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African countries ‘ll gain from global economic crisis — Jonathan

By Oscarline Onwuemenyi

ABUJA — The Vice President, Dr. Goodluck Jonathan, has remarked that Nigeria and other African countries stand a better chance to gain more in the aftermath of the recent global economic crisis, if they position themselves well.

Jonathan, who was speaking yesterday at 13th African Securities Exchange Commissions’ Association (ASEA) Conference, in Abuja , said the aftermath of the crisis presents a period of uncertainty, but that prospects in emerging markets, particularly in Africa remained bright.

He said the global economic crisis has prompted Nigeria and other African countries to work harder to diversify their economies to avoid similar developments in the future.

According to him, it is “somewhat fortuitous that the negative ramifications of the crisis are impacting our economy at a time our capital markets are still developing. The timing of the crisis has given African capital markets the opportunity to learn from the mistakes of more advanced markets in the developed world.”

The Vice President stressed that Africa had many lessons to learn in order to avoid the mistakes made by the developed economies, adding that globalization has had a significant impact on all countries, including those that have not opened up completely.


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