Inclusive growth: AfDB wants Nigeria, South Africa, Kenya to synergise
The African Development Bank (AfDB) has advocated appropriate synergies between Nigeria, South Africa, and Kenya to engender an economic growth that is inclusive in the region.
By the recent GDP rebasing, Nigeria is currently Africa’s largest economy as well as the dominant economy in the West Africa sub-region, while South Africa is the continent’s second largest and the biggest in the Southern Africa sub-region, just as Kenya is the biggest economy in East Africa.
AfDB’s Chief Economist, Prof. Mthuli Ncube, who was a panelist on "Driving Competitiveness through Cooperation, Integration and Economic Growth" at the 24 the World Economic Forum (WEF) on Africa, in Abuja yesterday, said the region’s growth was positive, regretting however that this had been blighted by inequalities.
According to him, appropriate synergies between Nigeria, Kenya and South Africa would help to drive down the present average poverty rate of 48 per cent in the region.
"These three economies - Nigeria, Kenya, South Africa and Egypt, when they come up, must inter-tie and must work together to drive African Economy," he said, adding that the informal sector of the economy where the small businesses are high should be supported.