Poor financing, others stall Africa’s development… ACBF

Against general believe in some quarters, inadequate financing is not always the major challenge to implementing Agenda 2063, Africa’s 50-year plan for development transformation.

Other necessary prerequisites include, building institutional capacity, and transforming capacity to bring about industrialization, massive manufacturing, job creation and technological development, amongst others.

The Executive Secretary, African Capacity Building Foundation (ACBF) Prof Emmanuel Nnadozie told Journalists at the 31st session of the Executive Council meetings preceding the 29th African Union Ordinary Summit.

A statement signed by Abel Akara Ticha, Senior Communication Officer, ACBF, made available to Daily Times Nigeria, noted that, Nnadozie’s statement was in response to issues raised by the media on possibilities for the agenda and new grounds covered by ACBF, current, AU’ s Specialized Agency for Capacity Development.

“Financing is a constraint in every endeavour, but sometimes, people tend to have ‘the illusion of lack of finance’ even when the case is not so,” Professor.Nnadozie told journalists.

He stressed that, as a near-trillion dollar economy, the African continent can very well finance the programmes of Agenda 2063, which comprises programs for inclusive economic growth, forging continental unity, ossifying good governance, abating conflicts, entrenching African values, domesticating development priorities and strengthening the continent’s voice on global matters affecting it.”

He indicated several potential sources for financing Africa’s mega development plan, including the appropriation of countries’ foreign reserves and optimal use of pension funds, among others, while emphasizing the real need for drawing up bankable projects for development.

“You would agree therefore that financing is not always the number one challenge, but rather human and institutional capacity to drive these plans to success,” he said.

“The most important capacity challenges for implementing Agenda 2063 now being addressed by ACBF, include, confidence, pan-African solidarity and strong work ethics. It also involves, building institutional capacity where it is weak or non-existent and transforming capacity of people to bring about industrialization, massive manufacturing and profitable job creation.”

He emphasised that such job creation, should be in crucial areas, such as, development management, as well as, science, technology, engineering and mathematics (STEM).

The Agenda 2063, came under review at the Summit deliberations in the African Union Commission in Addis Ababa; and to which the Chairperson of the African Union Commission, His Excellency, Moussa Faki Mahamat, had alluded to in his address to the Executive Council session.

ACBF is practically approaching this effort, through diligent studies on capacity needs at continental, sub-regional and country levels. Working with the AUC, the Foundation has produced a comprehensive trilogy of capacity imperatives for achieving agenda 2063.

The first of the three working documents lays down the general capacity requirements for achieving Agenda 2063, the second outlines a capacity development plan framework for auctioning the first ten-year plan of the Agenda, and the third document spells out the critical technical skills that Africa should quickly develop to roll out the first ten-year plan of the Agenda.
It is, therefore, in the above context that Prof Nnadozie told the press covering the Addis Ababa meetings that, “we need massive effort from everybody, especially our African member states, development organizations, donors, the private sector and civil society to fructify this mega plan.”