By Ukachukwu Okorie
Why is Africa poor and the leaders keep borrowing the continent to stupor?
In a speech at the All-African Conference in Leopoldville, August, 1960, Patrice Lumumba said,
“Political independence has no meaning if it is not accompanied by rapid economic and social development”.
The continent of Africa is rich in natural resources ranging from water, oil, arable land, natural gas, minerals, forests, wildlife and more. This land peopled mostly by blacks is home to about thirty percent of the world’s mineral reserves, eight percent of the world’s natural Gas and 12 per cent of the world’s oil reserves amidst many others. Why is Africa poor?
Few days ago, Nigeria Senate leader, Ahmed Ibrahim Lawan informed that his country is poor. The assertion is to justify new borrowings by the presidency of Muhammadu Buhari.The Senate approved the $6.1 billion loan request by President Muhammadu Buhari.The $6.1 billion loan request, which is equivalent to about N2.343 trillion, got approval on Wednesday after the legislators considered the report of the Senate Committee on Local and Foreign Debts. According to Statista, “South Africa’s external debt reached nearly 188 billion U.S. dollars in 2019, which corresponded to the highest stock of foreign debt in Sub-Saharan Africa. Nigeria and Angola followed, each with debts of 54.8 billion and 52 billion U.S. dollars.” From Europe, United States, and now China, African leaders have mortgaged the future of the continent in debt.
How much does African countries trade internally?
Statistics show intra-African trade stands at around 13% compared to approximately 60%, 40%, 30% intra-regional trade that has been achieved by Europe, North America and ASEAN respectively. A continent of 54 countries with abundant human and material resources has lots to gain when intertwined in commerce and industry. More so, there are hundreds of cities yearning for infrastructural developments while boasting of limitless minerals. So what is Africa’s main export for revenue generation?
The highest volume of exported goods is made up of mineral fuels including oil, with a value of more than $33.8bn. The fundamental question is who is running these resources, what are the terms of negotiation with developers, and how are the rents managed?
Apart from the abundant resources, Africa have a vibrant workforce and youthful population.
Statistics show Africa’s young constitute 60% of the entire continent, ageing below 25 in numbers.It makes it the youngest continent in the world, and thus should be most vibrant. Even though the world may think otherwise, Africans have established abroad in different field of endevour especially science and technology. Unfortunately, foreign countries are now offering them citizenship, and making it difficult for the continent to reap the fruits of their expertise and knowledge of learning abroad. These children of the continent are the hope for the real technology transfer. Only Africans can help their land not foreigners.
Finally, the issue of leadership, emigration, illiteracy, colonial mentality carryover and religion contribute to my desire in asking where Africa is heading towards. It is most unfortunate that a continent filled with enormous human and material resources wonders like a sheep without a Shepard. Quo va dis Africa?
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