Would you like to receive notifications on latest updates of the following headlines?

UNDP urge Africa to decolonise economic structures for sustainable growth

POSTED ON January 15, 2025 •   GLOBAL NEWS      BY Abiodun Saheed Omodara
Resident Representatives in Zimbabwe

The United Nations Development Program (UNDP) Resident Representative in Zimbabwe Ayodele Odusola says for Africa to achieve sustainable development it must restructure its economic systems.

He said this at the inaugural Faculty Distinguished Personality Lecture hosted by the Faculty of Economic and Management Sciences University of Ibadan on Tuesday.

Odusola said:“African countries must rely on their own resources and private financing, which will be bolstered by innovative financing, genuine structural transformation, and good governance.

This will give them more choices for development policies and results than before.” 

He emphasised the need for African countries to tackle corruption, eliminate illicit financial flows (IFFs), and shift from dependence on exporting primary commodities.

According to him, Africa’s current economic structure – characterized by supplying cheap raw materials, consuming industrial goods from advanced economies, and importing obsolete technology – has hindered the continent’s role in global value chains.

Odusola said: “The future of development finance in Africa demands a decolonised economic structure.

“Without genuine structural transformation focused on food, energy, and technological sovereignty, the continent will remain trapped in fiscal and debt cycles, unable to achieve meaningful development.”

 

READ ALSO
ECOWAS Pushes for Legal Framework to Boost AI Development in West Africa
BY Abiodun Saheed Omodara July 1, 2025 0

The Speaker of the ECOWAS Parliament, Hadja Ibrahima, has emphasized the need for a robust legal fra...

READ ALSO
Canada Tightens PGWP Eligibility, New Fields of Study Added, Others Removed
BY Abiodun Saheed Omodara June 29, 2025 0

Canadian authorities have made it more difficult for international students to qualify for post-grad...

READ ALSO
France to Enforce Nationwide Smoking Ban in Public Outdoor Spaces
BY Abiodun Saheed Omodara June 28, 2025 0

Starting this Sunday, smoking will be banned on beaches, in public parks, gardens, bus shelters, and...

READ ALSO
Africa Must Adapt Governance for True Progress- Obasanjo
BY Abiodun Saheed Omodara June 27, 2025 0

ABUJA, Nigeria - Former Nigerian President Olusegun Obasanjo has urged a reassessment of governance...

READ ALSO
Trump Announces Iran-Israel Ceasefire Deal, Tehran Denies Formal Agreement
BY Abiodun Saheed Omodara June 24, 2025 0

Former U.S. President Donald Trump has announced that Iran and Israel have agreed to a “comple...

READ ALSO
NATO Warns Iran Against Nuclear Weapon Development Amid Rising Tensions
BY Abiodun Saheed Omodara June 24, 2025 0

In a renewed effort to curb escalating violence in the Middle East, the North Atlantic Treaty Organi...

READ ALSO
Qatar Closes Airspace After Iranian Strike on U.S. Base in Doha
BY Abiodun Saheed Omodara June 23, 2025 0

In a swift move to safeguard lives and property, the government of Qatar has closed its airspace fol...

READ ALSO
Iran Denounces U.S. Support for Israeli Strikes as Genocidal, Vows to Defend Its Sovereignty
BY Abiodun Saheed Omodara June 22, 2025 0

Iran's foreign minister issued a grave warning on Sunday, stating that the United States and Israel...

OUR CHANNELS:

We Rendered Oil Smuggling Unattractive, A New Era for Nigeria's Economy - Tinubu
BY Abiodun Saheed Omodara July 4, 2025 0

President Bola Tinubu has proclaimed that his administration has salvaged Nigeria’s economy fr...


Microsoft Cuts 4% of Workforce Amid AI Investment Strategy
BY Abiodun Saheed Omodara July 3, 2025 0

Microsoft is set to lay off nearly 4% of its workforce, impacting around 9,000 employees across diff...


Amaechi Exits APC, Calls for Urgent Restructuring of Nigeria
BY Abiodun Saheed Omodara July 3, 2025 0

A former Minister of Transportation,Rotimi Amaechi,has left the All Progressives Congress (APC).&nbs...


K-pop's Global Influence Inspires Afrobeat Collaboration
BY Abiodun Saheed Omodara July 3, 2025 0

The Korean Cultural Centre in Nigeria is keen on promoting collaboration between Nigeria’s Afr...


Lagos Assembly Summons AG over Controversial Local Government Law Commencement
BY Abiodun Saheed Omodara July 3, 2025 0

The Lagos State House of Assembly has called upon the State’s Attorney General, Lawal Pedro (S...


Man Arrested for Brutal Killing of His Mother
BY Abiodun Saheed Omodara July 3, 2025 0

A heartbreaking case of matricide has rocked the Dantanoma quarters in Gumel Local Government Area o...


PDP Bigwigs Urge Nigerians to Join New Coalition Against APC
BY Abiodun Saheed Omodara July 2, 2025 0

Former Vice President Atiku Abubakar, former Senate President David Mark, ex-Governor of Jigawa Stat...


Senate approves new leadership for Law Reform commission
BY Abiodun Saheed Omodara July 4, 2025 0

The Senate has ratified the appointment of Professor Dakas C.J. Dakas as the Chairman of the Nigeria...


Nigerian Deported After Conviction for Smuggling Fake $100,000
BY Abiodun Saheed Omodara July 1, 2025 0

A Nigerian, Aremu Adegboyega, has been convicted by a Circuit Court in Accra, Ghana, for attempting...


ECOWAS Pushes for Legal Framework to Boost AI Development in West Africa
BY Abiodun Saheed Omodara July 1, 2025 0

The Speaker of the ECOWAS Parliament, Hadja Ibrahima, has emphasized the need for a robust legal fra...


More Articles

Load more...

Menu