At the Africa Finance Corp.’s (AFC) inaugural summit held in Lagos on March 25, more than 500 attendees from various government sectors, academia, business, and finance were present to discuss Africa’s infrastructure future. Infrastructure in general has been estimated to have the potential to add an average of 2% to Africa’s economic growth rate over the next decade as investment is brought to bear to bridge the current circa $40 billion per annum investment deficit.
Jim O’Neill, economist and former chairman of Goldman Sachs Asset Management, said: Africa’s future depends on the continent’s policy makers doing the right thing. That is working to create better governance, reducing crime, fighting corruption and delivering improved infrastructure. Infrastructure development is both a defining challenge and a standout investment opportunity for Africa and investors around the world. For example, Nigeria is growing at 7% despite poor access to power; decent power could boost economic growth to 10%-12%. There is no reason why Nigeria should not become one of the G20.”
Cape Verde Minister of Finance Cristiana Duarte signed the instrument of accession for membership of the AFC. Cape Verde becomes the 9th country to join other member nations, including: Chad, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria, and Sierra Leone.
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