AU Summit 2024 Sets Goal For Unlocking Africa's Potential Through Education. Dawn Of Income Rich Africa?

Africa | Commentaries February 17, 2024

The 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) began at the continental bloc headquarters in Addis Ababa, Ethiopia, on February 17, 2024.

The session of heads of state and government is part of ongoing AU Summit 2024 alias The 37th Annual AU Summit that is scheduled for February 14 - 18, 2024. The summit commenced with a two-day ministerial session.

AU Summit 2024 is said to focus on education as a key for unlocking Africa's development potential. Reportedly, there will also be other areas pertaining to regional matters for discussion during the summit, that include peace and security, trade, integration, and reform of the AU, among others.

The focus of the summit, and particularly its goal for unlocking Africa's development potential, is probably one of the most significant moves by AU in recent years. That is because, Africa with its population of over 1.4 billion, has, indeed, an incredible development potential that has, so far, been overlooked or unrecognized for various reasons. We can illustrate as thus.

Africa possesses 30% of all global mineral reserves that include reserves of gold, diamonds, cobalt, copper, manganese, uranium, iron ore, aluminium, and nickel, among others.

Also, the continent possesses vast reserves of crude oil and natural gas, as well as ample arable land, fresh water sources, forests, grazing land, tourism and fishery resources, solar and wind energy sources, building material resources, and hydropower sources, among others.

However, in many African countries, availability of massive amounts of natural assets has not delivered economic growth. The main reasons for that include, among others, the following factors.

1. Poor governance

2. Public sector corruption

3. Weak national patriotism

4. Internal conflicts, insecurity, and even civil wars

5. Exaggerated believe in foreign investors despite the risks especially at times of global conflicts and political disagreements

6. Weak interest in local investors

7. Weaknesses in dealmaking

8. Weak trust of local and other African experts, and above all

9. Flawed economic planning

For instance, because of one or more of the above factors, many African countries continue to export their extracted natural assets and agricultural produce unprocessed, hence giving away economic benefits associated with local processing alias added value like employment opportunities and revenues, to importing countries.

Also, many African countries continue to import manufactured goods like capital, consumer, military, and medical goods, instead of using their natural assets to generate the goods themselves even with imported technological know how to start with.

As such, despite massive wealth of natural assets, many African countries remains among income poorest nations in the world. Hopefully, AU Summit 2024 would lead to more understanding about how natural assets can boost national economic growth hence income prosperity, and how governments in Africa can ensure or facilitate that.

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