[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:05.00,0:00:08.00,Default,,0000,0000,0000,,Thank you very much, Chris. Everybody who came up here
Dialogue: 0,0:00:08.00,0:00:12.00,Default,,0000,0000,0000,,said they were scared. I don't know if I'm scared,
Dialogue: 0,0:00:12.00,0:00:16.00,Default,,0000,0000,0000,,but this is my first time of addressing an audience like this.
Dialogue: 0,0:00:16.00,0:00:20.00,Default,,0000,0000,0000,,And I don't have any smart technology for you to look at.
Dialogue: 0,0:00:20.00,0:00:23.00,Default,,0000,0000,0000,,There are no slides, so you'll just have to be content with me.
Dialogue: 0,0:00:23.00,0:00:26.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:00:26.00,0:00:32.00,Default,,0000,0000,0000,,What I want to do this morning is share with you a couple of stories
Dialogue: 0,0:00:32.00,0:00:35.00,Default,,0000,0000,0000,,and talk about a different Africa.
Dialogue: 0,0:00:35.00,0:00:39.00,Default,,0000,0000,0000,,Already this morning there were some allusions to the Africa
Dialogue: 0,0:00:39.00,0:00:44.00,Default,,0000,0000,0000,,that you hear about all the time: the Africa of HIV/AIDS,
Dialogue: 0,0:00:44.00,0:00:50.00,Default,,0000,0000,0000,,the Africa of malaria, the Africa of poverty, the Africa of conflict,
Dialogue: 0,0:00:50.00,0:00:53.00,Default,,0000,0000,0000,,and the Africa of disasters.
Dialogue: 0,0:00:53.00,0:00:57.00,Default,,0000,0000,0000,,While it is true that those things are going on,
Dialogue: 0,0:00:57.00,0:01:01.00,Default,,0000,0000,0000,,there's an Africa that you don't hear about very much.
Dialogue: 0,0:01:01.00,0:01:05.00,Default,,0000,0000,0000,,And sometimes I'm puzzled, and I ask myself why.
Dialogue: 0,0:01:05.00,0:01:09.00,Default,,0000,0000,0000,,This is the Africa that is changing, that Chris alluded to.
Dialogue: 0,0:01:09.00,0:01:11.00,Default,,0000,0000,0000,,This is the Africa of opportunity.
Dialogue: 0,0:01:11.00,0:01:14.00,Default,,0000,0000,0000,,This is the Africa where people want to take charge of
Dialogue: 0,0:01:14.00,0:01:16.00,Default,,0000,0000,0000,,their own futures and their own destinies.
Dialogue: 0,0:01:16.00,0:01:19.00,Default,,0000,0000,0000,,And this is the Africa where people are looking for partnerships
Dialogue: 0,0:01:19.00,0:01:23.00,Default,,0000,0000,0000,,to do this. That's what I want to talk about today.
Dialogue: 0,0:01:23.00,0:01:25.00,Default,,0000,0000,0000,,And I want to start by telling you
Dialogue: 0,0:01:25.00,0:01:27.00,Default,,0000,0000,0000,,a story about that change in Africa.
Dialogue: 0,0:01:28.00,0:01:33.00,Default,,0000,0000,0000,,On 15th of September 2005, Mr. Diepreye Alamieyeseigha,
Dialogue: 0,0:01:33.00,0:01:37.00,Default,,0000,0000,0000,,a governor of one of the oil-rich states of Nigeria,
Dialogue: 0,0:01:37.00,0:01:44.00,Default,,0000,0000,0000,,was arrested by the London Metropolitan Police on a visit to London.
Dialogue: 0,0:01:44.00,0:01:49.00,Default,,0000,0000,0000,,He was arrested because there were transfers of eight million dollars
Dialogue: 0,0:01:49.00,0:01:52.00,Default,,0000,0000,0000,,that went into some dormant accounts
Dialogue: 0,0:01:52.00,0:01:55.00,Default,,0000,0000,0000,,that belonged to him and his family.
Dialogue: 0,0:01:56.00,0:01:58.00,Default,,0000,0000,0000,,This arrest occurred because there was cooperation
Dialogue: 0,0:01:58.00,0:02:01.00,Default,,0000,0000,0000,,between the London Metropolitan Police
Dialogue: 0,0:02:01.00,0:02:04.00,Default,,0000,0000,0000,,and the Economic and Financial Crimes Commission of Nigeria --
Dialogue: 0,0:02:04.00,0:02:11.00,Default,,0000,0000,0000,,led by one of our most able and courageous people: Mr. Nuhu Ribadu.
Dialogue: 0,0:02:11.00,0:02:14.00,Default,,0000,0000,0000,,Alamieyeseigha was arraigned in London.
Dialogue: 0,0:02:14.00,0:02:18.00,Default,,0000,0000,0000,,Due to some slip-ups, he managed to escape dressed as a woman
Dialogue: 0,0:02:18.00,0:02:21.00,Default,,0000,0000,0000,,and ran from London back to Nigeria where,
Dialogue: 0,0:02:21.00,0:02:25.00,Default,,0000,0000,0000,,according to our constitution, those in office
Dialogue: 0,0:02:25.00,0:02:27.00,Default,,0000,0000,0000,,as governors, president -- as in many countries --
Dialogue: 0,0:02:27.00,0:02:32.00,Default,,0000,0000,0000,,have immunity and cannot be prosecuted. But what happened:
Dialogue: 0,0:02:32.00,0:02:36.00,Default,,0000,0000,0000,,people were so outraged by this behavior that it was possible
Dialogue: 0,0:02:36.00,0:02:42.00,Default,,0000,0000,0000,,for his state legislature to impeach him and get him out of office.
Dialogue: 0,0:02:43.00,0:02:45.00,Default,,0000,0000,0000,,Today, Alams -- as we call him for short -- is in jail.
Dialogue: 0,0:02:46.00,0:02:51.00,Default,,0000,0000,0000,,This is a story about the fact that people in Africa
Dialogue: 0,0:02:51.00,0:02:56.00,Default,,0000,0000,0000,,are no longer willing to tolerate corruption from their leaders.
Dialogue: 0,0:02:57.00,0:03:02.00,Default,,0000,0000,0000,,This is a story about the fact that people want their resources
Dialogue: 0,0:03:02.00,0:03:07.00,Default,,0000,0000,0000,,managed properly for their good, and not taken out to places
Dialogue: 0,0:03:07.00,0:03:10.00,Default,,0000,0000,0000,,where they'll benefit just a few of the elite.
Dialogue: 0,0:03:10.00,0:03:14.00,Default,,0000,0000,0000,,And therefore, when you hear about the corrupt Africa --
Dialogue: 0,0:03:14.00,0:03:18.00,Default,,0000,0000,0000,,corruption all the time -- I want you to know that the people
Dialogue: 0,0:03:18.00,0:03:21.00,Default,,0000,0000,0000,,and the governments are trying hard to fight this
Dialogue: 0,0:03:21.00,0:03:25.00,Default,,0000,0000,0000,,in some of the countries, and that some successes are emerging.
Dialogue: 0,0:03:25.00,0:03:28.00,Default,,0000,0000,0000,,Does it mean the problem is over? The answer is no.
Dialogue: 0,0:03:28.00,0:03:32.00,Default,,0000,0000,0000,,There's still a long way to go, but that there's a will there.
Dialogue: 0,0:03:32.00,0:03:36.00,Default,,0000,0000,0000,,And that successes are being chalked up on this very important fight.
Dialogue: 0,0:03:36.00,0:03:38.00,Default,,0000,0000,0000,,So when you hear about corruption,
Dialogue: 0,0:03:38.00,0:03:41.00,Default,,0000,0000,0000,,don't just feel that nothing is being done about this --
Dialogue: 0,0:03:41.00,0:03:44.00,Default,,0000,0000,0000,,that you can't operate in any African country
Dialogue: 0,0:03:44.00,0:03:47.00,Default,,0000,0000,0000,,because of the overwhelming corruption. That is not the case.
Dialogue: 0,0:03:47.00,0:03:53.00,Default,,0000,0000,0000,,There's a will to fight, and in many countries, that fight is ongoing
Dialogue: 0,0:03:53.00,0:03:57.00,Default,,0000,0000,0000,,and is being won. In others, like mine,
Dialogue: 0,0:03:57.00,0:04:00.00,Default,,0000,0000,0000,,where there has been a long history of dictatorship in Nigeria,
Dialogue: 0,0:04:00.00,0:04:04.00,Default,,0000,0000,0000,,the fight is ongoing and we have a long way to go.
Dialogue: 0,0:04:04.00,0:04:08.00,Default,,0000,0000,0000,,But the truth of the matter is that this is going on.
Dialogue: 0,0:04:09.00,0:04:11.00,Default,,0000,0000,0000,,The results are showing:
Dialogue: 0,0:04:11.00,0:04:15.00,Default,,0000,0000,0000,,independent monitoring by the World Bank and other organizations
Dialogue: 0,0:04:15.00,0:04:19.00,Default,,0000,0000,0000,,show that in many instances the trend is downwards
Dialogue: 0,0:04:19.00,0:04:22.00,Default,,0000,0000,0000,,in terms of corruption, and governance is improving.
Dialogue: 0,0:04:22.00,0:04:26.00,Default,,0000,0000,0000,,A study by the Economic Commission for Africa showed
Dialogue: 0,0:04:26.00,0:04:30.00,Default,,0000,0000,0000,,a clear trend upwards in governance in 28 African countries.
Dialogue: 0,0:04:30.00,0:04:32.00,Default,,0000,0000,0000,,And let me say just one more thing
Dialogue: 0,0:04:32.00,0:04:34.00,Default,,0000,0000,0000,,before I leave this area of governance.
Dialogue: 0,0:04:34.00,0:04:37.00,Default,,0000,0000,0000,,That is that people talk about corruption, corruption.
Dialogue: 0,0:04:37.00,0:04:39.00,Default,,0000,0000,0000,,All the time when they talk about it
Dialogue: 0,0:04:39.00,0:04:41.00,Default,,0000,0000,0000,,you immediately think about Africa.
Dialogue: 0,0:04:41.00,0:04:45.00,Default,,0000,0000,0000,,That's the image: African countries. But let me say this:
Dialogue: 0,0:04:45.00,0:04:51.00,Default,,0000,0000,0000,,if Alams was able to export eight million dollars into an account in London --
Dialogue: 0,0:04:53.00,0:04:57.00,Default,,0000,0000,0000,,if the other people who had taken money, estimated at
Dialogue: 0,0:04:57.00,0:05:01.00,Default,,0000,0000,0000,,20 to 40 billion now of developing countries' monies
Dialogue: 0,0:05:01.00,0:05:04.00,Default,,0000,0000,0000,,sitting abroad in the developed countries -- if they're able to do this,
Dialogue: 0,0:05:04.00,0:05:07.00,Default,,0000,0000,0000,,what is that? Is that not corruption?
Dialogue: 0,0:05:08.00,0:05:12.00,Default,,0000,0000,0000,,In this country, if you receive stolen goods, are you not prosecuted?
Dialogue: 0,0:05:13.00,0:05:16.00,Default,,0000,0000,0000,,So when we talk about this kind of corruption, let us also think
Dialogue: 0,0:05:16.00,0:05:19.00,Default,,0000,0000,0000,,about what is happening on the other side of the globe --
Dialogue: 0,0:05:19.00,0:05:23.00,Default,,0000,0000,0000,,where the money's going and what can be done to stop it.
Dialogue: 0,0:05:23.00,0:05:26.00,Default,,0000,0000,0000,,I'm working on an initiative now, along with the World Bank,
Dialogue: 0,0:05:26.00,0:05:29.00,Default,,0000,0000,0000,,on asset recovery, trying to do what we can
Dialogue: 0,0:05:29.00,0:05:32.00,Default,,0000,0000,0000,,to get the monies that have been taken abroad --
Dialogue: 0,0:05:32.00,0:05:35.00,Default,,0000,0000,0000,,developing countries' moneys -- to get that sent back.
Dialogue: 0,0:05:35.00,0:05:38.00,Default,,0000,0000,0000,,Because if we can get the 20 billion dollars sitting out there back,
Dialogue: 0,0:05:38.00,0:05:41.00,Default,,0000,0000,0000,,it may be far more for some of these countries
Dialogue: 0,0:05:41.00,0:05:44.00,Default,,0000,0000,0000,,than all the aid that is being put together.
Dialogue: 0,0:05:44.00,0:05:51.00,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:05:51.00,0:05:55.00,Default,,0000,0000,0000,,The second thing I want to talk about is the will for reform.
Dialogue: 0,0:05:55.00,0:05:59.00,Default,,0000,0000,0000,,Africans, after -- they're tired, we're tired
Dialogue: 0,0:05:59.00,0:06:04.00,Default,,0000,0000,0000,,of being the subject of everybody's charity and care.
Dialogue: 0,0:06:04.00,0:06:08.00,Default,,0000,0000,0000,,We are grateful, but we know that
Dialogue: 0,0:06:08.00,0:06:12.00,Default,,0000,0000,0000,,we can take charge of our own destinies if we have the will to reform.
Dialogue: 0,0:06:13.00,0:06:17.00,Default,,0000,0000,0000,,And what is happening in many African countries now is a realization
Dialogue: 0,0:06:17.00,0:06:21.00,Default,,0000,0000,0000,,that no one can do it but us. We have to do it.
Dialogue: 0,0:06:21.00,0:06:25.00,Default,,0000,0000,0000,,We can invite partners who can support us, but we have to start.
Dialogue: 0,0:06:25.00,0:06:28.00,Default,,0000,0000,0000,,We have to reform our economies, change our leadership,
Dialogue: 0,0:06:28.00,0:06:34.00,Default,,0000,0000,0000,,become more democratic, be more open to change and to information.
Dialogue: 0,0:06:34.00,0:06:36.00,Default,,0000,0000,0000,,And this is what we started to do
Dialogue: 0,0:06:36.00,0:06:39.00,Default,,0000,0000,0000,,in one of the largest countries on the continent, Nigeria.
Dialogue: 0,0:06:39.00,0:06:42.00,Default,,0000,0000,0000,,In fact, if you're not in Nigeria, you're not in Africa.
Dialogue: 0,0:06:42.00,0:06:43.00,Default,,0000,0000,0000,,I want to tell you that.
Dialogue: 0,0:06:43.00,0:06:44.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:44.00,0:06:46.00,Default,,0000,0000,0000,,One in four sub-Saharan Africans is Nigerian,
Dialogue: 0,0:06:48.00,0:06:53.00,Default,,0000,0000,0000,,and it has 140 million dynamic people -- chaotic people --
Dialogue: 0,0:06:54.00,0:06:58.00,Default,,0000,0000,0000,,but very interesting people. You'll never be bored.
Dialogue: 0,0:06:58.00,0:06:59.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:06:59.00,0:07:01.00,Default,,0000,0000,0000,,What we started to do was to realize
Dialogue: 0,0:07:01.00,0:07:03.00,Default,,0000,0000,0000,,that we had to take charge and reform ourselves.
Dialogue: 0,0:07:04.00,0:07:06.00,Default,,0000,0000,0000,,And with the support of a leader
Dialogue: 0,0:07:06.00,0:07:09.00,Default,,0000,0000,0000,,who was willing, at the time, to do the reforms,
Dialogue: 0,0:07:09.00,0:07:11.00,Default,,0000,0000,0000,,we put forward a comprehensive reform program,
Dialogue: 0,0:07:11.00,0:07:13.00,Default,,0000,0000,0000,,which we developed ourselves.
Dialogue: 0,0:07:13.00,0:07:16.00,Default,,0000,0000,0000,,Not the International Monetary Fund. Not the World Bank,
Dialogue: 0,0:07:16.00,0:07:19.00,Default,,0000,0000,0000,,where I worked for 21 years and rose to be a vice president.
Dialogue: 0,0:07:20.00,0:07:22.00,Default,,0000,0000,0000,,No one can do it for you. You have to do it for yourself.
Dialogue: 0,0:07:22.00,0:07:26.00,Default,,0000,0000,0000,,We put together a program that would, one: get the state
Dialogue: 0,0:07:26.00,0:07:30.00,Default,,0000,0000,0000,,out of businesses it had nothing -- it had no business being in.
Dialogue: 0,0:07:30.00,0:07:32.00,Default,,0000,0000,0000,,The state should not be in the business
Dialogue: 0,0:07:32.00,0:07:33.00,Default,,0000,0000,0000,,of producing goods and services
Dialogue: 0,0:07:33.00,0:07:36.00,Default,,0000,0000,0000,,because it's inefficient and incompetent.
Dialogue: 0,0:07:36.00,0:07:40.00,Default,,0000,0000,0000,,So we decided to privatize many of our enterprises.
Dialogue: 0,0:07:40.00,0:07:44.00,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:07:45.00,0:07:49.00,Default,,0000,0000,0000,,We -- as a result, we decided to liberalize many of our markets.
Dialogue: 0,0:07:49.00,0:07:52.00,Default,,0000,0000,0000,,Can you believe that prior to this reform --
Dialogue: 0,0:07:52.00,0:07:56.00,Default,,0000,0000,0000,,which started at the end of 2003, when I left Washington
Dialogue: 0,0:07:56.00,0:07:58.00,Default,,0000,0000,0000,,to go and take up the post of Finance Minister --
Dialogue: 0,0:08:00.00,0:08:04.00,Default,,0000,0000,0000,,we had a telecommunications company that was only able to develop
Dialogue: 0,0:08:04.00,0:08:09.00,Default,,0000,0000,0000,,4,500 landlines in its entire 30-year history?
Dialogue: 0,0:08:09.00,0:08:11.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:11.00,0:08:14.00,Default,,0000,0000,0000,,Having a telephone in my country was a huge luxury.
Dialogue: 0,0:08:14.00,0:08:16.00,Default,,0000,0000,0000,,You couldn't get it. You had to bribe.
Dialogue: 0,0:08:16.00,0:08:18.00,Default,,0000,0000,0000,,You had to do everything to get your phone.
Dialogue: 0,0:08:18.00,0:08:21.00,Default,,0000,0000,0000,,When President Obasanjo supported and launched
Dialogue: 0,0:08:21.00,0:08:25.00,Default,,0000,0000,0000,,the liberalization of the telecommunications sector,
Dialogue: 0,0:08:26.00,0:08:34.00,Default,,0000,0000,0000,,we went from 4,500 landlines to 32 million GSM lines, and counting.
Dialogue: 0,0:08:34.00,0:08:39.00,Default,,0000,0000,0000,,Nigeria's telecoms market is the second-fastest growing in the world,
Dialogue: 0,0:08:39.00,0:08:44.00,Default,,0000,0000,0000,,after China. We are getting investments of about a billion dollars a year
Dialogue: 0,0:08:44.00,0:08:50.00,Default,,0000,0000,0000,,in telecoms. And nobody knows, except a few smart people.
Dialogue: 0,0:08:50.00,0:08:53.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:53.00,0:08:57.00,Default,,0000,0000,0000,,The smartest one, first to come in,
Dialogue: 0,0:08:57.00,0:08:59.00,Default,,0000,0000,0000,,was the MTN company of South Africa.
Dialogue: 0,0:08:59.00,0:09:03.00,Default,,0000,0000,0000,,And in the three years that I was Finance Minister,
Dialogue: 0,0:09:03.00,0:09:06.00,Default,,0000,0000,0000,,they made an average of 360 million dollars profit per year.
Dialogue: 0,0:09:08.00,0:09:14.00,Default,,0000,0000,0000,,360 million in a market -- in a country that is a poor country,
Dialogue: 0,0:09:14.00,0:09:18.00,Default,,0000,0000,0000,,with an average per capita income just under 500 dollars per capita.
Dialogue: 0,0:09:19.00,0:09:21.00,Default,,0000,0000,0000,,So the market is there.
Dialogue: 0,0:09:21.00,0:09:24.00,Default,,0000,0000,0000,,When they kept this under wraps, but soon others got to know.
Dialogue: 0,0:09:25.00,0:09:28.00,Default,,0000,0000,0000,,Nigerians themselves began to develop
Dialogue: 0,0:09:28.00,0:09:30.00,Default,,0000,0000,0000,,some wireless telecommunications companies,
Dialogue: 0,0:09:30.00,0:09:32.00,Default,,0000,0000,0000,,and three or four others have come in.
Dialogue: 0,0:09:32.00,0:09:35.00,Default,,0000,0000,0000,,But there's a huge market out there,
Dialogue: 0,0:09:35.00,0:09:38.00,Default,,0000,0000,0000,,and people don't know about it, or they don't want to know.
Dialogue: 0,0:09:40.00,0:09:42.00,Default,,0000,0000,0000,,So privatization is one of the things we've done.
Dialogue: 0,0:09:43.00,0:09:49.00,Default,,0000,0000,0000,,The other thing we've also done is to manage our finances better.
Dialogue: 0,0:09:50.00,0:09:52.00,Default,,0000,0000,0000,,Because nobody's going to help you and support you
Dialogue: 0,0:09:53.00,0:09:56.00,Default,,0000,0000,0000,,if you're not managing your own finances well.
Dialogue: 0,0:09:56.00,0:10:00.00,Default,,0000,0000,0000,,And Nigeria, with the oil sector, had the reputation
Dialogue: 0,0:10:00.00,0:10:05.00,Default,,0000,0000,0000,,of being corrupt and not managing its own public finances well.
Dialogue: 0,0:10:05.00,0:10:09.00,Default,,0000,0000,0000,,So what did we try to do? We introduced a fiscal rule
Dialogue: 0,0:10:10.00,0:10:12.00,Default,,0000,0000,0000,,that de-linked our budget from the oil price.
Dialogue: 0,0:10:12.00,0:10:16.00,Default,,0000,0000,0000,,Before we used to just budget on whatever oil we bring in,
Dialogue: 0,0:10:16.00,0:10:21.00,Default,,0000,0000,0000,,because oil is the biggest, most revenue-earning sector
Dialogue: 0,0:10:21.00,0:10:24.00,Default,,0000,0000,0000,,in the economy: 70 percent of our revenues come from oil.
Dialogue: 0,0:10:24.00,0:10:28.00,Default,,0000,0000,0000,,We de-linked that, and once we did it, we began to budget
Dialogue: 0,0:10:28.00,0:10:31.00,Default,,0000,0000,0000,,at a price slightly lower than the oil price
Dialogue: 0,0:10:31.00,0:10:35.00,Default,,0000,0000,0000,,and save whatever was above that price.
Dialogue: 0,0:10:36.00,0:10:39.00,Default,,0000,0000,0000,,We didn't know we could pull it off; it was very controversial.
Dialogue: 0,0:10:39.00,0:10:42.00,Default,,0000,0000,0000,,But what it immediately did was that the volatility
Dialogue: 0,0:10:42.00,0:10:45.00,Default,,0000,0000,0000,,that had been present in terms of our economic development --
Dialogue: 0,0:10:45.00,0:10:49.00,Default,,0000,0000,0000,,where, even if oil prices were high, we would grow very fast.
Dialogue: 0,0:10:49.00,0:10:51.00,Default,,0000,0000,0000,,When they crashed, we crashed.
Dialogue: 0,0:10:51.00,0:10:55.00,Default,,0000,0000,0000,,And we could hardly even pay anything, any salaries, in the economy.
Dialogue: 0,0:10:56.00,0:11:00.00,Default,,0000,0000,0000,,That smoothened out. We were able to save, just before I left,
Dialogue: 0,0:11:00.00,0:11:06.00,Default,,0000,0000,0000,,27 billion dollars. Whereas -- and this went to our reserves --
Dialogue: 0,0:11:06.00,0:11:10.00,Default,,0000,0000,0000,,when I arrived in 2003, we had seven billion dollars in reserves.
Dialogue: 0,0:11:11.00,0:11:14.00,Default,,0000,0000,0000,,By the time I left, we had gone up to almost 30 billion dollars. And
Dialogue: 0,0:11:14.00,0:11:17.00,Default,,0000,0000,0000,,as we speak now, we have about 40 billion dollars in reserves
Dialogue: 0,0:11:18.00,0:11:22.00,Default,,0000,0000,0000,,due to proper management of our finances.
Dialogue: 0,0:11:23.00,0:11:26.00,Default,,0000,0000,0000,,And that shores up our economy, makes it stable.
Dialogue: 0,0:11:26.00,0:11:29.00,Default,,0000,0000,0000,,Our exchange rate that used to fluctuate all the time
Dialogue: 0,0:11:29.00,0:11:33.00,Default,,0000,0000,0000,,is now fairly stable and being managed so that business people
Dialogue: 0,0:11:33.00,0:11:38.00,Default,,0000,0000,0000,,have a predictability of prices in the economy.
Dialogue: 0,0:11:40.00,0:11:44.00,Default,,0000,0000,0000,,We brought inflation down from 28 percent to about 11 percent.
Dialogue: 0,0:11:46.00,0:11:52.00,Default,,0000,0000,0000,,And we had GDP grow from an average of 2.3 percent the previous decade
Dialogue: 0,0:11:52.00,0:11:55.00,Default,,0000,0000,0000,,to about 6.5 percent now.
Dialogue: 0,0:11:56.00,0:11:59.00,Default,,0000,0000,0000,,So all the changes and reforms we were able to make
Dialogue: 0,0:11:59.00,0:12:02.00,Default,,0000,0000,0000,,have shown up in results that are measurable in the economy.
Dialogue: 0,0:12:02.00,0:12:06.00,Default,,0000,0000,0000,,And what is more important, because we want to get away from oil
Dialogue: 0,0:12:06.00,0:12:08.00,Default,,0000,0000,0000,,and diversify -- and there are so many opportunities
Dialogue: 0,0:12:08.00,0:12:11.00,Default,,0000,0000,0000,,in this one big country, as in many countries in Africa --
Dialogue: 0,0:12:13.00,0:12:16.00,Default,,0000,0000,0000,,what was remarkable is that much of this growth came
Dialogue: 0,0:12:16.00,0:12:19.00,Default,,0000,0000,0000,,not from the oil sector alone, but from non-oil.
Dialogue: 0,0:12:19.00,0:12:22.00,Default,,0000,0000,0000,,Agriculture grew at better than eight percent.
Dialogue: 0,0:12:22.00,0:12:26.00,Default,,0000,0000,0000,,As telecoms sector grew, housing and construction,
Dialogue: 0,0:12:26.00,0:12:31.00,Default,,0000,0000,0000,,and I could go on and on. And this is to illustrate to you that
Dialogue: 0,0:12:31.00,0:12:33.00,Default,,0000,0000,0000,,once you get the macro-economy straightened out,
Dialogue: 0,0:12:33.00,0:12:37.00,Default,,0000,0000,0000,,the opportunities in various other sectors are enormous.
Dialogue: 0,0:12:38.00,0:12:41.00,Default,,0000,0000,0000,,We have opportunities in agriculture, like I said.
Dialogue: 0,0:12:41.00,0:12:45.00,Default,,0000,0000,0000,,We have opportunities in solid minerals. We have a lot of minerals
Dialogue: 0,0:12:45.00,0:12:48.00,Default,,0000,0000,0000,,that no one has even invested in or explored. And we realized
Dialogue: 0,0:12:48.00,0:12:51.00,Default,,0000,0000,0000,,that without the proper legislation to make that possible,
Dialogue: 0,0:12:51.00,0:12:54.00,Default,,0000,0000,0000,,that wouldn't happen. So we've now got a mining code
Dialogue: 0,0:12:54.00,0:12:57.00,Default,,0000,0000,0000,,that is comparable with some of the best in the world.
Dialogue: 0,0:12:58.00,0:13:00.00,Default,,0000,0000,0000,,We have opportunities in housing and real estate.
Dialogue: 0,0:13:00.00,0:13:03.00,Default,,0000,0000,0000,,There was nothing in a country of 140 million people --
Dialogue: 0,0:13:04.00,0:13:09.00,Default,,0000,0000,0000,,no shopping malls as you know them here.
Dialogue: 0,0:13:10.00,0:13:13.00,Default,,0000,0000,0000,,This was an investment opportunity for someone
Dialogue: 0,0:13:13.00,0:13:15.00,Default,,0000,0000,0000,,that excited the imagination of people.
Dialogue: 0,0:13:16.00,0:13:19.00,Default,,0000,0000,0000,,And now, we have a situation in which the businesses in this mall
Dialogue: 0,0:13:19.00,0:13:22.00,Default,,0000,0000,0000,,are doing four times the turnover that they had projected.
Dialogue: 0,0:13:23.00,0:13:26.00,Default,,0000,0000,0000,,So, huge things in construction, real estate,
Dialogue: 0,0:13:26.00,0:13:28.00,Default,,0000,0000,0000,,mortgage markets. Financial services:
Dialogue: 0,0:13:29.00,0:13:33.00,Default,,0000,0000,0000,,we had 89 banks. Too many not doing their real business.
Dialogue: 0,0:13:33.00,0:13:37.00,Default,,0000,0000,0000,,We consolidated them from 89 to 25 banks by requiring
Dialogue: 0,0:13:37.00,0:13:42.00,Default,,0000,0000,0000,,that they increase their capital -- share capital.
Dialogue: 0,0:13:42.00,0:13:47.00,Default,,0000,0000,0000,,And it went from about 25 million dollars to 150 million dollars.
Dialogue: 0,0:13:47.00,0:13:51.00,Default,,0000,0000,0000,,The banks -- these banks are now consolidated, and that strengthening
Dialogue: 0,0:13:51.00,0:13:55.00,Default,,0000,0000,0000,,of the banking system has attracted a lot of investment from outside.
Dialogue: 0,0:13:55.00,0:13:59.00,Default,,0000,0000,0000,,Barclays Bank of the U.K. is bringing in 500 million.
Dialogue: 0,0:13:59.00,0:14:03.00,Default,,0000,0000,0000,,Standard Chartered has brought in 140 million.
Dialogue: 0,0:14:03.00,0:14:06.00,Default,,0000,0000,0000,,And I can go on. Dollars, on and on, into the system.
Dialogue: 0,0:14:06.00,0:14:08.00,Default,,0000,0000,0000,,We are doing the same with the insurance sector.
Dialogue: 0,0:14:08.00,0:14:11.00,Default,,0000,0000,0000,,So in financial services, a great deal of opportunity.
Dialogue: 0,0:14:11.00,0:14:17.00,Default,,0000,0000,0000,,In tourism, in many African countries, a great opportunity.
Dialogue: 0,0:14:17.00,0:14:20.00,Default,,0000,0000,0000,,And that's what many people know East Africa for:
Dialogue: 0,0:14:21.00,0:14:24.00,Default,,0000,0000,0000,,the wildlife, the elephants, and so on.
Dialogue: 0,0:14:24.00,0:14:26.00,Default,,0000,0000,0000,,But managing the tourism market in a way
Dialogue: 0,0:14:26.00,0:14:29.00,Default,,0000,0000,0000,,that can really benefit the people is very important.
Dialogue: 0,0:14:30.00,0:14:33.00,Default,,0000,0000,0000,,So what am I trying to say? I'm trying to tell you
Dialogue: 0,0:14:33.00,0:14:36.00,Default,,0000,0000,0000,,that there's a new wave on the continent.
Dialogue: 0,0:14:36.00,0:14:41.00,Default,,0000,0000,0000,,A new wave of openness and democratization in which, since 2000,
Dialogue: 0,0:14:41.00,0:14:43.00,Default,,0000,0000,0000,,more than two-thirds of African countries have had
Dialogue: 0,0:14:43.00,0:14:45.00,Default,,0000,0000,0000,,multi-party democratic elections.
Dialogue: 0,0:14:46.00,0:14:49.00,Default,,0000,0000,0000,,Not all of them have been perfect, or will be,
Dialogue: 0,0:14:49.00,0:14:51.00,Default,,0000,0000,0000,,but the trend is very clear.
Dialogue: 0,0:14:51.00,0:14:55.00,Default,,0000,0000,0000,,I'm trying to tell you that since the past three years,
Dialogue: 0,0:14:55.00,0:14:58.00,Default,,0000,0000,0000,,the average rate of growth on the continent has moved
Dialogue: 0,0:14:58.00,0:15:02.00,Default,,0000,0000,0000,,from about 2.5 percent to about five percent per annum.
Dialogue: 0,0:15:02.00,0:15:06.00,Default,,0000,0000,0000,,This is better than the performance of many OECD countries.
Dialogue: 0,0:15:07.00,0:15:11.00,Default,,0000,0000,0000,,So it's clear that things are changing.
Dialogue: 0,0:15:11.00,0:15:13.00,Default,,0000,0000,0000,,Conflicts are down on the continent;
Dialogue: 0,0:15:14.00,0:15:16.00,Default,,0000,0000,0000,,from about 12 conflicts a decade ago,
Dialogue: 0,0:15:16.00,0:15:18.00,Default,,0000,0000,0000,,we are down to three or four conflicts --
Dialogue: 0,0:15:18.00,0:15:21.00,Default,,0000,0000,0000,,one of the most terrible, of course, of which is Darfur.
Dialogue: 0,0:15:21.00,0:15:24.00,Default,,0000,0000,0000,,And, you know, you have the neighborhood effect where
Dialogue: 0,0:15:24.00,0:15:26.00,Default,,0000,0000,0000,,if something is going on in one part of the continent,
Dialogue: 0,0:15:26.00,0:15:29.00,Default,,0000,0000,0000,,it looks like the entire continent is affected.
Dialogue: 0,0:15:29.00,0:15:32.00,Default,,0000,0000,0000,,But you should know that this continent is not --
Dialogue: 0,0:15:32.00,0:15:38.00,Default,,0000,0000,0000,,is a continent of many countries, not one country.
Dialogue: 0,0:15:38.00,0:15:40.00,Default,,0000,0000,0000,,And if we are down to three or four conflicts,
Dialogue: 0,0:15:40.00,0:15:43.00,Default,,0000,0000,0000,,it means that there are plenty of opportunities to invest
Dialogue: 0,0:15:43.00,0:15:50.00,Default,,0000,0000,0000,,in stable, growing, exciting economies
Dialogue: 0,0:15:50.00,0:15:53.00,Default,,0000,0000,0000,,where there's plenty of opportunity.
Dialogue: 0,0:15:54.00,0:15:58.00,Default,,0000,0000,0000,,And I want to just make one point about this investment.
Dialogue: 0,0:15:59.00,0:16:01.00,Default,,0000,0000,0000,,The best way to help Africans today
Dialogue: 0,0:16:02.00,0:16:05.00,Default,,0000,0000,0000,,is to help them to stand on their own feet.
Dialogue: 0,0:16:05.00,0:16:09.00,Default,,0000,0000,0000,,And the best way to do that is by helping create jobs.
Dialogue: 0,0:16:10.00,0:16:14.00,Default,,0000,0000,0000,,There's no issue with fighting malaria and putting money in that
Dialogue: 0,0:16:14.00,0:16:18.00,Default,,0000,0000,0000,,and saving children's lives. That's not what I'm saying. That is fine.
Dialogue: 0,0:16:19.00,0:16:23.00,Default,,0000,0000,0000,,But imagine the impact on a family: if the parents can be employed
Dialogue: 0,0:16:23.00,0:16:25.00,Default,,0000,0000,0000,,and make sure that their children go to school,
Dialogue: 0,0:16:25.00,0:16:28.00,Default,,0000,0000,0000,,that they can buy the drugs to fight the disease themselves.
Dialogue: 0,0:16:28.00,0:16:32.00,Default,,0000,0000,0000,,If we can invest in places where you yourselves make money
Dialogue: 0,0:16:32.00,0:16:37.00,Default,,0000,0000,0000,,whilst creating jobs and helping people stand on their own feet,
Dialogue: 0,0:16:37.00,0:16:42.00,Default,,0000,0000,0000,,isn't that a wonderful opportunity? Isn't that the way to go?
Dialogue: 0,0:16:42.00,0:16:45.00,Default,,0000,0000,0000,,And I want to say that some of the best people to invest in
Dialogue: 0,0:16:45.00,0:16:47.00,Default,,0000,0000,0000,,on the continent are the women.
Dialogue: 0,0:16:48.00,0:16:55.00,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:16:55.00,0:17:00.00,Default,,0000,0000,0000,,I have a CD here. I'm sorry that I didn't say anything on time.
Dialogue: 0,0:17:00.00,0:17:02.00,Default,,0000,0000,0000,,Otherwise, I would have liked you to have seen this.
Dialogue: 0,0:17:02.00,0:17:05.00,Default,,0000,0000,0000,,It says, "Africa: Open for Business."
Dialogue: 0,0:17:06.00,0:17:09.00,Default,,0000,0000,0000,,And this is a video that has actually won an award
Dialogue: 0,0:17:09.00,0:17:11.00,Default,,0000,0000,0000,,as the best documentary of the year.
Dialogue: 0,0:17:11.00,0:17:13.00,Default,,0000,0000,0000,,Understand that the woman who made it
Dialogue: 0,0:17:13.00,0:17:18.00,Default,,0000,0000,0000,,is going to be in Tanzania, where they're having the session in June.
Dialogue: 0,0:17:19.00,0:17:24.00,Default,,0000,0000,0000,,But it shows you Africans, and particularly African women, who
Dialogue: 0,0:17:24.00,0:17:29.00,Default,,0000,0000,0000,,against all odds have developed businesses, some of them world-class.
Dialogue: 0,0:17:29.00,0:17:32.00,Default,,0000,0000,0000,,One of the women in this video, Adenike Ogunlesi,
Dialogue: 0,0:17:32.00,0:17:34.00,Default,,0000,0000,0000,,making children's clothes --
Dialogue: 0,0:17:34.00,0:17:39.00,Default,,0000,0000,0000,,which she started as a hobby and grew into a business.
Dialogue: 0,0:17:39.00,0:17:42.00,Default,,0000,0000,0000,,Mixing African materials, such as we have,
Dialogue: 0,0:17:43.00,0:17:44.00,Default,,0000,0000,0000,,with materials from elsewhere.
Dialogue: 0,0:17:44.00,0:17:49.00,Default,,0000,0000,0000,,So, she'll make a little pair of dungarees with corduroys,
Dialogue: 0,0:17:49.00,0:17:53.00,Default,,0000,0000,0000,,with African material mixed in. Very creative designs,
Dialogue: 0,0:17:55.00,0:17:58.00,Default,,0000,0000,0000,,has reached a stage where she even had an order from Wal-Mart.
Dialogue: 0,0:17:59.00,0:18:00.00,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:18:01.00,0:18:03.00,Default,,0000,0000,0000,,For 10,000 pieces.
Dialogue: 0,0:18:04.00,0:18:08.00,Default,,0000,0000,0000,,So that shows you that we have people who are capable of doing.
Dialogue: 0,0:18:08.00,0:18:13.00,Default,,0000,0000,0000,,And the women are diligent. They are focused; they work hard.
Dialogue: 0,0:18:13.00,0:18:15.00,Default,,0000,0000,0000,,I could go on giving examples:
Dialogue: 0,0:18:15.00,0:18:19.00,Default,,0000,0000,0000,,Beatrice Gakuba of Rwanda, who opened up a flower business
Dialogue: 0,0:18:19.00,0:18:24.00,Default,,0000,0000,0000,,and is now exporting to the Dutch auction in Amsterdam each morning
Dialogue: 0,0:18:24.00,0:18:28.00,Default,,0000,0000,0000,,and is employing 200 other women and men to work with her.
Dialogue: 0,0:18:29.00,0:18:33.00,Default,,0000,0000,0000,,However, many of these are starved for capital to expand,
Dialogue: 0,0:18:34.00,0:18:37.00,Default,,0000,0000,0000,,because nobody believes outside of our countries
Dialogue: 0,0:18:37.00,0:18:42.00,Default,,0000,0000,0000,,that we can do what is necessary. Nobody thinks in terms of a market.
Dialogue: 0,0:18:42.00,0:18:45.00,Default,,0000,0000,0000,,Nobody thinks there's opportunity.
Dialogue: 0,0:18:45.00,0:18:48.00,Default,,0000,0000,0000,,But I'm standing here saying that those who miss the boat now,
Dialogue: 0,0:18:48.00,0:18:50.00,Default,,0000,0000,0000,,will miss it forever.
Dialogue: 0,0:18:50.00,0:18:56.00,Default,,0000,0000,0000,,So if you want to be in Africa, think about investing.
Dialogue: 0,0:18:57.00,0:19:03.00,Default,,0000,0000,0000,,Think about the Beatrices, think about the Adenikes of this world,
Dialogue: 0,0:19:03.00,0:19:06.00,Default,,0000,0000,0000,,who are doing incredible things, that are bringing them
Dialogue: 0,0:19:06.00,0:19:09.00,Default,,0000,0000,0000,,into the global economy, whilst at the same time making sure
Dialogue: 0,0:19:09.00,0:19:12.00,Default,,0000,0000,0000,,that their fellow men and women are employed,
Dialogue: 0,0:19:12.00,0:19:14.00,Default,,0000,0000,0000,,and that the children in those households get educated
Dialogue: 0,0:19:14.00,0:19:17.00,Default,,0000,0000,0000,,because their parents are earning adequate income.
Dialogue: 0,0:19:18.00,0:19:22.00,Default,,0000,0000,0000,,So I invite you to explore the opportunities.
Dialogue: 0,0:19:23.00,0:19:27.00,Default,,0000,0000,0000,,When you go to Tanzania, listen carefully,
Dialogue: 0,0:19:27.00,0:19:31.00,Default,,0000,0000,0000,,because I'm sure you will hear of the various openings that there will be
Dialogue: 0,0:19:31.00,0:19:36.00,Default,,0000,0000,0000,,for you to get involved in something that will do good
Dialogue: 0,0:19:36.00,0:19:41.00,Default,,0000,0000,0000,,for the continent, for the people and for yourselves.
Dialogue: 0,0:19:41.00,0:19:42.00,Default,,0000,0000,0000,,Thank you very much.
Dialogue: 0,0:19:42.00,0:19:50.00,Default,,0000,0000,0000,,(Applause)