Lessons for Africa from India's development

The 52nd annual meeting of the African Development Bank in Madavada, India brought together key leaders and stakeholders to discuss the future of Africa's development. One of the highlights of the event was the insightful conversation between CNBC Africa's Kenneth Igbomor and Ngozi Okonjo-Iweala, Chair of Gavi Alliance, where they delved into the lessons Africa can learn from India's development trajectory. The keynote address by Prime Minister Narendra Modi set an optimistic tone for the discussions, emphasizing the strong historical ties between India and Africa and the potential for collaboration in various sectors such as manufacturing, education, and trade. Prime Minister Modi's announcement of a $10 billion facility to finance the relationship between Africa and India further underscored the commitment to enhancing economic cooperation. Okonjo-Iweala echoed the sentiment of optimism, highlighting the opportunities for industrialization and job creation in Africa through initiatives like transforming agriculture. She emphasized the need for value addition in agriculture by processing raw commodities locally, rather than exporting them in their raw form. This, she argued, would not only boost economic growth but also create much-needed employment opportunities for the continent's youth. The discussion also touched upon Africa's economic outlook, with projections indicating a modest growth rate of 3.4% for 2017. While this growth is a positive development, Okonjo-Iweala cautioned that it is still insufficient to address the challenges of population growth and youth unemployment. She stressed the importance of quality growth that prioritizes sectors like agriculture and manufacturing, which have the potential to generate sustainable employment. On the topic of public health emergencies, Okonjo-Iweala highlighted the proactive role of Gavi Alliance in responding to outbreaks like Ebola. Through initiatives like the International Coordination Group, Gavi has been instrumental in providing vaccines and financial support to combat epidemics, demonstrating the organization's commitment to global health security. Addressing the issue of drought in Africa, Okonjo-Iweala underscored the importance of African-led solutions. She praised the establishment of the African Risk Capacity, an organization that provides insurance against natural disasters like drought. By pooling resources and leveraging international partnerships, African countries have been able to mitigate the impact of drought and support vulnerable communities during times of crisis. As Africa continues its journey towards sustainable development, the lessons gleaned from India's experience serve as a valuable guidepost. Embracing initiatives that promote industrialization, value addition in agriculture, and inclusive growth will be key to unlocking Africa's vast potential and ensuring a prosperous future for its people.