New Economic Program for African Development

Background

The New Partnership for African Development (NEPAD) signed on October 2001, in Abuja Nigeria, is a pledge by African leaders to eradicate poverty and to place their countries, both individually and collectively, on a path of sustainable growth and development, and at the same time to participate actively in the world economy and body politic. The Programme is anchored on the determination of Africans to extricate themselves and the continent from the burden of underdevelopment and exclusion in a globalizing world.

The NEPAD was initiated by President Mbeki of South Africa, President Bouteflika of Algeria, President Obasanjo of Nigeria, President Wade of Senegal, and President Mubarak of Egypt. These five Presidents (or their personal representatives) also form the Steering Committee of the NEPAD.

The NEPAD DOCUMENT provides the vision for Africa, a statement of the problems facing the continent and a Programme of Action to resolve these problems in order to reach the objectives.

Objectives

The objective of the NEPAD is to eradicate poverty in Africa and to place African countries, both individually and collectively, on a path of sustainable growth and development, to halt the marginalization of Africa in the globalization process. The NEPAD creates a new breed of partnerships between Africa and the international community, especially the highly industrialized countries, to overcome the developmental rift that has widened and established unequal relations.

NEPAD in Action

The NEPAD encourages a long-term approach towards an African-owned and African-led development programme. The challenge for Africa is to develop the capacity to sustain growth at levels required to achieve poverty reduction and sustainable development. This depends on factors such as infrastructure, capital accumulation, human capital, institutions, structural diversification, competitiveness, health and good stewardship of the environment.

Conclusion

The new long-term vision requires massive investment to bridge existing gaps. The challenge ahead for Africa is to be able to raise the required funding under the best conditions possible. There is a need therefore and opportunities for countries in advanced stages of development to assist in this endeavor.

For further information on the NEPAD please visit: http://www.nepad.gov