Kalu at EU parliament articulates measures to boost Africa’s economic growth
By Msugh Ityokura
The Deputy Speaker, House of Representatives, Benjamin Kalu has proposed the concept of “near-shoring” as a solution to boost Africa’s economic growth and reduce migration.
Near-shoring involves taking technology and industrialization closer to raw materials in Africa, creating value-added products and jobs for African youths.
Speaking during an Online Roundtable titled “EU-African relations: An African perspective” in Brussels, Belgium Tuesday, Kalu said that it will be mutually beneficial to Europe and Africa to partner each other.
His call for investment in Africa however comes as the continent seeks to harness the potential of the African Continental Free Trade Area (AfCFTA) to promote intra-African trade and economic growth.
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It will be recalled that the Deputy Speaker who chairs the Monetary and Financial Affairs Community of the Pan African Parliament (PAP) is leading the delegation of the Africa parliamentary body to the European Union (EU) Parliament in Belgium.
He emphasized that while the raw materials are domiciled in Africa, the European technology and expertise in the new partnership, will be used to process them, thereby creating value-added products and jobs for African youths.
The approach, the Deputy Speaker said, would not only reduce migration but also promote economic growth and development in Africa, noting that African youths are seeking opportunities.
Kalu highlighted the demographic advantage of Africa, stressing that the continent is projected to have 42% of the world’s youth population in the next five years.
Citing examples of how near-shoring could work, the Deputy Speaker said that Africa can become a manufacturer of batteries and chocolate, rather than exporting the raw materials to be processed and shipped back to Africa in high value for the European continent.
He said: “Let me go to some of the issues you raised about the youths, about the challenges and what the future holds for Africa. The truth is that I am happy that Europe now knows we are your neighbors, and that what affects our continent affects your continent, and that you have not leveraged the strength of Africa over the years.
“And what are those strengths? It is projected through statistics that in the next five years, that Africa will have 42% of the youths globally resident in Africa. What are you doing with that? Europe does not have that and cannot boost of that. What are we doing with that manpower? It is also a known fact that European continent has abundance of technology and funds, while Africa does not have that. But what we have that you don’t have is natural and mineral resources he said.
