Industrialization Is Action Not Words

It will be difficult for Africa to maintain its economic growth and create jobs without embarking on industrialization. This humble view comes from Antonio Pedro, Sub-Regional Director for Central Africa of the UN Economic Commission for Africa. High commodity prices triggered by China’s seemingly insatiable appetite for natural resources fueled rapid economic growth in Africa from 1990 till about 2013. Instead of using the windfall to set up or stimulate manufacturing industries, African countries have been wasting the money on non-productive expenditures. What is interesting is the fact that many if not all African nations recognize the need to industrialize. At no point in recent history have calls for Africa to industrialize been stronger than they have been lately. Across the continent, industrialization is arguably the most talked about subject among policymakers. The question on many minds is why has action on the ground failed to move the needle on this important development marker? Experts agree that one of the main reasons for Africa’s slow industrialization is that its leaders have failed to pursue bold economic policies out of fear of antagonizing donors. This was not the case with Asian countries where industrial development was more or less instructive characterized by state-led development policies that incidentally lifted the region’s economies out of poverty during the late 20th century.
The trouble with Af...