The Secretary to the Government of the Federation (SGF), Sen. George Akume, says political stability is highly needed in Africa to attract foreign direct investment to achieve sustainable economic growth and development.
Akume said this while delivering Graduation Lecture for participants of the National Defence College (NDC) Course 31, on Monday in Abuja.
The lecture, which has the theme; “Economic Growth and Regional Development: Strategic Options for Africa”, is part of activities lined up by the college for the graduation of its Course 31 participants.
Represented by the Permanent Secretary, Special Services, OSGF, Alhaji Aliyu Shinkafi, he said that the African region and Nigeria, in particular, must do everything possible to ensure political and economic stability.
This, he noted, would help to gain the confidence of investors for sustainable regional development.
He identified income inequality, environmental impact, and resources allocation, vulnerability to global economic and political instability as major challenges of economic growth at national levels.
The SGF, however said that opportunities abound for sustainable economic development in the continent such as abundant natural resources, agricultural potential, growing consumer market, youthful population, renewable energy potential as well as technology and innovation.
According to him, diversification of economies, infrastructural development, human capital investment, sustainable agriculture and agribusiness, inclusive policies and access to capital are strategies that can guarantee economic growth in Africa.
“By capitalising on sectors of comparative advantage, investing in infrastructure, and promoting innovation and technology, African nations can spur economic diversification and lay the foundation for inclusive growth.
“The interconnectedness of regional economies calls for collaborative efforts that transcend borders, fostering cross-border trade, investments, and knowledge sharing.
“Strengthening regional institutions and frameworks will facilitate coordinated policy actions, promote stability, and create an environment conducive to attract both domestic and foreign investments.
Akume also said that education and skills development stood as cornerstones for Africa’s success story.
“Empowering the continent’s youth with relevant knowledge and skills will drive entrepreneurship, create jobs, and nurture a workforce that can contribute to global value chains, enhancing competitiveness and sustainable development.
“A commitment to good governance, transparency, and the rule of law is imperative to build investor confidence, ensure effective resource management, and mitigate risks associated with corruption and political instability.
“Simultaneously, addressing social inequalities and promoting social safety nets will cultivate an environment of social cohesion, enhancing the overall resilience of African societies,” he added.
