World Economic Forum in Davos: perspective from the Emerging Markets

CGTN Europe

CGTN Europe's Juliet Mann speaks to Botswana's President Duma Boko, and Dr. Jumoke Oduwole, Honourable Minister of Trade and Investment for Nigeria.

Transcript

00:00At this year's World Economic Forum in Davos, there are more delegates from emerging markets

00:05than ever before. We caught up with the president of Botswana, Duma Boka, who said that Africa

00:11and all it has to offer should be given more recognition. He says that the future is looking

00:16really bright.

00:17I'm not sure whether the world has been quick enough, but certainly the world is beginning

00:22to pay attention. And I think the reason the world is paying attention is that Africa has

00:27begun to take itself more seriously than it has before. We have now begun and are about

00:34to conclude, get everybody on board in relation to the Africa Free Continental Trade Area,

00:42which will open the barriers, remove all barricades to trade within Africa, amongst African countries,

00:53and increase the volume of trade amongst the African countries. And that is a population

01:01of about 1.4 billion. And so when we look – and that's a very young population whose

01:08dynamism and youthful vitality will drive the economy. And by 2050, we'll have a much

01:16larger population and we'll be the youngest continent in the whole world. So Africa has

01:23huge potential. But Africa can maximize on the benefits of this potentiality by ensuring

01:32that it has stability politically, it has institutions that are durable, that can sustain

01:40the countries outside of individuals, and that the economies grow and the GDP of each

01:48country and collectively of the African continent is increased exponentially, as it should and

01:53can be. And in the process, the world will now have no option but to pay attention to

02:01Africa. Africa is not just the next frontier. It is the now frontier. It is the future.

02:06I spoke to Nigeria's Trade Minister, Jamole Odewole, about – and she said to me that

02:11Nigeria is open for business and they're working hard to prove it.

02:15The first thing we're looking at is actually getting Africans excited about investing in

02:21Africa, or should I say businesses operating in Africa. There's a lot of money made in

02:26Africa, but it tends to go out. So we're trying to retain investment. That's one of the first

02:32things that I'm working on. And then since Mr. President assumed office, over $50 billion

02:37has been announced as investments coming into Nigeria. Since 10 weeks ago when I was appointed,

02:42I'm tracking that. I'm reaching out to those companies. What will it take to make these

02:46investment announcements concrete and have all that capital come in?

02:51What steps have you taken to make Nigeria more business-friendly?

02:55Making sure that there's good reform, that the policies are fit for purpose. You know

02:58the administration immediately worked on monetary reforms and on fiscal reforms. So this is

03:04where the trade and trade for investment for exports in particular kicks in. So it's an

03:09inflection point for the Tinumwa administration.

03:12Do you think that voice, the voice Nigeria has, and other economies of the global south

03:18perhaps, are having a louder voice now in the global economy?

03:23In the last five years, the world has changed quite a bit. And I think that as we listen

03:29more and as we actively review our relationships, we're looking out for body language, we're

03:34looking out for commitment, we're looking out for which partners, which friends are

03:37actually supporting us.

03:39Which sectors in particular might you like to see the relationship growing stronger between

03:44China and Nigeria?

03:45Our railways, our road initiatives, our airports, the Chinese government and businesses, Chinese

03:52businesses have been quite vibrant in this space, as have Nigerians as well. So we're

03:57looking forward to bridging that gap. We're also looking forward to the sectors that are

04:01important to us, our exports to China, making sure that that's more robust, making sure

04:07that there's more activity in the agriculture sector, because that is where we need a lot

04:10of jobs and lots of catalytical. In the digital space, technology, that is where in services

04:17we're competitive. So those are the areas that are important.

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