How African countries can achProf. Olatokunbo Onabanjo, the Chairman of the Pan African American Chamber of Commerce(PAAC), says African countries must prioritise sustainable development practices that promote environmental conservation, social inclusivity, and economic viability.
Onabanjo stated this an interview with the News Agency of Nigeria on Sunday in Lagos, while speaking on the forthcoming trade and investment conference with the theme “Hope for Africa”.
The Hope for Africa conference being organised by the Pan African American Chamber of Commerce is scheduled for Sept. 9 to Sept. 13 in Atlanta, Georgia, U.S.
He said these priorities include adopting green technologies, promoting renewable energy sources and implementing sustainable agriculture practices.
He explained that one of the aims of the conference is to allow for engagement with the African-American community and Africa countries towards fostering sustainable growth in Africa.
“Sustainable development can lead to long-term economic growth, poverty reduction, and improved quality of life for African citizens,” he said.
Onabanjo, who was the Director of Computer Services during Tinubu’s administration as governor of Lagos State, said that Africa economies were expected to foster inclusive and sustainable growth, reducing poverty and unlocking the continent’s immense economic potential.
He said that Africa must collaborate in areas such as infrastructure development, technology transfer and knowledge sharing.
The PAAC chairman said that this would lead to economies of scale, increased trade, and improved competitiveness.
“There is a growing recognition of the importance of innovation in driving economic growth and development.
“African countries are expected to prioritise innovation by investing in research and development, fostering a culture of entrepreneurship, and supporting technological advancements.
“This can result in the creation of new industries, job opportunities, and the development of innovative solutions to address local challenges,” Onabanjo stated.
According to him, African countries, including Nigeria, are expected to attract increased investment both domestically and internationally.
He said that this required creating a conducive business environment, implementing investor-friendly policies and addressing challenges.
Onabanjo, a seasoned project manager and member of Certified Project Management Professionals, listed the challenges to include infrastructure gaps, regulatory barriers, and corruption.
“Investment in sectors such as manufacturing, agriculture, renewable energy, and technology can stimulate economic growth, create employment, and enhance productivity.
“There is an expectation for African countries to invest in their human capital by improving education and skills development.
“This includes promoting science, technology, engineering and mathematics (STEM) education, vocational training and entrepreneurship programmes.
“Investing in human capital can enhance the workforce’s productivity, foster innovation, and attract more investment in high-value sectors,” he added. (NAN)
