Coordinator of the United Nations Development System in China, Siddharth Chatterjee, emphasised the need for more investment in infrastructural development to boost Africa’s market growth.
Mr. Chatterjee was speaking at a reception for new ambassadors and their spouses hosted by Nigerian Ambassador to China, Baba Ahmad Jidda.
“If you have to maintain your philosophy of growth, you have to invest in Africa now because this is a population that will hit $2.5 billion by 2050. It is going to be the biggest market of producers and consumers; it is the youngest continent in the world,” he said.
“The middle age of Africa is 18, whereas the middle age of China is already 47, the middle age of Sweden is 49, you have to shape and nurture those markets now.”
The UN official added: “To do that, you have to invest there. I think we have to get the UN involved in terms of providing basic infrastructure. The UN has not been fully utilised in your respective countries. It is an untapped potential that you still have that lot of different agencies, programmes, and social policy experts.”
He said that targeted group discussions on problems related to the continent’s growth were needed to chart the way forward. According to him, the African Development Bank anticipates that African agro-business will reach $1 trillion by 2030.
“The continent has 60 percent of arable land, and then, we are currently net importers of $100 billion worth of food yearly,” he explained.
The Dean of the group of African ambassadors and Cameroon’s ambassador to China, Martin Mpana, praised the UN initiative to invest in Africa.
“It is on the right track, and that is what we want and wish to work for; the question of investment is a little bit difficult. The global economy is a bit contracted, not in a recession, but we are not far from it, so you can imagine that fear is in each country,” the Dean explained.
