Vice President Professor Yemi Osinbajo made the declaration at the inaugural Africa Rising lecture of the Harvard University Business School on Tuesday, a release issued by Laolu Akande, the Vice President’s Media Aide, on Wednesday said.
“Africa Rising is as much about improving standards of governance as it is about an increasingly confident youth and civil society.
“It is also about businessmen and women who are stepping beyond national borders and going global,” he stated.
The Vice President delivered the keynote lecture at Batten Hall of the Boston institution on the course “Africa Rising, Understanding Business, Entrepreneurship, and the Complexities of a Continent.”
The Vice President noted that “it appears the political pan-Africanists of old have given way in terms of prominence to the business pan- Africanists.’’
Osibanjo gave the names of prominent industrialists as Aliko Dangote, Issad Reb Rab, Mike Adenuga, Hakeem Bello-Osagie, the Sawiris, owners of Orascom from Egypt, and mining magnate Patrice Motsepe amongst others.
The Vice President also traced the genesis of Africa’s economic turnaround to the last decade of the 20th century and noted that democracy provided the fulcrum for change in the mid-1990s.
He observed that the change was accelerated by
“phenomenal rise in Chinese resource bullishness, the commodities boom including new oil and gas discoveries in many African countries, digital technology, mobile telephones and the Internet.”
He then went further to explain that the creative ingenuity of Africa’s businessmen and women cut across different sectors of the economy such as in agriculture, telecommunications, manufacturing and ICT.
“We have been seeing the slow but steady maturing of institutions, press and civil society that are boldly taking advantage of the empowering nature of the Internet and an increasingly engaged diaspora.”
Professor Yemi Osinbajo highlighted the benefits of discarding the error of African Exceptionalism – the belief that African countries are in some way exempted from the rules by which other countries and continents have succeeded.
He explained that such fallacy claimed that somehow Africa must not be judged by the standards and expectations that apply to other countries.
The Vice President stressed the need for a healthy distrust of purist ideological prescriptions, in favour of a commonsense introduction of markets with a fair balance of state participation or intervention that had shown interesting results.
He posited that “sustainable growth comes from productivity increases in the real sector, which perhaps explains the continued high unemployment in Africa even at 6% growth rates; the ‘jobless’ growth phenomenon.’’
Before the lecture, Professor Yemi Osinbajo had earlier on interacted with professors at the Law School, Africa Studies Centre, the Business School, the University Marshal as well as Harvard students, among them a good number of Nigerians.
Professor Caroline Elkins of the Harvard Business School hailed Osinbajo’s contributions to legal profession in Africa and his impressive public service career especially during his tenure as Attorney-General of Lagos State
With the Vice President at the lecture were Nigeria’s Ambassador to the U.S., Ambassador Sylvanus Nsofor, and Nigeria’s Permanent Representative at the UN, Professor Tijani Bande.