Former Vice President of Nigeria, Alh Atiku Abubakar, has called on leaders and various economic groups in the African continent to work towards diversifying their nations’ economy from its present state of “mono-crop economy”, so as to attain meaningful development.
He cautioned that African countries would not go far in achieving freedom, development and advancing their societies, unless they decentralise power and resources.
Atiku made the call yesterday at the opening ceremony of the three-day joint national conference of African Veterinary Association/Nigerian Veterinary Medical Association Congress, holding in Enugu, with the theme: “Towards Economic Diversification and Sustainable Development in Africa”.
Atiku lamented that five decades after most African countries gained political independence, their economies remain mostly mono-crop economies.
That is, they largely depend on the export of single primary commodities such as minerals or agricultural produce. The prices of these commodities are determined internationally by factors over which, African countries have little influence. And they often fluctuate rather widely, making the economies very vulnerable to externally induced shocks. There is little industrialisation, little manufacturing and little added value.
– Authority
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