“I think Africa is the solution to some of the world crises that exist in the sense that it is a continent that needs to be developed, and therefore creates the opportunities for people to come and invest and give value to their own economy by doing business in Africa,” Folusho Phillips, Chairman of the Nigerian Economic Summit Group told CNBC Africa during the World Economic Forum.
As the continent is now growing more rapidly than the Organisation for Economic Co-operation and Development nations, it is quickly attracting more international recognition.
However, while Philips is certain that the continent still needs more investment and global participation he believes, it also needs a lot more of Africans’ involvement.
“If Africans participate in that growth, turnaround and are actively involved in the whole process that’s the one step that we need to take. A lot of work on strategy, direction, what we need to do, the next step is implementation and those are the challenges of Africa and we are paying the price of not taking responsibility for ourselves,” said Phillips.
According to him, Africa needs to be engaged to make the changes that the rest of the world is trying to give support to.
“I’ve got this philosophy that when you are going to brag about anything, you’ve got to be sure about what it is you want to brag about and so, Africa has got to be clear about what it wants to brag about,” he said.
“It’s enough to brag about God’s given gifts of gold, diamonds, oil and gas and so on but I think one needs to go a step further and say, we need to brag about the fact that we can create value, tremendous value on wealth for the continent by actively participating in the concept.”
A recent study conducted by the Royal Academy of Engineering found that engineering is a basic requirement for the provision of infrastructure that enables better healthcare, access to education and the development of an attractive environment for foreign investment. Thus making it a key driver for innovation and growth.
“It’s about technology, it’s about engineering. I don’t know of any nation in the world that has turned itself around or created any mark globally, that hasn’t done so through engineering. We need engineers,” he added.