Why African economies have failed to grow, by Atiku

African economies are stunted due to dependence on the export of single primary commodities whose prices are determined internationally by factors the affected countries have little control of.

Former Vice President Atiku Abubakar made this assertion at the 6th/53rd yearly congress of African Veterinary Association/Nigerian Veterinary Medical Association in Enugu, yesterday.

Speaking on the consequences of “mono-crop economies” by many African countries, he explained: “They fluctuate wildly, making the economies very vulnerable to externally induced shocks. There is little industrialisation, little manufacturing, and little added value. And reliance on these primary commodity extractions has had deleterious consequences for the politics of African societies.

According to Atiku, “These include the preponderance of rent-seeking, state dominance of economic activities, vicious struggles for state power, and attendant corruption and trends towards dictatorship. And we continue to have challenges with poor infrastructure and insecurity, both of which discourage investment and tourism; deteriorating educational system and inadequate support and promotion of research and innovation.”

He noted that the diversification of African economies was critical in turning around fortunes of the continent, in view of its enormous potentials.

Atiku, who spoke on ‘The Vets and Economic Diversification of Africa’, said to achieve diversification, leaders must embrace genuine change in policies and practices that contribute significantly to growth, employment, rising incomes and revenue.

“If we diversify our economies but still let the state dominate economic activities, as a major investor and competitor against the private sector, we will be unable to unleash our people’s productive and entrepreneurial energies,” he warned.

He stressed that diversification without modernisation would not take the continent far. Using agriculture as a case study, he asked: “Do we mean the ancient agriculture that we have practiced for so long or the modern, science and technology-driven agriculture with its enormous productivity and contributions to improved nutrition? By returning to agriculture, do we mean following cattle and sheep through bushes and raising free range chickens, as our people have done for thousands of years, or adopting modern scientific means of raising animals for greater productivity and improved nutrition?”

Do we mean consolidating farms and improved yields on existing land or continuing with existing tenure systems that have subsisted for generations or do we mean making agriculture attractive for educated people or leaving it at the domain of the illiterate or less educated where superstition reigns supreme?”