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22.04.2014 South Africa

Economic Commission For Africa Charges African Leaders To Focus On Inclusive Industrialization

By NABIL AHMED RUFAI, E.TV NEWS
Economic Commission For Africa Charges African Leaders To Focus On Inclusive Industrialization
22.04.2014 LISTEN

There is an emerging consensus that structural economic transformation is vital for consolidating and sustaining impressive growth record of African countries over the last decade. In line with this rationale, a number of initiatives have been undertaken to promote industrial development on the continent.

At the Seventh AU/ECA Conference of Ministers held in Abuja, economic experts have resolved to now focus on adding value to the continent's natural resources as well as encourage industrialization for inclusive and transformative development in Africa.

Africa's current economic performance stands in sharp contrast with the 1980's, a decade characterized by slow growth and a crushing debt burden. Over the last five consecutive years, the continent has ranked among the world's fastest growing economies despite shrinking global economy. Even though growth has slowed from 5.4% in 2012 to 4.1% in 2013, it is still almost double the global average growth rate.

Despite Africa's recent impressive growth performance, a number of challenges remain, particularly in the areas of job creation and social service delivery. At the Seventh Joint AU/ECA Conference of Finance Ministers in Abuja, delegates conceded that this is as result of exportation of primary commodities from the continent.

Revenue generation in Africa will be immensely increased if these measures are adhered to. These resources can be channelled into other humanitarian services and developmental projects.

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