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COVID-19 exposes weaknesses of Africa’s economies – Okonjo-Iweala

November 8, 2020
in News, Economy

Nigeria’ s former Minister of Finance, Dr Ngozi Okonjo – Iweala , on Saturday charged leaders of countries in Africa to work on several opportunities the coronavirus had created to rebuild the continent ’ s economy .

The economic expert said the advent of the pandemic exposed weaknesses of economies on the black continent .

Okonjo – Iweala , while delivering a virtual lecture at the 15 th convocation of Bowen University, Iwo , Osun State , where she bagged a honourary degree of Doctor of Science in Technology , however , suggested six ways the governments on the continent could benefit from the opportunities exposed by the novel virus and build their economy in post – COVID years .

The former minister , who called for diversification of the economy through industrialisation , stressed the need to add value to raw materials and create jobs for the vast youth population on the continent , noting that Africa imports 94 per cent of its pharmaceuticals for a population of 1 .3 billion .

She said coronavirus should provide the opportunity for the continent to develop medium supply chains of pharmaceuticals .

She also called for digitisation of the economy and implored the governments to prioritise micro , medium and small scale enterprises .

She said with over 90 million estimated SMEs on the continent , only 15 per cent were formally registered.


Tags: COVID-19Okonjo-iweala

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