In 2001, several African presidents came together to establish the New Partnership for Africa’s Development (NEPAD). Subsequently, it was embraced as Africa’s premier development framework at a July 2001 summit meeting of African heads of state. The Partnership’s priorities are being discussed with the group of some industrialized countries totaling about eight. The discussions about this new vision have also been making rounds across Africa.
The Partnership has said that the attainment of long-term development goals in Africa depends on how determined the African people are to their own development. They must be ready to address the problem of being excluded in a globalized world and to tackle underdevelopment. Asides effort by Africans, the attainment of Africa’s long-term development goals also requires the assistance of the international community. New relationships must be formed to ensure that the non-African partners complement the effort of Africans in the attainment of the goals.
According to the Partnership, for Africa to have increased economic growth and reduce the number of people who live in poverty by about 50 percent, an annual resource gap of about $64 billion must be filled with porno. Although much of the needed resources will not come from the continent itself, Africa also needs to be mobilized by reducing government’s expenditures, ensuring better compliance to tax payment, reducing capital flight, and encouraging domestic investment and national savings.
The international community can also be of assistance by increasing the flow of development assistance. However, it is believed that the way such aid has been given overtime has created problems for the countries for whom the aid is given. It is being advocated that there is a need for significant reformation in the presentation of assistance to developing countries.
One of the ways that assistance may be granted Africa is by directing more foreign investment to Nigeria. However, the difficulty in this has been expressed given the equal problems usually encountered in bringing private capital flows to the continent. This aid can, therefore, be made one of the long-term plans for Africa. Another mode of assistance is by the provision of more debt reliefs for not only the countries which qualify for it and those outside the debt-relief framework.
In spite of help obtained from outside, however, the New Partnership has always maintained that Africa has the key to its development. The New Partnership has stated three conditions that must be in place for Africa to develop:
- Enhanced corporate governance and better economic control
- Peace, security and good political governance
- Regional integration and corporation