Africa: Obasanjo Roots for Regional Integration

By Staff Writer 

NEW YORK--Olusegun Obasanjo, former President of Nigeria and member of the Africa Progress Panel,  Monday called upon African leaders to accelerate regional integration to boost economic and social development on the continent.

 Addressing African heads of state and international business leaders at the New York Stock Exchange, Mr Obasanjo  said, “Africa needs greater integration to match itself with the rest of the world. We cannot make collective progress unless we have collective and central means of addressing most of the issues that affect us variously as Africans.”

 Mr Obasanjo  highlighted a number of tangible benefits for investors from greater integration, including ease of business registration, and the harmonization of transport, energy and communications infrastructure. Greater integration will enhance returns on investment on the continent, he said.

 Encouraging the assembled business leaders to consider the changing investment climate in Africa, Mr Obasanjo said: “Many African countries are responsive to positive advice from the private sector on what the private sector needs to do business in Africa and to move the African economy forward into the mainstream of the global economy”.

 Mr Obasanjo  also outlined how greater integration could support efforts to deal with issues of crime and corruption, and even disease. He  said: “There should be no hiding place or safe haven for criminals or corrupt private and public officials in one country to avoid punishment for what they have done in other countries.”

 Mr Obasanjo spoke at the Africa Investor CEO Institutional Investment Summit at the New York Stock Exchange.