Nigeria, Others Need 20.4 Million New Jobs Yearly – IFC

• Nigeria, Others Need 20.4 Million New Jobs Yearly – IFC

The International Finance Corporation, a member of the World Bank Group, has said African countries need to create 20.4 million new jobs yearly.

The Chief Executive Officer, IFC, Philippe Le Houerou, described visionary leadership and pragmatism as critical for economic integration of Africa.

“Africa needs 1.7 million new jobs every month. The only way to do it is to develop a striving and competitive sector enabled by free trade and opportunities across the continent. We, therefore, need visionaries, new markets and pragmatists,” he was quoted in a statement as saying at the Africa CEO Forum in Kigali, Rwanda.

The President, Africa CEO Forum, Amir Yahmed, called on governments to enable the private sector to play its role in creating the number of quality jobs needed for Africa’s growing population.

“The African private sector and the investor have to be brought on board. Development cannot happen without them; so ambition has to move towards them and the civil society,” Yahmed said.

According to the statement, at a time when intra-continental trade remains too weak, Africa’s most influential business leaders convened at the forum to bring to the fore the burning issues to address in order to make African economic integration a reality.

In his opening remarks, Rwanda’s President, Paul Kagame, was quoted as saying, “Nobody is questioning whether the African Continental Free Trade Area is the right way to go or whether it is going to give us benefits. It is the only way to go if we want to maximise the opportunities for the benefit of our continent. But we have to make it work and we know how.

“It is our responsibility to ensure that deeper integration translates into prosperity and well-being for our people. As long as women face unnecessary obstacles in using their talents to the full, we will continue to pay a heavy price in terms of lost wealth.”

Key business and political leaders were said to have addressed challenges associated with intra-Africa trade during a panel session.

Ethiopian President, Sahle-Work Zewde, said, “As much as we concentrate on political issues, as a region, we all have the same bold ambition, which is for our countries to make constant progress but it can’t be done without peace and security.”