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Economic Future of Sub-Saharan Africa

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On February 3rd, 2015, Peace Islands Institute, Connecticut branch hosted a lecture on “Economic Future of Sub-Saharan Africa” by Prof. Nelson U. Alino from Quinnipiac University. Prof. Alino started his speech with the common stereotypes in our minds when it comes to Africa. He continued saying that in 2015, “poverty” should no longer be the first thing to come in mind when we say “Africa.” He emphasized the economic growth rates of Sub-saharan Africa reported by IMF.

According to the statistics, six of the ten fastest growing economies among the world are from the region, he said. Dr. Alino warned us that we should not be mislead by these numbers as they do not really reflect a uniform distribution of improvements in the region and there are still too much to be done.

He proposed that in case we wanted to be a part of the solution, we would need to change our approach and stop sending free money to Africa, most of which does not reach to those in need anyways. To him, Africa needs sustainable solutions, long-term investments on infrastructure, human capital, education, technology and better economic policies.

There is a huge market, and as we make the region safer and encourage new businesses, this market will naturally attract investors to the area, he concluded.

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