The director-general of the Consumer Protection Council (CPC), Mr Babatunde Irukera, has called for the prioritisation of robust regulation and stronger competition policies as a core strategy in the quest for Africa’s economic renaissance in a changing world.
The CPC DG made the comments during his recent presentation at the Africa Policy Forum of the Leeds University Centre of Africa Studies (LUCAS) of the University of Leeds.
Describing Africa’s market as its greatest economic asset, Irukera advocated for the implementation of simple widely acknowledged principles of asset management and strategies to maximise the benefits from markets in order to overcome poverty and achieve significant economic growth.
He noted that “asset management essentially refers to a systematic approach to governance and realisation of value.”
In the presentation titled : “Africa’s Emerging Market: A Matter of Asset and Access”, Irukera stated that the increasing value of the African market is underscored by rising consumer spending across the continent which was about $1.4 trillion in 2015, and projected to reach $2.1 trillion by 2025.
This growth, he said is driven by key factors such as a young and growing population, rise in incomes, rapid urbanisation and widespread adoption of technology.
Irukera cited statistics to underscore the burgeoning population which is driving the growing expansion and importance of its market as including 16 per cent of global population (1.2 billion) living in Africa; more than half of global population growth between now and 2050 expected to occur in Africa; and Africa’s population to reach 2.5 billion by 2050 (more than double of current population).
He said, “Considering population and age, it is clear that Africa’s greatest assets are its people and skills. Sadly they are also our greatest export.
“Africans are key applicants to nations with skills acquisition immigration policies which focus on highly skilled migrants, whether it’s USA, Canada or U.K. Essentially these countries benefit from people who have acquired certain skills they need without the time and resource required to invest in development,” he added.