Home » POLITICS » Africa needs trade and investment, not aid says Bankole

The speaker of the Nigerian House of Representatives Dimeji Bankole has said African nations needed improved trade and long term investment and not aid from developed nations.

Bankole said this on Thursday while delivering a speech at opening of a two day International Parliamentary conference with the theme “Russia-Africa, Horizon of Cooperation” in Moscow.

Nigeria and indeed other African nations never believed that aid would solve their development problems in the long run, a statement from his office reaching here quoted the speaker as saying.

Bankole said in spite of increase in aids from development agencies to African countries in the last 25 years, Africa have been unable to address problems confronting the critical sectors of the economy.

“We never believe that aid will solve our socio-economic problems. What we need most now is cooperation, partnerships, trade and long-term investment in key areas that can generate wealth and create employment,” the statement said.

Bankole urged Russia not to follow the path of other developed nations by giving aid assistance to African nations which ended up taking away African wealth while leaving Africa poorer.

He stressed that President Goodluck Jonathan is embarking on various economic and political reforms geared towards good governance, anti corruption and promotion of the welfare of the people.

The speaker allayed the fears of genuine investors and development partners for the safety of their investment as legislation would be in place to protect their interests.


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One Response to “Africa needs trade and investment, not aid says Bankole”

  1. Bami Kola June 21, 2010

    International Investments/Aid is a two-way traffic flow process. That is, Nigerian investors, if any, must learn to invest, legally, part of their wealth in the foreign Economies so they too can plow/transfer their profits into Nigerian Economies -for real!
    Otherwise, the “Absentee-predatory investors” [like the "absentee-landlords" of Colonists Era], would continue to exploit the Labor, Economies, and Natural Resources of Nigeria as usual; because without Nigerian shares in the foreign stocks, all Nigeria would cotinue to get would be “peanut-wages” and not much of dividends.