Economic sovereignty is important but Africa needs to collaborate more internationally – Osinbajo

Africa’s development aspirations can be realized by deepening cooperation and collaboration with the rest of the world, according to Vice President Yemi Osinbajo, SAN.

But the imperative for Africa’s economic sovereignty also exists because there are areas where public and private sector leaders must continue to strive for it.

Osinbajo said so during his address at the opening panel of the ongoing Africa CEO Forum being held in the Ivorian city of Abidjan.

The theme of the panel was “Economic sovereignty: from ambition to action”.

The Vice-President, who arrived yesterday evening in Côte d’Ivoire, was welcomed at Félix Houphouët-Boigny International Airport by the Prime Minister of Côte d’Ivoire, Mr. Patrick Achi.

Other speakers on the opening panel were President Nana Akufo-Addo of Ghana; the Managing Director of the International Finance Corporation, Mr. Makhtar Diop; the Governor of the Central Bank of Kenya, Dr. Patrick Njoroge; CEO of Telcar Cocoa, Kate Kanyi Tometi-Fotso and CEO of Instadeep, Karim Beguir.

Stressing the need for collaboration between Africa and the rest of the world, Osinbajo said, “I think we have to be a little more careful with the concept of economic sovereignty because we really need to collaborate more and with the how development takes place. , we have to watch some of these things.

“For example, if we look at the way technology is changing, which is critical for us in Nigeria, especially the taxation issues of tech companies and all that, obviously it’s difficult and it’s an expression major of sovereign power – the power to tax.

Continuing, the Vice President said, “The way the world and technology are structured today, it is impossible to use the same basis – a personal and territorial basis for taxation. These are multinational corporations that span across countries and continents.

In another conversation with the forum organizers, BUA Group CEO Alhaji Abdulsamad Rabiu spoke about the concept of economic sovereignty, urging Africa to look inward as a way to accelerate development on the continent. .

He cited harnessing the opportunities offered by the African Continental Free Trade Agreement (AfCFTA) and improving infrastructure as some of the key areas for leaders on the continent to focus on.

Earlier during the opening ceremony of the forum, President Alassane Ouattara of Côte d’Ivoire hailed the initiative of the organizers to bring together leaders from the public and private sectors across the continent and beyond to discuss and develop new pathways to drive the transformation of economies across Africa.

He noted that while the COVID-19 pandemic may have had a negative impact on growth projections on the continent, the forum’s vision and similar efforts are geared towards “building new partnerships between the public and private sectors.” , in particular offering opportunities to young Africans with particular attention. on the green economy.

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