By Babajide Komolafe, with agency reports
Governor, Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi has called for a new development strategy for Africa.

“Based on the experiences of China and India, and taking cognizance of the realities of the African economic setting, there is need to fashion a new developmental strategy for Africa”, he said at the Eirenicon Africa Public Lecture Series (EAPLS)   organised by the  Royal School of Medicine in  London.

In a lecture titled, “Neither the Washington nor Beijing Consensus: Developmental Models to fit African Realities and Cultures

He said that the thrust of such developmental strategy must be focused towards harnessing the continent’s  rich natural resources, and managing them in such a way as to become a major player in the global economy without sacrificing the need for an inclusive  development. “This can be done through government intervention and later adoption of free market to promote economic growth.

In this regard, a developmental strategy for the continent would include a framework that embrace competitive regional and international trade, development of critical infrastructural, harnessing of the potential of the huge natural resource endowment, including abundant labour force and large domestic market.

“Regional integration is indeed the continent’s biggest challenge, even though several countries in Africa belong to one regional grouping or the other.

Although there has been some achievements across some of these groupings such as the free movement of persons and customs union in the Economic Community of West African States (ECOWAS), and common currency in the West African Economic and Monetary Union (UEMOA), Southern African Development Community (SADC), Southern African Customs Union (SACU) and East African Community (EAC).

These achievements have to be strengthened and replicated across Africa to further promote the inter-complementarity of goods, trade facilitation and free movements of the factor of production, amongst others.

“Africa has a young population compared to the ageing societies across the world. Skill acquisition is critical to turn this resource into wealth. For example, for the manufacturing sector to take off, the new development strategy must avoid the current fragmented approach to education which is not adapted to the developmental needs of the African economies, hence, emphasis should be placed on tailoring education to growth sectors

“Aside human resources, the continent should leverage on the vast endowment of natural resources like land, water resources, solid minerals, oil and gas and renewal energy to launch itself into the next development phase. Unproductive practices such as land tenure system must be discarded, while property rights, and rule of law must be enforced. Agreements on mining rights must ensure fair pricing and sustainability of these natural resources.

“Institutional development and good governance anchored on the rule of law are paramount for sustainable development. Strong political commitment on the part of the relevant authorities is also quintessential.

Enhancing the operation of public enterprises is essential to address corruption and improve efficiency. Like China, African countries should encourage the adoption of a zero tolerance policy against corruption by instituting severe punishment to penalize and control/eliminate corruption.