IMF Gives Conditions For Africa To Achieve 5.5% Economic Growth

The International Monetary Fund (IMF) has predicted a 5.5 percent economic growth for Africa in 2014, but said it would only be achieved if the continent improves infrastructure, create jobs, funds the agri-business revolution, fosters intra-African trade and finds new pockets of industrialisation.

Panelists agreed on this prediction, Friday, at the closing plenary of the World Economic Forum on Africa, held in Abuja.

In her reaction, Nigeria’s Minister of Finance, Dr Ngozi Okonjo-Iweala, said she would love the country to “drive quality and inclusive growth to create jobs.”

According to her, these would be done through housing and agriculture sectors, which, she said, held huge potential, pointing out that “agriculture matters and is three times as effective in reducing poverty.

“It is important for young people to understand that farming is ‘cool’,” she said.

Also speaking, the Chief Executive Officer, Investec Asset Management, United Kingdom, Hendrik du Toit, noted that with the right infrastructure, “enormous” growth could be achieved from agriculture.

“This is where long-term capital is needed if you want to exploit the agri-business revolution,” he said.

“One of the most momentous changes from a business point of view is that Africa is integrating itself, particularly via China. It is not just an African local market, but it is Africa in the world.”