As The Last Frontier In Development, Africa Has The Potential To Become The Factory Of The World

Special Address Delivered At Davos Agenda 2022, World Economic Forum

"The health and economic crisis caused by the pandemic slowed down progress in many areas but as the world emerges slowly from the health and economic crisis caused by the pandemic, a number of important lessons have been learnt. The most obvious lesson of course is that it has proved impossible for individual countries to contain the virus as long as there are outbreaks in other parts of the world.



Similarly, we learnt that disruptions including in supply chains in one part of the world inevitably affect other parts of the world. And though that might sound obvious I think it has driven home very powerfully especially in the last few months.



It is a matter of regret therefore that in spite of increased collaboration in terms of sharing knowledge and scientific information around the virus, the world has been unable to arrange a coordinated global response to ensure the availability of vaccines for all.



Similarly, although past experience would have counselled the need for coordinated action in response to the global economic shock caused by the pandemic, responses were mostly at the individual country level with the effect that efforts to stimulate economic activity through fiscal and monetary policy actions and health sector interventions were uneven across the world and in the case of African countries, barely adequate.



Nevertheless, like most parts of the world, Africa is beginning to recover. The continent grew by 3.7% last year and is set to grow by 3.8% in 2022.



Indeed, as the last frontier in development, Africa has the potential to become the factory of the world especially given its bold steps to integrate through the African Union Agenda 2063 and the African Continental Free Trade Area agreement.



There are several other reasons I think, to be positive about the African growth story given that its large youth population holds the prospect of a demographic dividend. Also, by giving greater space and providing more opportunity to the private sector, the continent is also making giant strides in agriculture, manufacturing and digital technology.



In Nigeria for instance, 6 unicorns have emerged in the past six years. And this is despite all of the challenges in these past years.



Such a positive outlook anyway must however be tempered by the realization that Africa continues to need the collaboration and partnership of the international community because unless care is taken there are a number of developments that can derail that progress."


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Oluyemi Oluleke “Yemi” Osinbajo is a Nigerian lawyer and politician who is the current Vice President of Nigeria, in office since 29 May 2015.

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