0:00:05.000,0:00:08.000
Thank you very much, Chris. Everybody who came up here

0:00:08.000,0:00:12.000
said they were scared. I don't know if I'm scared,

0:00:12.000,0:00:16.000
but this is my first time of addressing an audience like this.

0:00:16.000,0:00:20.000
And I don't have any smart technology for you to look at.

0:00:20.000,0:00:23.000
There are no slides, so you'll just have to be content with me.

0:00:23.000,0:00:26.000
(Laughter)

0:00:26.000,0:00:32.000
What I want to do this morning is share with you a couple of stories

0:00:32.000,0:00:35.000
and talk about a different Africa.

0:00:35.000,0:00:39.000
Already this morning there were some allusions to the Africa

0:00:39.000,0:00:44.000
that you hear about all the time: the Africa of HIV/AIDS,

0:00:44.000,0:00:50.000
the Africa of malaria, the Africa of poverty, the Africa of conflict,

0:00:50.000,0:00:53.000
and the Africa of disasters.

0:00:53.000,0:00:57.000
While it is true that those things are going on,

0:00:57.000,0:01:01.000
there's an Africa that you don't hear about very much.

0:01:01.000,0:01:05.000
And sometimes I'm puzzled, and I ask myself why.

0:01:05.000,0:01:09.000
This is the Africa that is changing, that Chris alluded to.

0:01:09.000,0:01:11.000
This is the Africa of opportunity.

0:01:11.000,0:01:14.000
This is the Africa where people want to take charge of

0:01:14.000,0:01:16.000
their own futures and their own destinies.

0:01:16.000,0:01:19.000
And this is the Africa where people are looking for partnerships

0:01:19.000,0:01:23.000
to do this. That's what I want to talk about today.

0:01:23.000,0:01:25.000
And I want to start by telling you

0:01:25.000,0:01:27.000
a story about that change in Africa.

0:01:28.000,0:01:33.000
On 15th of September 2005, Mr. Diepreye Alamieyeseigha,

0:01:33.000,0:01:37.000
a governor of one of the oil-rich states of Nigeria,

0:01:37.000,0:01:44.000
was arrested by the London Metropolitan Police on a visit to London.

0:01:44.000,0:01:49.000
He was arrested because there were transfers of eight million dollars

0:01:49.000,0:01:52.000
that went into some dormant accounts

0:01:52.000,0:01:55.000
that belonged to him and his family.

0:01:56.000,0:01:58.000
This arrest occurred because there was cooperation

0:01:58.000,0:02:01.000
between the London Metropolitan Police

0:02:01.000,0:02:04.000
and the Economic and Financial Crimes Commission of Nigeria --

0:02:04.000,0:02:11.000
led by one of our most able and courageous people: Mr. Nuhu Ribadu.

0:02:11.000,0:02:14.000
Alamieyeseigha was arraigned in London.

0:02:14.000,0:02:18.000
Due to some slip-ups, he managed to escape dressed as a woman

0:02:18.000,0:02:21.000
and ran from London back to Nigeria where,

0:02:21.000,0:02:25.000
according to our constitution, those in office

0:02:25.000,0:02:27.000
as governors, president -- as in many countries --

0:02:27.000,0:02:32.000
have immunity and cannot be prosecuted. But what happened:

0:02:32.000,0:02:36.000
people were so outraged by this behavior that it was possible

0:02:36.000,0:02:42.000
for his state legislature to impeach him and get him out of office.

0:02:43.000,0:02:45.000
Today, Alams -- as we call him for short -- is in jail.

0:02:46.000,0:02:51.000
This is a story about the fact that people in Africa

0:02:51.000,0:02:56.000
are no longer willing to tolerate corruption from their leaders.

0:02:57.000,0:03:02.000
This is a story about the fact that people want their resources

0:03:02.000,0:03:07.000
managed properly for their good, and not taken out to places

0:03:07.000,0:03:10.000
where they'll benefit just a few of the elite.

0:03:10.000,0:03:14.000
And therefore, when you hear about the corrupt Africa --

0:03:14.000,0:03:18.000
corruption all the time -- I want you to know that the people

0:03:18.000,0:03:21.000
and the governments are trying hard to fight this

0:03:21.000,0:03:25.000
in some of the countries, and that some successes are emerging.

0:03:25.000,0:03:28.000
Does it mean the problem is over? The answer is no.

0:03:28.000,0:03:32.000
There's still a long way to go, but that there's a will there.

0:03:32.000,0:03:36.000
And that successes are being chalked up on this very important fight.

0:03:36.000,0:03:38.000
So when you hear about corruption,

0:03:38.000,0:03:41.000
don't just feel that nothing is being done about this --

0:03:41.000,0:03:44.000
that you can't operate in any African country

0:03:44.000,0:03:47.000
because of the overwhelming corruption. That is not the case.

0:03:47.000,0:03:53.000
There's a will to fight, and in many countries, that fight is ongoing

0:03:53.000,0:03:57.000
and is being won. In others, like mine,

0:03:57.000,0:04:00.000
where there has been a long history of dictatorship in Nigeria,

0:04:00.000,0:04:04.000
the fight is ongoing and we have a long way to go.

0:04:04.000,0:04:08.000
But the truth of the matter is that this is going on.

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The results are showing:

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independent monitoring by the World Bank and other organizations

0:04:15.000,0:04:19.000
show that in many instances the trend is downwards

0:04:19.000,0:04:22.000
in terms of corruption, and governance is improving.

0:04:22.000,0:04:26.000
A study by the Economic Commission for Africa showed

0:04:26.000,0:04:30.000
a clear trend upwards in governance in 28 African countries.

0:04:30.000,0:04:32.000
And let me say just one more thing

0:04:32.000,0:04:34.000
before I leave this area of governance.

0:04:34.000,0:04:37.000
That is that people talk about corruption, corruption.

0:04:37.000,0:04:39.000
All the time when they talk about it

0:04:39.000,0:04:41.000
you immediately think about Africa.

0:04:41.000,0:04:45.000
That's the image: African countries. But let me say this:

0:04:45.000,0:04:51.000
if Alams was able to export eight million dollars into an account in London --

0:04:53.000,0:04:57.000
if the other people who had taken money, estimated at

0:04:57.000,0:05:01.000
20 to 40 billion now of developing countries' monies

0:05:01.000,0:05:04.000
sitting abroad in the developed countries -- if they're able to do this,

0:05:04.000,0:05:07.000
what is that? Is that not corruption?

0:05:08.000,0:05:12.000
In this country, if you receive stolen goods, are you not prosecuted?

0:05:13.000,0:05:16.000
So when we talk about this kind of corruption, let us also think

0:05:16.000,0:05:19.000
about what is happening on the other side of the globe --

0:05:19.000,0:05:23.000
where the money's going and what can be done to stop it.

0:05:23.000,0:05:26.000
I'm working on an initiative now, along with the World Bank,

0:05:26.000,0:05:29.000
on asset recovery, trying to do what we can

0:05:29.000,0:05:32.000
to get the monies that have been taken abroad --

0:05:32.000,0:05:35.000
developing countries' moneys -- to get that sent back.

0:05:35.000,0:05:38.000
Because if we can get the 20 billion dollars sitting out there back,

0:05:38.000,0:05:41.000
it may be far more for some of these countries

0:05:41.000,0:05:44.000
than all the aid that is being put together.

0:05:44.000,0:05:51.000
(Applause)

0:05:51.000,0:05:55.000
The second thing I want to talk about is the will for reform.

0:05:55.000,0:05:59.000
Africans, after -- they're tired, we're tired

0:05:59.000,0:06:04.000
of being the subject of everybody's charity and care.

0:06:04.000,0:06:08.000
We are grateful, but we know that

0:06:08.000,0:06:12.000
we can take charge of our own destinies if we have the will to reform.

0:06:13.000,0:06:17.000
And what is happening in many African countries now is a realization

0:06:17.000,0:06:21.000
that no one can do it but us. We have to do it.

0:06:21.000,0:06:25.000
We can invite partners who can support us, but we have to start.

0:06:25.000,0:06:28.000
We have to reform our economies, change our leadership,

0:06:28.000,0:06:34.000
become more democratic, be more open to change and to information.

0:06:34.000,0:06:36.000
And this is what we started to do

0:06:36.000,0:06:39.000
in one of the largest countries on the continent, Nigeria.

0:06:39.000,0:06:42.000
In fact, if you're not in Nigeria, you're not in Africa.

0:06:42.000,0:06:43.000
I want to tell you that.

0:06:43.000,0:06:44.000
(Laughter)

0:06:44.000,0:06:46.000
One in four sub-Saharan Africans is Nigerian,

0:06:48.000,0:06:53.000
and it has 140 million dynamic people -- chaotic people --

0:06:54.000,0:06:58.000
but very interesting people. You'll never be bored.

0:06:58.000,0:06:59.000
(Laughter)

0:06:59.000,0:07:01.000
What we started to do was to realize

0:07:01.000,0:07:03.000
that we had to take charge and reform ourselves.

0:07:04.000,0:07:06.000
And with the support of a leader

0:07:06.000,0:07:09.000
who was willing, at the time, to do the reforms,

0:07:09.000,0:07:11.000
we put forward a comprehensive reform program,

0:07:11.000,0:07:13.000
which we developed ourselves.

0:07:13.000,0:07:16.000
Not the International Monetary Fund. Not the World Bank,

0:07:16.000,0:07:19.000
where I worked for 21 years and rose to be a vice president.

0:07:20.000,0:07:22.000
No one can do it for you. You have to do it for yourself.

0:07:22.000,0:07:26.000
We put together a program that would, one: get the state

0:07:26.000,0:07:30.000
out of businesses it had nothing -- it had no business being in.

0:07:30.000,0:07:32.000
The state should not be in the business

0:07:32.000,0:07:33.000
of producing goods and services

0:07:33.000,0:07:36.000
because it's inefficient and incompetent.

0:07:36.000,0:07:40.000
So we decided to privatize many of our enterprises.

0:07:40.000,0:07:44.000
(Applause)

0:07:45.000,0:07:49.000
We -- as a result, we decided to liberalize many of our markets.

0:07:49.000,0:07:52.000
Can you believe that prior to this reform --

0:07:52.000,0:07:56.000
which started at the end of 2003, when I left Washington

0:07:56.000,0:07:58.000
to go and take up the post of Finance Minister --

0:08:00.000,0:08:04.000
we had a telecommunications company that was only able to develop

0:08:04.000,0:08:09.000
4,500 landlines in its entire 30-year history?

0:08:09.000,0:08:11.000
(Laughter)

0:08:11.000,0:08:14.000
Having a telephone in my country was a huge luxury.

0:08:14.000,0:08:16.000
You couldn't get it. You had to bribe.

0:08:16.000,0:08:18.000
You had to do everything to get your phone.

0:08:18.000,0:08:21.000
When President Obasanjo supported and launched

0:08:21.000,0:08:25.000
the liberalization of the telecommunications sector,

0:08:26.000,0:08:34.000
we went from 4,500 landlines to 32 million GSM lines, and counting.

0:08:34.000,0:08:39.000
Nigeria's telecoms market is the second-fastest growing in the world,

0:08:39.000,0:08:44.000
after China. We are getting investments of about a billion dollars a year

0:08:44.000,0:08:50.000
in telecoms. And nobody knows, except a few smart people.

0:08:50.000,0:08:53.000
(Laughter)

0:08:53.000,0:08:57.000
The smartest one, first to come in,

0:08:57.000,0:08:59.000
was the MTN company of South Africa.

0:08:59.000,0:09:03.000
And in the three years that I was Finance Minister,

0:09:03.000,0:09:06.000
they made an average of 360 million dollars profit per year.

0:09:08.000,0:09:14.000
360 million in a market -- in a country that is a poor country,

0:09:14.000,0:09:18.000
with an average per capita income just under 500 dollars per capita.

0:09:19.000,0:09:21.000
So the market is there.

0:09:21.000,0:09:24.000
When they kept this under wraps, but soon others got to know.

0:09:25.000,0:09:28.000
Nigerians themselves began to develop

0:09:28.000,0:09:30.000
some wireless telecommunications companies,

0:09:30.000,0:09:32.000
and three or four others have come in.

0:09:32.000,0:09:35.000
But there's a huge market out there,

0:09:35.000,0:09:38.000
and people don't know about it, or they don't want to know.

0:09:40.000,0:09:42.000
So privatization is one of the things we've done.

0:09:43.000,0:09:49.000
The other thing we've also done is to manage our finances better.

0:09:50.000,0:09:52.000
Because nobody's going to help you and support you

0:09:53.000,0:09:56.000
if you're not managing your own finances well.

0:09:56.000,0:10:00.000
And Nigeria, with the oil sector, had the reputation

0:10:00.000,0:10:05.000
of being corrupt and not managing its own public finances well.

0:10:05.000,0:10:09.000
So what did we try to do? We introduced a fiscal rule

0:10:10.000,0:10:12.000
that de-linked our budget from the oil price.

0:10:12.000,0:10:16.000
Before we used to just budget on whatever oil we bring in,

0:10:16.000,0:10:21.000
because oil is the biggest, most revenue-earning sector

0:10:21.000,0:10:24.000
in the economy: 70 percent of our revenues come from oil.

0:10:24.000,0:10:28.000
We de-linked that, and once we did it, we began to budget

0:10:28.000,0:10:31.000
at a price slightly lower than the oil price

0:10:31.000,0:10:35.000
and save whatever was above that price.

0:10:36.000,0:10:39.000
We didn't know we could pull it off; it was very controversial.

0:10:39.000,0:10:42.000
But what it immediately did was that the volatility

0:10:42.000,0:10:45.000
that had been present in terms of our economic development --

0:10:45.000,0:10:49.000
where, even if oil prices were high, we would grow very fast.

0:10:49.000,0:10:51.000
When they crashed, we crashed.

0:10:51.000,0:10:55.000
And we could hardly even pay anything, any salaries, in the economy.

0:10:56.000,0:11:00.000
That smoothened out. We were able to save, just before I left,

0:11:00.000,0:11:06.000
27 billion dollars. Whereas -- and this went to our reserves --

0:11:06.000,0:11:10.000
when I arrived in 2003, we had seven billion dollars in reserves.

0:11:11.000,0:11:14.000
By the time I left, we had gone up to almost 30 billion dollars. And

0:11:14.000,0:11:17.000
as we speak now, we have about 40 billion dollars in reserves

0:11:18.000,0:11:22.000
due to proper management of our finances.

0:11:23.000,0:11:26.000
And that shores up our economy, makes it stable.

0:11:26.000,0:11:29.000
Our exchange rate that used to fluctuate all the time

0:11:29.000,0:11:33.000
is now fairly stable and being managed so that business people

0:11:33.000,0:11:38.000
have a predictability of prices in the economy.

0:11:40.000,0:11:44.000
We brought inflation down from 28 percent to about 11 percent.

0:11:46.000,0:11:52.000
And we had GDP grow from an average of 2.3 percent the previous decade

0:11:52.000,0:11:55.000
to about 6.5 percent now.

0:11:56.000,0:11:59.000
So all the changes and reforms we were able to make

0:11:59.000,0:12:02.000
have shown up in results that are measurable in the economy.

0:12:02.000,0:12:06.000
And what is more important, because we want to get away from oil

0:12:06.000,0:12:08.000
and diversify -- and there are so many opportunities

0:12:08.000,0:12:11.000
in this one big country, as in many countries in Africa --

0:12:13.000,0:12:16.000
what was remarkable is that much of this growth came

0:12:16.000,0:12:19.000
not from the oil sector alone, but from non-oil.

0:12:19.000,0:12:22.000
Agriculture grew at better than eight percent.

0:12:22.000,0:12:26.000
As telecoms sector grew, housing and construction,

0:12:26.000,0:12:31.000
and I could go on and on. And this is to illustrate to you that

0:12:31.000,0:12:33.000
once you get the macro-economy straightened out,

0:12:33.000,0:12:37.000
the opportunities in various other sectors are enormous.

0:12:38.000,0:12:41.000
We have opportunities in agriculture, like I said.

0:12:41.000,0:12:45.000
We have opportunities in solid minerals. We have a lot of minerals

0:12:45.000,0:12:48.000
that no one has even invested in or explored. And we realized

0:12:48.000,0:12:51.000
that without the proper legislation to make that possible,

0:12:51.000,0:12:54.000
that wouldn't happen. So we've now got a mining code

0:12:54.000,0:12:57.000
that is comparable with some of the best in the world.

0:12:58.000,0:13:00.000
We have opportunities in housing and real estate.

0:13:00.000,0:13:03.000
There was nothing in a country of 140 million people --

0:13:04.000,0:13:09.000
no shopping malls as you know them here.

0:13:10.000,0:13:13.000
This was an investment opportunity for someone

0:13:13.000,0:13:15.000
that excited the imagination of people.

0:13:16.000,0:13:19.000
And now, we have a situation in which the businesses in this mall

0:13:19.000,0:13:22.000
are doing four times the turnover that they had projected.

0:13:23.000,0:13:26.000
So, huge things in construction, real estate,

0:13:26.000,0:13:28.000
mortgage markets. Financial services:

0:13:29.000,0:13:33.000
we had 89 banks. Too many not doing their real business.

0:13:33.000,0:13:37.000
We consolidated them from 89 to 25 banks by requiring

0:13:37.000,0:13:42.000
that they increase their capital -- share capital.

0:13:42.000,0:13:47.000
And it went from about 25 million dollars to 150 million dollars.

0:13:47.000,0:13:51.000
The banks -- these banks are now consolidated, and that strengthening

0:13:51.000,0:13:55.000
of the banking system has attracted a lot of investment from outside.

0:13:55.000,0:13:59.000
Barclays Bank of the U.K. is bringing in 500 million.

0:13:59.000,0:14:03.000
Standard Chartered has brought in 140 million.

0:14:03.000,0:14:06.000
And I can go on. Dollars, on and on, into the system.

0:14:06.000,0:14:08.000
We are doing the same with the insurance sector.

0:14:08.000,0:14:11.000
So in financial services, a great deal of opportunity.

0:14:11.000,0:14:17.000
In tourism, in many African countries, a great opportunity.

0:14:17.000,0:14:20.000
And that's what many people know East Africa for:

0:14:21.000,0:14:24.000
the wildlife, the elephants, and so on.

0:14:24.000,0:14:26.000
But managing the tourism market in a way

0:14:26.000,0:14:29.000
that can really benefit the people is very important.

0:14:30.000,0:14:33.000
So what am I trying to say? I'm trying to tell you

0:14:33.000,0:14:36.000
that there's a new wave on the continent.

0:14:36.000,0:14:41.000
A new wave of openness and democratization in which, since 2000,

0:14:41.000,0:14:43.000
more than two-thirds of African countries have had

0:14:43.000,0:14:45.000
multi-party democratic elections.

0:14:46.000,0:14:49.000
Not all of them have been perfect, or will be,

0:14:49.000,0:14:51.000
but the trend is very clear.

0:14:51.000,0:14:55.000
I'm trying to tell you that since the past three years,

0:14:55.000,0:14:58.000
the average rate of growth on the continent has moved

0:14:58.000,0:15:02.000
from about 2.5 percent to about five percent per annum.

0:15:02.000,0:15:06.000
This is better than the performance of many OECD countries.

0:15:07.000,0:15:11.000
So it's clear that things are changing.

0:15:11.000,0:15:13.000
Conflicts are down on the continent;

0:15:14.000,0:15:16.000
from about 12 conflicts a decade ago,

0:15:16.000,0:15:18.000
we are down to three or four conflicts --

0:15:18.000,0:15:21.000
one of the most terrible, of course, of which is Darfur.

0:15:21.000,0:15:24.000
And, you know, you have the neighborhood effect where

0:15:24.000,0:15:26.000
if something is going on in one part of the continent,

0:15:26.000,0:15:29.000
it looks like the entire continent is affected.

0:15:29.000,0:15:32.000
But you should know that this continent is not --

0:15:32.000,0:15:38.000
is a continent of many countries, not one country.

0:15:38.000,0:15:40.000
And if we are down to three or four conflicts,

0:15:40.000,0:15:43.000
it means that there are plenty of opportunities to invest

0:15:43.000,0:15:50.000
in stable, growing, exciting economies

0:15:50.000,0:15:53.000
where there's plenty of opportunity.

0:15:54.000,0:15:58.000
And I want to just make one point about this investment.

0:15:59.000,0:16:01.000
The best way to help Africans today

0:16:02.000,0:16:05.000
is to help them to stand on their own feet.

0:16:05.000,0:16:09.000
And the best way to do that is by helping create jobs.

0:16:10.000,0:16:14.000
There's no issue with fighting malaria and putting money in that

0:16:14.000,0:16:18.000
and saving children's lives. That's not what I'm saying. That is fine.

0:16:19.000,0:16:23.000
But imagine the impact on a family: if the parents can be employed

0:16:23.000,0:16:25.000
and make sure that their children go to school,

0:16:25.000,0:16:28.000
that they can buy the drugs to fight the disease themselves.

0:16:28.000,0:16:32.000
If we can invest in places where you yourselves make money

0:16:32.000,0:16:37.000
whilst creating jobs and helping people stand on their own feet,

0:16:37.000,0:16:42.000
isn't that a wonderful opportunity? Isn't that the way to go?

0:16:42.000,0:16:45.000
And I want to say that some of the best people to invest in

0:16:45.000,0:16:47.000
on the continent are the women.

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(Applause)

0:16:55.000,0:17:00.000
I have a CD here. I'm sorry that I didn't say anything on time.

0:17:00.000,0:17:02.000
Otherwise, I would have liked you to have seen this.

0:17:02.000,0:17:05.000
It says, "Africa: Open for Business."

0:17:06.000,0:17:09.000
And this is a video that has actually won an award

0:17:09.000,0:17:11.000
as the best documentary of the year.

0:17:11.000,0:17:13.000
Understand that the woman who made it

0:17:13.000,0:17:18.000
is going to be in Tanzania, where they're having the session in June.

0:17:19.000,0:17:24.000
But it shows you Africans, and particularly African women, who

0:17:24.000,0:17:29.000
against all odds have developed businesses, some of them world-class.

0:17:29.000,0:17:32.000
One of the women in this video, Adenike Ogunlesi,

0:17:32.000,0:17:34.000
making children's clothes --

0:17:34.000,0:17:39.000
which she started as a hobby and grew into a business.

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Mixing African materials, such as we have,

0:17:43.000,0:17:44.000
with materials from elsewhere.

0:17:44.000,0:17:49.000
So, she'll make a little pair of dungarees with corduroys,

0:17:49.000,0:17:53.000
with African material mixed in. Very creative designs,

0:17:55.000,0:17:58.000
has reached a stage where she even had an order from Wal-Mart.

0:17:59.000,0:18:00.000
(Laughter)

0:18:01.000,0:18:03.000
For 10,000 pieces.

0:18:04.000,0:18:08.000
So that shows you that we have people who are capable of doing.

0:18:08.000,0:18:13.000
And the women are diligent. They are focused; they work hard.

0:18:13.000,0:18:15.000
I could go on giving examples:

0:18:15.000,0:18:19.000
Beatrice Gakuba of Rwanda, who opened up a flower business

0:18:19.000,0:18:24.000
and is now exporting to the Dutch auction in Amsterdam each morning

0:18:24.000,0:18:28.000
and is employing 200 other women and men to work with her.

0:18:29.000,0:18:33.000
However, many of these are starved for capital to expand,

0:18:34.000,0:18:37.000
because nobody believes outside of our countries

0:18:37.000,0:18:42.000
that we can do what is necessary. Nobody thinks in terms of a market.

0:18:42.000,0:18:45.000
Nobody thinks there's opportunity.

0:18:45.000,0:18:48.000
But I'm standing here saying that those who miss the boat now,

0:18:48.000,0:18:50.000
will miss it forever.

0:18:50.000,0:18:56.000
So if you want to be in Africa, think about investing.

0:18:57.000,0:19:03.000
Think about the Beatrices, think about the Adenikes of this world,

0:19:03.000,0:19:06.000
who are doing incredible things, that are bringing them

0:19:06.000,0:19:09.000
into the global economy, whilst at the same time making sure

0:19:09.000,0:19:12.000
that their fellow men and women are employed,

0:19:12.000,0:19:14.000
and that the children in those households get educated

0:19:14.000,0:19:17.000
because their parents are earning adequate income.

0:19:18.000,0:19:22.000
So I invite you to explore the opportunities.

0:19:23.000,0:19:27.000
When you go to Tanzania, listen carefully,

0:19:27.000,0:19:31.000
because I'm sure you will hear of the various openings that there will be

0:19:31.000,0:19:36.000
for you to get involved in something that will do good

0:19:36.000,0:19:41.000
for the continent, for the people and for yourselves.

0:19:41.000,0:19:42.000
Thank you very much.

0:19:42.000,0:19:50.000
(Applause)