By Olukayode Idowu
United Nations Deputy Secretary-General Amina Mohammed has observed that Africa is the best investment proposition of the 21st century, in view of its natural resources, arable land and massive population.
She said: “The long-term structural endowments of our continent are as strong as ever, most of the world’s natural resources are in Africa and 60% of the world’s arable land and a massive population of motivated youth, Africa is the best investment propositions of the 21st century.”
She gave the verdict at the second edition of the Africa Social Impact Summit co-convened by the Sterling One Foundation and the United Nations in Nigeria, and held in Lagos.
According to a statement on Tuesday, she cautioned that investment in Africa must go beyond extracting raw material, and emphasized that “It must build the roots of a modern economy, hard and soft infrastructure alike, and this must include bold investments into Africa’s strongest asset, its people at the continental, national and local levels.”
Mohammed advocated for channeling massive, targeted investments into youth development, local employment and employability, climate smart solutions, education, health, renewable energy and improved water and sanitation facilities.
However, she cautioned that it would require the private and public sectors working together to scale the necessary financing instruments, guarantees de-risking mechanisms, to strengthen Africa’s development finance network and its institutions.