boyfield acknowledged the perception of Nigeria as a corrupt nation among the business community in the UK, calling for decisive action to address this systemic issue. In conclusion, Nigeria's journey towards sustainable economic development requires a concerted effort to address these multifaceted challenges. By prioritizing infrastructure development, bridging the skills gap, negotiating favorable trade agreements, promoting diversification, and tackling corruption head-on, Nigeria can unlock its full growth potential and pave the way for a prosperous future.