Social Protection Measures for Africa is Imminent - Okonjo-Iweala

Dr. (Mrs) Ngozi Okonjo-Iweala, Nigeria’s Finance and Coordinating Minister of the Economy said that despite Africa’s recent strong growth and rising middle class, many poor households are being left behind.

According to her the gap between the rich and the poor is widening, which calls for an introduction of a social protection measures targeting these poor households.

Delivering a keynote address during Harvard Africa Business Club Conference, Okonjo-Iwuala cited the Arab Spring revealed the rising inequality and youth discontent could have serious political consequences.

The Minister said: “In Africa, we must take deliberate actions to address this by introducing social protection measures, which target these poor households. In Nigeria, we recently introduced the Community Services Scheme which aims at engaging unskilled youth in labor-intensive activities, and also a Graduate Internship Scheme. About 119,000 youth across the country are to be engaged in the first quarter of this year.”

“Just last week, The Financial Times newspaper reported cheekily that: There is a second scramble for Africa under way…Nigerian stocks have returned almost 63 percent in US dollar terms during the past 12 months, Kenya’s Nairobi All-Share index has returned 46 percent and Ghana’s market has climbed more than 17 percent”

- NCW