Efficient transportation, key to economic integration – Elumelu

Tony Elumelu, the Chairman of Heirs Holdings Limited, on Wednesday said that an effective transportation system would facilitate the economic integration of Africa.
Elumelu made the observation while presenting a paper on “Business and Economic Integration in Africa: Challenges and Opportunities”, at the 1st Africa Legislative Summit in Abuja.
He said that transnational rail lines as well as good road networks would address the transportation challenges facing the continent.
Elumelu, who stressed that economic development ought to be sustainable, called on the government to provide an environment, which was conducive to business.
He said that Africa would become an economic power if efforts were made to enact purposeful socio-economic laws by African legislatures and heads of government, while the economic policies were unified.
In his presentation, Alhaji Aliko Dangote, the Chief Executive of Dangote Group of Companies, noted that though the business opportunities existing in Africa were quite enormous, they were largely untapped.
In his paper entitled: “The Development and Growth of African Multinational Corporations”, Dangote said that African companies must spearhead efforts to promote Africa’s development and transformation.
Dangote, who was represented by Joseph Makoju, a former Managing Director of the Power Holding Company of Nigeria, said that policy makers must put in place attractive sector-specific packages.
He also stressed the need for citizens to be re-oriented to patronise locally made goods.
He said: “This must start at a very early age and should be part of the school curriculum.
“All efforts must be made to promote greater intra-African trade.
“Since 2006, intra-African trade has increased from about $48 billion per year to over $100 billion a year.”
Dangote called for the establishment of industrial clusters, while putting in place more efficient border management.
He also stressed the need to revamp and expand key transportation routes on the continent.
Participants from over 40 African countries and other parts of the world attended the summit.