Money Markets
Africa urged to entrench Nepad in law
Former Nigerian president Olusegun Obasanjo with Mr Edwin Gichangi (left) of the Kenya Institute of Management in Mombasa. Photo/FILE
Posted Friday, June 25 2010 at 00:00
Africa had the lowest per capita income of $1,500 in 2008.
She had only 3.1 and 2.4 per cent share of the world’s exports and imports respectively in 2006, Mr Obasanjo said.
The continent has the highest per capita foreign aid dependency ratio.
However, it has recorded some remarkable achievements in the last decade.
According to the World Investment Report 2008, despite the global financial crisis foreign direct investment (FDI) to African grew to $53 billion in 2007, triple that of 2003.
Among the factors contributing to the growth, the report said, are an increasingly FDI-friendly environment.
Education is vital for Africa to achieve its objectives, he said.
“We have moved from technical to ICT education and we must also add entrepreneurship to our education. This should be imbued with the culture of graduating from colleges of business creation and employment generation rather than job seekers,” Mr Obasanjo said.
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