Former Nigerian president, Chief Olusegun Obasanjo, has revealed 5 reasons why Africa’s economy is not stable.
Obasanjo who stated this while speaking earlier today, October 8, 2015 at the 5 th Africa governance, leadership and management convention, in Kenya, added that another threat to human security in Africa is the rising incidence of joblessness among African youth.
“Today, Africa’s private sector still contends with limited and sometimes distortionary public sector regulatory framework; a generally restrictive business environment; poor infrastructure; serious skills shortages and mismatches, and difficulties of access to finance by small businesses,” Obasanjo said during his speech.
He also said economies in sub-Saharan Africa are
experiencing rapid growth, averaging 4.6 per cent in GDP growth in 2015 and poised to reach 5.4 by 2016. "And IMF has indicated that future prospects for many African Countries are better with low oil prices. The private sector already generates two-thirds of Africa’s investment, three-quarters of its economic output, and
nine-tenth of its formal and informal employment.
“Africa has also demonstrated considerable resilience during the recession that began in 2008, and Africa is now strongly hopeful about the future. This is possible because previous efforts at reform had engendered more sustainable fiscal positions.”
Obasanjo also suggested a critical factor responsible for Boko Haram insurgency that has plagued the Northeast area of the nation. His remarks comes just hours after Boko Haram suspects reportedly attacked two mosques in Gubio town of Borno state killing scores of people.
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