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African Economic Model: Ways Africa Could Reclaim Its Past Glory – Silas O. Abayomi

Many centuries ago, Africa was in the forefront of human civilization, more so, Africa featured actively in the rise and fall of all world empires. From records, Africa gave the world all these pioneering civilization:

  • Human civilization began in Africa-the culture of learning, documentation by Hieroglyphics, the seven ancient Egyptian symbols gave humankind arithmetic of addition, subtraction, multiplication, and division to fractions, upon which pyramids, irrigation, construction, astronomy, time, seasons, and lunar calendar owe existence.
  • Researches from its education-changed the world.
  • Africa pioneered medical care and pharmacy,
  • invented embalmment with the use of chemicals to preserve corpses,
  • Constructed complex pyramids, and for over 3,500 years most of these wonders still stand, until this day.

What Must Africa Do To Reclaim Its Past Glory?

Africa should learn from Japan, a country that transited from centuries of feudal-controlled system into a modern industrial-representative-democracy within forty years from 1868-1910. The same miracle that took both Europe and the new industrial America almost a century.

Africa can also learn from the four Asian tigers-Hong Kong, Singapore, South Korea, and Taiwan that replicated Japanese miracle by turning- their nations into industrial hub fueled by exports within thirty years-1960-1990, making them join the ranks of world richest and biggest economies. Africa-Han River or South Korea and Taiwanese miracles are possible with strong political will.

Japanese Options:

African Nations can adapt by learning directly from industrial nations. This can be done by adopting relevant foreign ideas that will speed up African economic success. Adopting relevant foreign ideas will help speed up African economic success.

  • Synergize where and when necessary,
  • Reform, Renovate, Revolutionize, and Renew
  • Concentrate on infrastructure development-roads, railroads, ports, Telecommunication/internet/speed band.
  • Resist continued foreign control, but maintain foreign relations with friendly nations.

African Model – Accelerated Economic Development:

  • Formulate new economic and development policies that cut across national line into regional and continental economic powerhouse; like North American countries of Mexico, US, and Canada; European Union, and Southeastern Asian nations.
  • Encourage home or domestic producers with tax holidays, Government-backed/guaranteed soft loan, build, hire, and ownership transfer of industrial complexes. Encourage Africans to invest in other African countries’ Economies through African Securities and Exchanges.
  • Invite foreign investors through FDI.
  • Encourage production and manufacturing efficiency; mergers, acquisition, and buy-out be encouraged, but checks in place to prevent monopoly and oligopoly.
  •  Create Export Processing Zones-barrier-free environment created to promote economic growth by attracting foreign investors for export-oriented production.
  • Reduce cost of business /remove all administrative bottlenecks; reduce corruption, make civil and justice system easy to access.
  • Strengthen all regional and continental economic bodies.
  • Hong Kong’s model of financial center can be created in South Africa for southern region, Nigeria in western region, Egypt in the north to provide financial services such as banks, investment management, or stock exchange.

Conclusion:

Africa has a great future, its large population, abundant natural resources, great market, surrounding seas, lands, and human resources open opportunities for tomorrow.

Remember, African primary products-cocoa, coffee, kola, tea are in high demand in international market; hundreds, if not thousands of valued minerals-gold, iron ore, aluminum, diamond, uranium, zinc, copper, cobalt, platinum, coal, bauxite, gypsum, limestone, salt, silver, tin, and manganese– are in great demand in United States, Europe, China, and Russia.

For centuries, Europe ruled the world, then Great Britain came on board, creating, the United States from the thirteen British Colonies in North America. For more than two hundred years now, Britain and the United States have continued to lead through military might, economic power, and cultural diffusion.

However, this century can be Africa’s, if Africa organize itself, remain focused, and be committed to goals that will take her out of the woods. 

Africa can become great again, if her house is in order.

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