Help Africa? Do Business There

Kudos to G Kofi Annan for pointing us to this video from TED 07 where Nigerian Finance Minister Ngozi Okonjo-Iweala explains what she sees as the key to African development.

“Getting the money back from the bank accounts of corrupts would be better than all the aid we are being given.”

“We are tired of being the subject of charity. We have the will to be in charge. No one can make change but us. We can invite supporters but we have to do it ourselves.”

“The state shouldn’t be relied on for providing goods and services because it is inefficient and does a bad job.”

“There is a new wave in Africa – the trend is very clear: the average rate of growth has moved to 5% per annum. Conflicts are down so there are plenty of opportunities to invest in stable, growing, exciting economies where there is plenty of opportunity.”

“The best way to help Africans today is to help it stand on its own feet. And the best way to do that is by helping to create jobs. There is no issue with fighting malaria and saving children’s lives but imagine the impact on the family if the parents can be employed and the children can go to school and they can buy the drugs to fight the diseases themselves. If you can invest in places where you yourself can make money, whilst creating jobs and helping people stand on their own feet – wouldn’t that be a great way to go.. and I must say some of the best people to invest in on the continent are women.”

She also highlighted Africa Is Open For Business DVD as something we should all watch.