The Central Bank of Nigeria CBN has urged African countries to invest in human capital development in order to compete globally.
The CBN Governor, Godwin Emefiele, gave the advice at the ongoing African Economic Congress AEC in Abuja.
The theme of the maiden congress is: “Building the Africa We Want”.
Represented by the bank’s Deputy Governor in charge of Financial System Stability, Emefiele said the continent must use its huge population as an asset.
He said the continent must leverage on this asset of population to accelerate growth and development of the Africa.
He stated that Africa was the second fastest growing economy with Côte d’Ivoire, Ethiopia, Ghana and Rwanda on the lead.
According to him, by year 2030, it is expected that 50 per cent of Africans will live in cities.
Emefiele said that the collective continental Gross Domestic Product GDP was estimated at 2.6 trillion dollars.
