Deputy Group Managing Director of Access Bank, Roosevolt Ogbonna, has identified five factors necessary for growth of Africa.
He spoke at the 22nd annual Africa Business Conference of the Harvard Business School.
Africa, he said, must move away from conversations on the abundance of the continent’s natural resources to focus on how to put these resources to judicious use.
This, according to him, will lead to significant growth in the continent.
He pointed out, according to World Bank’s estimate, it will take 14 years and $88 billion to bridge the infrastructure gap between Africa and the world.
He stated it was high time Africa started building capacity, using its human and natural resources to drive the growth of Africa, bringing it to par with leading economies.
He also highlighted the need to change the African narrative.
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Quoting popular Nigerian Writer, Chinua Achebe who said: “Until the lion tells his side of the story, the tale of the hunt will always glorify the hunter.”
He charged Africans to speak about and project all of the positive things going on in Africa, as the media mostly reports negative stories painting it as a continent of despotism, hunger, disease and others.
He noted that Africans need to make it a personal responsibility to tell their amazing stories, and with time, the current perception of Africa will change.
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He encouraged Nigerians and other Africans to create innovative products that would not only solve present problems but also that of the future.
He explained that Africans need to dream big, as these dreams fuel innovation that can change the world for the better.
Ogbonna said execution and Implementation of innovation should be based on merit and not favouritism.
He also emphasised the needs for sustainability and inclusiveness in Africa, urging businesses and individuals to not only focus on profit-making but also focus on developing the society while empowering women and children.
He also charged Africans to participate actively in politics and not have an attitude of political apathy, as Africa needs more visionary leaders to build the Africa we envision.
The bank executive called on African leader to unite and work together on trade agreements as well as draw energy from one another.
He mentioned peer review between African leaders to serve as checks and balances in the governance of their countries.
He referred to the good and exemplary work Access Bank has done to ensure sustainability in Nigeria and Africa, some of which include the “W” Initiative, partnership with Ford Foundation and Global Citizen to support and promote businesses in Africa as well as contribute to the growth and development of the African economy.
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