Africa May Remain Poor Without Skills, Production, Women’s Empowerment — Alaje

A panel of development experts has warned that Africa will remain trapped in poverty unless the continent urgently invests in marketable skills, strengthens governance systems, expands production capacity, and prioritises the empowerment of women.

The speakers — economist Paul Alaje, President of the Capital Market Academics of Nigeria (CMAN) Prof. Uche Uwaleke, and gender advocate Alice Obasanjo — delivered the message at a colloquium themed “Breaking the Cycle: How Nigeria Can Lead Africa From Poverty to Prosperity.”

Alaje, a leading economist and partner at SPM Professionals, led the discussion with a stark illustration of Africa’s development paradox.

He argued that while the continent is richly endowed with natural resources such as oil, gold, bitumen, solid minerals and vast arable land, it continues to rank among the poorest regions of the world because it has failed to convert these resources into wealth.

He narrated an allegorical story of a rich man who voluntarily lived poor because of knowledge and information, contrasting it with a poor man who chose temporary riches over long-term wealth.

According to him, “This is the story of Africa. We have traded our future for momentary gain.”*

Alaje criticised Africa’s heavy dependence on imports, pointing out that even school uniforms worn by millions of children across the continent are mostly produced in China and India.

Every imported item, he said, weakens African currencies, kills local jobs and deepens poverty.

Using relatable analogies, he compared the price of luxury smartphones to barrels of crude oil, stressing how consumption-driven habits undermine the continent’s ability to build wealth.

“A $3,000 phone is equivalent to 30 barrels of oil. While our nations depend on oil barrels, one company abroad manufactures the phone we crave,”he said.

He called for massive investments in vocational training, industrialisation, and the creation of factories that can process Africa’s raw materials, emphasising that no nation prospers with a weak productive base.

Prof. Uche Uwaleke, aligned with Alaje but expanded the argument by drawing attention to Nigeria’s and Africa’s weak institutions, inadequate energy capacity, and shallow financial markets.

He said Nigeria has the natural and human resources required to lead Africa out of poverty but is constrained by structural weaknesses.

Uwaleke particularly stressed the crippling effects of low electricity generation, noting that a country of over 200 million people produces less than 5,000 megawatts, compared to South Africa’s 40,000 megawatts for a population of 65 million.

He also highlighted the low market capitalisation of the Nigerian capital market compared to peer economies, arguing that stronger financial systems are needed to mobilise investment for development.

He commended ongoing government reforms in fuel subsidy removal, tax restructuring and exchange-rate unification but insisted that reforms must be matched with improved public spending in education, health and social welfare to achieve inclusive growth.

“It is not just about revenue; it is about the quality of spending. Growth means nothing if it does not trickle down,” he said.

Also speaking, gender advocate Alice Obasanjo declared that Africa cannot rise if women continue to be excluded from leadership, economic participation and policy-making.

She described women as the “anchor of families, drivers of informal economies and the backbone of communities,” insisting that no nation could achieve sustained prosperity while sidelining half its population.

She cited Rwanda’s example, where women occupy over 60 per cent of parliamentary seats, as proof that deliberate inclusion can transform societies. Obasanjo called for stronger gender-responsive laws, expanded access to education and finance for women, and the removal of cultural barriers that limit their participation.

“A bird cannot fly with one wing,” she said. “Any development that leaves women behind is not development at all.”

The colloquium concluded with a shared message: Africa’s pathway out of poverty lies not in its natural resources but in skills, strong institutions, inclusive policies and the empowerment of women.

They insisted that without these pillars, the continent risks remaining perpetually poor despite its abundant potential.