African leaders hoping to attract foreign investments without strong institutions and stable countries are wasting their time looking for partnerships abroad, President Muhammadu Buhari told African heads of state and government at the India-Africa summit in New Delhi.
To be honest, he said, with Africa still ransacked by Boko Haram and other extremist groups, and with the continent facing bitter political wrangling that create instability, attracting foreign funds and businesses will be hard.
Buhari was addressing the Plenary Session of the 3rd Summit of the Forum holding in New Delhi, the Indian capital.
Buhari said to attract the massive investment in-flows which they need to overcome the challenges of unemployment and wealth creation, Nigeria and other African countries must also establish policy environments that guarantee the sanctity of contracts on the basis of the rule of law, his spokesman Garba Shehu said in a statement.
In Nigeria, he said, that’s exactly what he has been doing since assuming office in May.
“As a Government, we have demonstrated our strong determination to change the direction and content of governance, including the management of our resources through accountability, transparency and result-orientation in governance.
“We are confident that India, as a tested friend and dependable partner, will always stand shoulder to shoulder with us in the discharge of the mandate entrusted to us by our people,” President Buhari said.
He expressed the hope that the India-Africa Forum will deepen, in practical terms, the South-South Cooperation that countries of the South have desired for so long.
“India and Africa must develop a new spirit of solidarity, cooperation and partnership to confront these emerging threats. We must recognise that, in this globalised age, we all live interconnected lives in a fragile planet. We must therefore work together to uplift the lives of our people in a manner that preserves the sustainability of our living environment.
“These challenges call for a renewed sense of urgency among African countries for economic development. It is an open secret that Africa possesses all the prerequisites to become a major growth region of the world.
“There is therefore the need for India and Africa to strive together to build a virile framework for partnership and cooperation in order to address common challenges in key areas including health, education, interconnectivity, power and employment generation as well as the strengthening of institutions of governance and democracy,” President Buhari told Prime Minister Narendra Modi and African Heads of State and Government
The President said that although African countries have a number of partnership arrangements with other countries of the world, the India-Africa Forum promises to be different “as it is not only a partnership between friends, but between countries and peoples who have had similar historical experiences of colonial rule”.