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West overtakes East as fastest growing region in Africa – Prof. Nnadozie

As Africa’s strong economic growth continues, the west overtakes the eastern region of the continent.
Prof. Emmanuel Nnadozie, has told journalists covering the Eighth African Development Forum that west Africa currently is growing at 7.2%, while east Africa is growing at 6.5%.
Speaking to the journalists a media workshop Sunday October 21, 2012, in Addis Ababa, Ethiopia, the Director of Economic Development and NEPAD Division, United Nations Economic Commission for Africa (UNECA), also said the improved political and economic situation in the north of Africa has bright prospects for the sub-region and the continent.
He argued that in the light of the global economic crisis, Africa was not affected because “African governments are managing the economy better.”
He however, noted that while Africa is growing, development is not happening as it should, because “growth is not benefiting the people,” he said.
Prof. Nnadozie said it is crucial to look at how to harness the continent’s natural resources to reduce poverty.
“Exporting raw materials is equal to exporting your jobs,” he said. According to him, processing those raw materials on the continent would offer jobs to citizens and add value to exports.
He said it is important to get Africans into the global value chain. He said that can be done through natural resource governance, knowledge and human resource development and growth that is strong and broad-based.
He was of the view that African countries must add value to their raw material and diversify their products.
By Emmanuel K. Dogbevi, in Addis Ababa, Ethiopia

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