Africa Should Prioritize Financing Amidst a Transiting Global Order – Prof Patrick Utomi

Prof Patrick Utomi, Chairman of the Pan African Trade and Investment Committee (PAFTRAC), has called on African nations to consider both internal and external financing strategies seriously. Speaking with Bernard Avle on the Point of View on Channel One TV, Prof Utomi emphasized the unique position of Africa in the context of a shifting global demographic landscape.

Prof Utomi pointed out that while continents such as Europe, Asia, and America face aging populations, Africa stands out with a growing young population. This demographic trend positions Africa as a crucial player in sustaining global economic and social structures in the future.

He stressed the necessity of investing in Africa’s young population to convert them from mere demographic statistics into productive human capital. Such investments are crucial for harnessing the continent’s demographic dividend.

 The professor argued that Africa’s youthful population could be the key to keeping the global economy vibrant, as other regions struggle with declining birth rates and aging populations.

Addressing the issue of internal financing, the Professor said, that African nations need to develop robust internal financing mechanisms to support education, healthcare, and entrepreneurial ventures for their young population. This could include reforms in tax policies, improved governance, and fostering a culture of savings and investment within the continent.

On External Financing, he asserted that attracting foreign investment is also critical. Africa should position itself as an attractive destination for global investors by enhancing political stability, improving infrastructure, and implementing business-friendly policies.  Strategic partnerships with other regions and international organizations can help Africa secure the necessary funding and expertise to develop its human capital.

Prof Patrick Utomi’s insights highlight the urgent need for African countries to rethink their financing strategies in light of global demographic shifts. By focusing on both internal and external sources of investment, Africa can leverage its youthful population to achieve sustainable development and play a pivotal role in the future global order.