Business
Africa Needs Trade, Investments –Bankole
Speaker of the House of Representatives, Mr Dimeji Bankole, on Thursday said that African nations needed improved trade and long term investment and not aid from developed nations.
Bankole said this while delivering a speech at opening of a two day International Parliamentary Conference with the theme “Russia-Africa :Horizon of Cooperation” in Moscow.
He noted that Nigeria and indeed other African nations never believed that aid would solve their development problems in the long run.
This was contained in a statement signed by Mr Kayode Odunaro, Special Adviser to the Speaker on communications.
Bnakole said that in spite of increase in aids from development agencies to African countries in the last 25 years, Africa have been unable to address problems confronting the critical sectors of the economy.
“We never believe that aid will solve our socio-economic problems. What we need most now is cooperation, partnerships, trade and long-term investment in key areas that can generate wealth and create employment” he stated.
Bankole urged Russia not to follow the path of other developed nations by giving aid assistance to African nations which ended up taking away African wealth while leaving Africa poorer.
He stressed that President Goodluck Jonathan is embarking on various economic and political reforms geared towards good governance, anti corruption and promotion of the welfare of the people.
Bankole allayed the fears of genuine investors and development partners for the safety of their investment as legislation would be in place to protect their interests.
Earlier, President Dmiry Medvedev, represented by the Speaker of the National Parliament of Russia, Mr Boris Gryzlov, said that Russia desired increased trade and economic relations with African nations.
He said that Russia was establishing entrepreneurial contacts with African nations in the area of oil and mineral exploitation as well as power and inter-parliamentary cooperation for humanitarian need and educational programme.
Mr Kandeh Yumkella, secretary-General of UNIDO stated that Africa, with a long history of ‘friends’ who took away wealth from Africa, needed partners that were ready to create wealth in Africa.
He added that Russia would partner with Africa for mutual economic benefits.
“Don’t come to ask for aid from Russia. Instead seek economic partners as aid will not help and have not helped any African nation,” he said.
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