How can you be growing economically as a nation, and still be scaling poverty in the land? That is the African paradox since it is expected that economic growth will improve the living standards of the citizens:
“Akinwumi Adesina, President of the African Development Bank (AfDB), has emphasized the need to increase Gross Domestic Products (GDPs) in Africa to translate into job creation, particularly for the youth, to ensure sustainable development on the continent.
“Speaking at the African Economic Outlook presentation during the 2024 Annual Meetings in Nairobi, Adesina noted that, to eradicate poverty, GDP growth alone is insufficient without corresponding improvements in job creation and tangible improvements in living standards, particularly for the youth, to drive sustainable development.”
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Of course, the real issue is that Africa’s economic growth rate may not be well bigger than its population growth rate. Nonetheless, there is still a way we can make the little growth rate count, and that is by anchoring it on Umunneoma Economics*, a shared prosperity growth framework in the tenet of ubuntu philosophy. There, you are growing for the rise of ALL, not just a few!
In my 2019 convocation lecture in FUTO (Federal University of Technology, Owerri Nigeria), I spoke on economic opportunities in Nigeria – and The Umunneoma Economics. (Umunneoma means “good brethren” in Igbo). In my postulation, I explained how that economic philosophy is the pillar that drives the Igbo Apprenticeship System. The new global capitalist manifesto which is working to go beyond fixated focus on shareholders, to consider ALL stakeholders, is something the Umunneoma Economics is doing already.
Good People, what we are looking for, we already have; someone needs to scale the Umunneoma Economics growth model, and put Adam Smith Economics in the cooler!
*the economic framework behind the Igbo Apprenticeship System
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