Osinbajo Hopeful Africa can thrive in the face of global complexities

29 Mar Osinbajo Hopeful Africa can thrive in the face of global complexities

“Africa can take full advantage of the global complexities we see today and indeed thrive in the face of the uncertainties and disruption through knowledgeable leadership, which is committed to good governance”, Nigeria’s Vice President, Yemi Osinbajo, said on Monday.

A statement by his Media aide, Laolu Akande, said Prof Osinbajo (SAN), made the remarks at a public lecture delivered on Monday evening, at the King’s College, London.

Speaking on the ongoing Russian-Ukrainian conflict, Prof. Osinbajo said apart from its consequences for international peace and security, the war has signalled a breakdown of the global order which emerged at the end of the Second World War and is a source of concern to many African countries who now have to steer their way delicately between major powers.

However, the more immediate and consequential fallout of the war is the sharp hikes in the prices of food, especially wheat, sunflower oil, fuel and fertilizer.

He noted many African countries are heavily dependent on one or both of the warring parties for food and oil.

He said higher oil prices translated to higher prices for manufactured products as well since some of the key manufacturing countries are oil importers.

“These price shocks and disruption of supply chains of various commodities across Africa led to high inflation at a time when most countries were struggling to overcome the economic and social fallouts of the COVID-19 pandemic especially debt and foreign currency crises.

“The situation was relieved somewhat by the deal that was brokered to enable the export of Ukrainian wheat,” he said.

The VP stated that despite Nigeria’s firm objection to the invasion of Ukraine as the African giant has managed to maintain good relationships with both sides.

The Vice President observed that the Russia-Ukraine war had made some African countries like Zimbabwe look inward, saying that “the economic fall out of the war for us in Africa should be an introspective moment on the issue of self-sufficiency in food production.”

Thereafter, he commended the recent peace proposal by the President of Brazil saying “President Luiz Lula Da Silva of Brazil proposed a peace club probably led by China to seek ways of ending the crisis.