[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.48,0:00:04.34,Default,,0000,0000,0000,,The narrative of a rising Africa\Nis being challenged.
Dialogue: 0,0:00:04.36,0:00:08.82,Default,,0000,0000,0000,,About 10 years ago,\NI spoke about an Africa,
Dialogue: 0,0:00:08.84,0:00:11.54,Default,,0000,0000,0000,,an Africa of hope and opportunity,
Dialogue: 0,0:00:11.56,0:00:13.50,Default,,0000,0000,0000,,an Africa of entrepreneurs,
Dialogue: 0,0:00:13.52,0:00:16.98,Default,,0000,0000,0000,,an Africa very different from the Africa\Nthat you normally hear about
Dialogue: 0,0:00:17.00,0:00:19.78,Default,,0000,0000,0000,,of death, poverty and disease.
Dialogue: 0,0:00:19.80,0:00:21.86,Default,,0000,0000,0000,,And that what I spoke about,
Dialogue: 0,0:00:21.88,0:00:27.34,Default,,0000,0000,0000,,became part of what is known now\Nas the narrative of the rising Africa.
Dialogue: 0,0:00:27.36,0:00:30.70,Default,,0000,0000,0000,,I want to tell you two stories\Nabout this rising Africa.
Dialogue: 0,0:00:30.72,0:00:32.50,Default,,0000,0000,0000,,The first has to do with Rwanda,
Dialogue: 0,0:00:32.52,0:00:35.94,Default,,0000,0000,0000,,a country that has gone\Nthrough many trials and tribulations.
Dialogue: 0,0:00:35.96,0:00:40.46,Default,,0000,0000,0000,,And Rwanda has decided to become\Nthe technology hub, or a technology hub
Dialogue: 0,0:00:40.48,0:00:41.82,Default,,0000,0000,0000,,on the continent.
Dialogue: 0,0:00:41.84,0:00:44.86,Default,,0000,0000,0000,,It's a country with mountainous\Nand hilly terrain,
Dialogue: 0,0:00:44.88,0:00:46.10,Default,,0000,0000,0000,,a little bit like here,
Dialogue: 0,0:00:46.12,0:00:49.30,Default,,0000,0000,0000,,so it's very difficult\Nto deliver services to people.
Dialogue: 0,0:00:49.32,0:00:51.02,Default,,0000,0000,0000,,So what has Rwanda said?
Dialogue: 0,0:00:51.04,0:00:54.70,Default,,0000,0000,0000,,In order to save lives,\Nit's going to try using drones
Dialogue: 0,0:00:54.72,0:00:57.94,Default,,0000,0000,0000,,to deliver lifesaving drugs,\Nvaccines and blood
Dialogue: 0,0:00:57.96,0:00:59.98,Default,,0000,0000,0000,,to people in hard-to-reach places
Dialogue: 0,0:01:00.00,0:01:02.50,Default,,0000,0000,0000,,in partnership with\Na company called Zipline,
Dialogue: 0,0:01:02.52,0:01:07.06,Default,,0000,0000,0000,,with UPS, and also with the Gavi,\Na global vaccine alliance.
Dialogue: 0,0:01:07.08,0:01:09.46,Default,,0000,0000,0000,,In doing this, it will save lives.
Dialogue: 0,0:01:09.48,0:01:14.78,Default,,0000,0000,0000,,This is part of the type of innovation\Nwe want to see in the rising Africa.
Dialogue: 0,0:01:14.80,0:01:17.34,Default,,0000,0000,0000,,The second story has to do with something
Dialogue: 0,0:01:17.36,0:01:20.38,Default,,0000,0000,0000,,that I'm sure most of you\Nhave seen or will remember.
Dialogue: 0,0:01:20.40,0:01:24.30,Default,,0000,0000,0000,,Very often, countries in Africa\Nsuffer drought and floods,
Dialogue: 0,0:01:24.32,0:01:28.02,Default,,0000,0000,0000,,and it's getting more frequent\Nbecause of climate change effects.
Dialogue: 0,0:01:28.04,0:01:33.74,Default,,0000,0000,0000,,When this happens, they normally wait\Nfor international appeals to raise money.
Dialogue: 0,0:01:33.76,0:01:37.14,Default,,0000,0000,0000,,You see pictures of children\Nwith flies on their faces,
Dialogue: 0,0:01:37.16,0:01:39.66,Default,,0000,0000,0000,,carcasses of dead animals and so on.
Dialogue: 0,0:01:39.68,0:01:42.70,Default,,0000,0000,0000,,Now these countries,\N32 countries, came together
Dialogue: 0,0:01:42.72,0:01:45.18,Default,,0000,0000,0000,,under the auspices of the African Union
Dialogue: 0,0:01:45.20,0:01:50.22,Default,,0000,0000,0000,,and decided to form an organization\Ncalled the African Risk Capacity.
Dialogue: 0,0:01:50.24,0:01:51.46,Default,,0000,0000,0000,,What does it do?
Dialogue: 0,0:01:51.48,0:01:53.58,Default,,0000,0000,0000,,It's a weather-based insurance agency,
Dialogue: 0,0:01:53.60,0:01:57.98,Default,,0000,0000,0000,,and what these countries do\Nis to pay insurance each year,
Dialogue: 0,0:01:58.00,0:02:00.94,Default,,0000,0000,0000,,about 3 million dollars a year\Nof their own resources,
Dialogue: 0,0:02:00.96,0:02:05.78,Default,,0000,0000,0000,,so that in the event they have\Na difficult drought situation or flood,
Dialogue: 0,0:02:05.80,0:02:08.42,Default,,0000,0000,0000,,this money will be paid out to them,
Dialogue: 0,0:02:08.44,0:02:11.18,Default,,0000,0000,0000,,which they can then use\Nto take care of their populations,
Dialogue: 0,0:02:11.20,0:02:13.98,Default,,0000,0000,0000,,instead of waiting for aid to come.
Dialogue: 0,0:02:14.00,0:02:18.22,Default,,0000,0000,0000,,The African Risk Capacity\Nlast year paid 26 million dollars
Dialogue: 0,0:02:18.24,0:02:20.74,Default,,0000,0000,0000,,to Mauritania, Senegal and Niger.
Dialogue: 0,0:02:20.76,0:02:26.22,Default,,0000,0000,0000,,This enabled them to take care\Nof 1.3 million people affected by drought.
Dialogue: 0,0:02:26.24,0:02:28.58,Default,,0000,0000,0000,,They were able to restore livelihoods,
Dialogue: 0,0:02:28.60,0:02:31.30,Default,,0000,0000,0000,,buy fodder for cattle,\Nfeed children in school
Dialogue: 0,0:02:31.32,0:02:37.10,Default,,0000,0000,0000,,and in short keep the populations home\Ninstead of migrating out of the area.
Dialogue: 0,0:02:37.12,0:02:38.98,Default,,0000,0000,0000,,So these are the kinds of stories
Dialogue: 0,0:02:39.00,0:02:42.62,Default,,0000,0000,0000,,of an Africa ready\Nto take responsibility for itself,
Dialogue: 0,0:02:42.64,0:02:45.82,Default,,0000,0000,0000,,and to look for solutions\Nfor its own problems.
Dialogue: 0,0:02:45.84,0:02:48.34,Default,,0000,0000,0000,,But that narrative is being challenged now
Dialogue: 0,0:02:48.36,0:02:53.18,Default,,0000,0000,0000,,because the continent has not\Nbeen doing well in the last two years.
Dialogue: 0,0:02:53.20,0:02:56.14,Default,,0000,0000,0000,,It had been growing\Nat five percent per annum
Dialogue: 0,0:02:56.16,0:02:58.10,Default,,0000,0000,0000,,for the last one and a half decades,
Dialogue: 0,0:02:58.12,0:03:00.90,Default,,0000,0000,0000,,but this year's forecast\Nwas three percent. Why?
Dialogue: 0,0:03:00.92,0:03:05.10,Default,,0000,0000,0000,,In an uncertain global environment,\Ncommodity prices have fallen.
Dialogue: 0,0:03:05.12,0:03:08.30,Default,,0000,0000,0000,,Many of the economies\Nare still commodity driven,
Dialogue: 0,0:03:08.32,0:03:10.88,Default,,0000,0000,0000,,and therefore their\Nperformance has slipped.
Dialogue: 0,0:03:11.48,0:03:15.46,Default,,0000,0000,0000,,And now the issue of Brexit\Ndoesn't make it any easier.
Dialogue: 0,0:03:15.48,0:03:19.10,Default,,0000,0000,0000,,I never knew that the Brexit could happen
Dialogue: 0,0:03:19.12,0:03:23.26,Default,,0000,0000,0000,,and that it could be one of the things\Nthat would cause global uncertainty
Dialogue: 0,0:03:23.28,0:03:24.58,Default,,0000,0000,0000,,such as we have.
Dialogue: 0,0:03:24.60,0:03:26.78,Default,,0000,0000,0000,,So now we've got this situation,
Dialogue: 0,0:03:26.80,0:03:29.66,Default,,0000,0000,0000,,and I think it's time to take stock
Dialogue: 0,0:03:29.68,0:03:34.54,Default,,0000,0000,0000,,and to say what were the things\Nthat the African countries did right?
Dialogue: 0,0:03:34.56,0:03:36.20,Default,,0000,0000,0000,,What did they do wrong?
Dialogue: 0,0:03:36.84,0:03:39.30,Default,,0000,0000,0000,,How do we build on all of this\Nand learn lessons
Dialogue: 0,0:03:39.32,0:03:42.12,Default,,0000,0000,0000,,so that we can keep Africa rising?
Dialogue: 0,0:03:42.72,0:03:46.08,Default,,0000,0000,0000,,So let me talk about six things\Nthat I think we did right.
Dialogue: 0,0:03:46.72,0:03:50.02,Default,,0000,0000,0000,,The first is managing\Nour economies better.
Dialogue: 0,0:03:50.04,0:03:54.30,Default,,0000,0000,0000,,The '80s and '90s were the lost decades,\Nwhen Africa was not doing well,
Dialogue: 0,0:03:54.32,0:03:57.94,Default,,0000,0000,0000,,and some of you will remember\Nan "Economist" cover
Dialogue: 0,0:03:57.96,0:03:59.98,Default,,0000,0000,0000,,that said, "The Lost Continent."
Dialogue: 0,0:04:00.00,0:04:04.10,Default,,0000,0000,0000,,But in the 2000s, policymakers learned
Dialogue: 0,0:04:04.12,0:04:08.38,Default,,0000,0000,0000,,that they needed to manage\Nthe macroeconomic environment better,
Dialogue: 0,0:04:08.40,0:04:09.94,Default,,0000,0000,0000,,to ensure stability,
Dialogue: 0,0:04:09.96,0:04:12.58,Default,,0000,0000,0000,,keep inflation low in single digits,
Dialogue: 0,0:04:12.60,0:04:18.18,Default,,0000,0000,0000,,keep their fiscal deficits low,\Nbelow three percent of GDP,
Dialogue: 0,0:04:18.20,0:04:22.10,Default,,0000,0000,0000,,give investors, both domestic and foreign,
Dialogue: 0,0:04:22.12,0:04:25.94,Default,,0000,0000,0000,,some stability so they'll have confidence\Nto invest in these economies.
Dialogue: 0,0:04:25.96,0:04:27.46,Default,,0000,0000,0000,,So that was number one.
Dialogue: 0,0:04:27.48,0:04:28.82,Default,,0000,0000,0000,,Two, debt.
Dialogue: 0,0:04:28.84,0:04:34.54,Default,,0000,0000,0000,,In 1994, the debt-to-GDP ratio\Nof African countries was 130 percent,
Dialogue: 0,0:04:34.56,0:04:36.82,Default,,0000,0000,0000,,and they didn't have fiscal space.
Dialogue: 0,0:04:36.84,0:04:39.86,Default,,0000,0000,0000,,They couldn't use their resources\Nto invest in their development
Dialogue: 0,0:04:39.88,0:04:41.34,Default,,0000,0000,0000,,because they were paying debt.
Dialogue: 0,0:04:41.36,0:04:46.10,Default,,0000,0000,0000,,There may be some of you in this room\Nwho worked to support African countries
Dialogue: 0,0:04:46.12,0:04:47.42,Default,,0000,0000,0000,,to get debt relief.
Dialogue: 0,0:04:47.44,0:04:51.90,Default,,0000,0000,0000,,So private creditors, multilaterals\Nand bilaterals came together
Dialogue: 0,0:04:51.92,0:04:55.54,Default,,0000,0000,0000,,and decided to do the Highly Indebted\NPoor Countries Initiative
Dialogue: 0,0:04:55.56,0:04:56.82,Default,,0000,0000,0000,,and give debt relief.
Dialogue: 0,0:04:56.84,0:04:58.94,Default,,0000,0000,0000,,So this debt relief in 2005
Dialogue: 0,0:04:58.96,0:05:02.90,Default,,0000,0000,0000,,made the debt-to-GDP ratio\Nfall down to about 30 percent,
Dialogue: 0,0:05:02.92,0:05:06.82,Default,,0000,0000,0000,,and there was enough resources\Nto try and reinvest.
Dialogue: 0,0:05:06.84,0:05:09.30,Default,,0000,0000,0000,,The third thing was\Nloss-making enterprises.
Dialogue: 0,0:05:09.32,0:05:11.38,Default,,0000,0000,0000,,Governments were involved in business
Dialogue: 0,0:05:11.40,0:05:13.66,Default,,0000,0000,0000,,which they had no business being in.
Dialogue: 0,0:05:13.68,0:05:16.78,Default,,0000,0000,0000,,And they were running businesses,\Nthey were making losses.
Dialogue: 0,0:05:16.80,0:05:19.54,Default,,0000,0000,0000,,So some of these enterprises\Nwere restructured,
Dialogue: 0,0:05:19.56,0:05:21.98,Default,,0000,0000,0000,,commercialized, privatized or closed,
Dialogue: 0,0:05:22.00,0:05:25.20,Default,,0000,0000,0000,,and they became\Nless of a burden on government.
Dialogue: 0,0:05:26.08,0:05:28.48,Default,,0000,0000,0000,,The fourth thing\Nwas a very interesting thing.
Dialogue: 0,0:05:29.20,0:05:31.50,Default,,0000,0000,0000,,The telecoms revolution came,
Dialogue: 0,0:05:31.52,0:05:34.10,Default,,0000,0000,0000,,and African countries jumped on it.
Dialogue: 0,0:05:34.12,0:05:36.74,Default,,0000,0000,0000,,In 2000, we had 11 million phone lines.
Dialogue: 0,0:05:36.76,0:05:42.10,Default,,0000,0000,0000,,Today, we have about 687 million\Nmobile lines on the continent.
Dialogue: 0,0:05:42.12,0:05:43.94,Default,,0000,0000,0000,,And this has enabled us
Dialogue: 0,0:05:43.96,0:05:46.62,Default,,0000,0000,0000,,to go, move forward\Nwith some mobile technology
Dialogue: 0,0:05:46.64,0:05:49.26,Default,,0000,0000,0000,,where Africa is actually leading.
Dialogue: 0,0:05:49.28,0:05:51.82,Default,,0000,0000,0000,,In Kenya, the development\Nof mobile money --
Dialogue: 0,0:05:51.84,0:05:54.62,Default,,0000,0000,0000,,M-Pesa, which all of you\Nhave heard about --
Dialogue: 0,0:05:54.64,0:05:58.10,Default,,0000,0000,0000,,it took some time for the world\Nto notice that Africa was ahead
Dialogue: 0,0:05:58.12,0:05:59.66,Default,,0000,0000,0000,,in this particular technology.
Dialogue: 0,0:05:59.68,0:06:02.90,Default,,0000,0000,0000,,And this mobile money\Nis also providing a platform
Dialogue: 0,0:06:02.92,0:06:05.38,Default,,0000,0000,0000,,for access to alternative energy.
Dialogue: 0,0:06:05.40,0:06:08.90,Default,,0000,0000,0000,,You know, people who can now pay for solar
Dialogue: 0,0:06:08.92,0:06:13.14,Default,,0000,0000,0000,,the same way they pay\Nfor cards for their telephone.
Dialogue: 0,0:06:13.16,0:06:17.68,Default,,0000,0000,0000,,So this was a very good development,\Nsomething that went right.
Dialogue: 0,0:06:18.24,0:06:22.74,Default,,0000,0000,0000,,We also invested more\Nin education and health, not enough,
Dialogue: 0,0:06:22.76,0:06:24.42,Default,,0000,0000,0000,,but there were some improvements.
Dialogue: 0,0:06:24.44,0:06:29.96,Default,,0000,0000,0000,,250 million children were immunized\Nin the last one and a half decades.
Dialogue: 0,0:06:30.52,0:06:33.90,Default,,0000,0000,0000,,The other thing was\Nthat conflicts decreased.
Dialogue: 0,0:06:33.92,0:06:35.98,Default,,0000,0000,0000,,There were many conflicts\Non the continent.
Dialogue: 0,0:06:36.00,0:06:37.46,Default,,0000,0000,0000,,Many of you are aware of that.
Dialogue: 0,0:06:37.48,0:06:42.30,Default,,0000,0000,0000,,But they came down, and our leaders\Neven managed to dampen some coups.
Dialogue: 0,0:06:42.32,0:06:46.38,Default,,0000,0000,0000,,New types of conflicts have emerged,\Nand I'll refer to those later.
Dialogue: 0,0:06:46.40,0:06:50.02,Default,,0000,0000,0000,,So based on all this, there's also\Nsome differentiation on the continent
Dialogue: 0,0:06:50.04,0:06:51.50,Default,,0000,0000,0000,,that I want you to know about,
Dialogue: 0,0:06:51.52,0:06:54.02,Default,,0000,0000,0000,,because even as\Nthe doom and gloom is here,
Dialogue: 0,0:06:54.04,0:06:58.02,Default,,0000,0000,0000,,there are some countries --\NCôte d'Ivoire, Kenya, Ethiopia,
Dialogue: 0,0:06:58.04,0:07:02.32,Default,,0000,0000,0000,,Tanzania and Senegal are performing\Nrelatively well at the moment.
Dialogue: 0,0:07:03.12,0:07:05.26,Default,,0000,0000,0000,,But what did we do wrong?
Dialogue: 0,0:07:05.28,0:07:06.66,Default,,0000,0000,0000,,Let me mention eight things.
Dialogue: 0,0:07:06.68,0:07:08.86,Default,,0000,0000,0000,,You have to have\Nmore things wrong than right.
Dialogue: 0,0:07:08.88,0:07:10.34,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:07:10.36,0:07:12.74,Default,,0000,0000,0000,,So there are eight things we did wrong.
Dialogue: 0,0:07:12.76,0:07:16.28,Default,,0000,0000,0000,,The first was that even though we grew,\Nwe didn't create enough jobs.
Dialogue: 0,0:07:16.80,0:07:18.70,Default,,0000,0000,0000,,We didn't create jobs for our youth.
Dialogue: 0,0:07:18.72,0:07:21.66,Default,,0000,0000,0000,,Youth unemployment on the continent\Nis about 15 percent,
Dialogue: 0,0:07:21.68,0:07:24.72,Default,,0000,0000,0000,,and underemployment is a serious problem.
Dialogue: 0,0:07:25.40,0:07:30.94,Default,,0000,0000,0000,,The second thing that we did is that\Nthe quality of growth was not good enough.
Dialogue: 0,0:07:30.96,0:07:34.50,Default,,0000,0000,0000,,Even those jobs we created\Nwere low-productivity jobs,
Dialogue: 0,0:07:34.52,0:07:38.02,Default,,0000,0000,0000,,so we moved people\Nfrom low-productivity agriculture
Dialogue: 0,0:07:38.04,0:07:41.98,Default,,0000,0000,0000,,to low-productivity commerce\Nand working in the informal sector
Dialogue: 0,0:07:42.00,0:07:43.72,Default,,0000,0000,0000,,in the urban areas.
Dialogue: 0,0:07:44.24,0:07:48.04,Default,,0000,0000,0000,,The third thing\Nis that inequality increased.
Dialogue: 0,0:07:48.60,0:07:53.58,Default,,0000,0000,0000,,So we created more billionaires.
Dialogue: 0,0:07:53.60,0:07:56.30,Default,,0000,0000,0000,,50 billionaires worth 96 billion dollars
Dialogue: 0,0:07:56.32,0:08:01.16,Default,,0000,0000,0000,,own more wealth than the bottom\N75 million people on the continent.
Dialogue: 0,0:08:01.92,0:08:03.50,Default,,0000,0000,0000,,Poverty,
Dialogue: 0,0:08:03.52,0:08:07.90,Default,,0000,0000,0000,,the proportion of people in poverty --\Nthat's the fourth thing -- did decrease,
Dialogue: 0,0:08:07.92,0:08:12.02,Default,,0000,0000,0000,,but the absolute numbers did not\Nbecause of population growth.
Dialogue: 0,0:08:12.04,0:08:14.62,Default,,0000,0000,0000,,And population growth is something
Dialogue: 0,0:08:14.64,0:08:18.06,Default,,0000,0000,0000,,that we don't have enough\Nof a dialogue about on the continent.
Dialogue: 0,0:08:18.08,0:08:21.22,Default,,0000,0000,0000,,And I think we will need\Nto get a handle on it,
Dialogue: 0,0:08:21.24,0:08:24.50,Default,,0000,0000,0000,,particularly how we educate girls.
Dialogue: 0,0:08:24.52,0:08:29.16,Default,,0000,0000,0000,,That is the road to really working\Non this particular issue.
Dialogue: 0,0:08:29.88,0:08:36.70,Default,,0000,0000,0000,,The fifth thing is that we didn't invest\Nenough in infrastructure.
Dialogue: 0,0:08:36.72,0:08:38.82,Default,,0000,0000,0000,,We had investment from the Chinese.
Dialogue: 0,0:08:38.84,0:08:42.06,Default,,0000,0000,0000,,That helped some countries,\Nbut it's not enough.
Dialogue: 0,0:08:42.08,0:08:45.42,Default,,0000,0000,0000,,The consumption of electricity\Nin Africa on the continent
Dialogue: 0,0:08:45.44,0:08:49.02,Default,,0000,0000,0000,,in Sub-Saharan Africa\Nis equivalent to Spain.
Dialogue: 0,0:08:49.04,0:08:52.50,Default,,0000,0000,0000,,The total consumption\Nis equivalent to that of Spain.
Dialogue: 0,0:08:52.52,0:08:55.18,Default,,0000,0000,0000,,So many people are living in the dark,
Dialogue: 0,0:08:55.20,0:08:58.78,Default,,0000,0000,0000,,and as the President of the African\NDevelopment Bank said recently,
Dialogue: 0,0:08:58.80,0:09:01.08,Default,,0000,0000,0000,,Africa cannot develop in the dark.
Dialogue: 0,0:09:02.12,0:09:04.26,Default,,0000,0000,0000,,The other thing we have not done
Dialogue: 0,0:09:04.28,0:09:09.70,Default,,0000,0000,0000,,is that our economies\Nretain the same structure
Dialogue: 0,0:09:09.72,0:09:11.34,Default,,0000,0000,0000,,that we've had for decades.
Dialogue: 0,0:09:11.36,0:09:13.02,Default,,0000,0000,0000,,So even though we've been growing,
Dialogue: 0,0:09:13.04,0:09:15.74,Default,,0000,0000,0000,,the structure of the economies\Nhas not changed very much.
Dialogue: 0,0:09:15.76,0:09:18.34,Default,,0000,0000,0000,,We are still exporting commodities,
Dialogue: 0,0:09:18.36,0:09:22.22,Default,,0000,0000,0000,,and exporting commodities is what?\NIt's exporting jobs.
Dialogue: 0,0:09:22.24,0:09:25.54,Default,,0000,0000,0000,,Our manufacturing value-added\Nis only 11 percent.
Dialogue: 0,0:09:25.56,0:09:30.10,Default,,0000,0000,0000,,We are not creating enough\Ndecent manufacturing jobs for our youth,
Dialogue: 0,0:09:30.12,0:09:32.74,Default,,0000,0000,0000,,and trade among ourselves is low.
Dialogue: 0,0:09:32.76,0:09:36.26,Default,,0000,0000,0000,,Only about 12 percent of our trade\Nis among ourselves.
Dialogue: 0,0:09:36.28,0:09:38.98,Default,,0000,0000,0000,,So that's another serious problem.
Dialogue: 0,0:09:39.00,0:09:41.10,Default,,0000,0000,0000,,Then governance.
Dialogue: 0,0:09:41.12,0:09:43.54,Default,,0000,0000,0000,,Governance is a serious issue.
Dialogue: 0,0:09:43.56,0:09:45.78,Default,,0000,0000,0000,,We have weak institutions,
Dialogue: 0,0:09:45.80,0:09:50.82,Default,,0000,0000,0000,,and sometimes nonexistent institutions,\Nand I think this gives way for corruption.
Dialogue: 0,0:09:50.84,0:09:56.06,Default,,0000,0000,0000,,Corruption is an issue that we have not\Nyet gotten a good enough handle on,
Dialogue: 0,0:09:56.08,0:09:58.70,Default,,0000,0000,0000,,and we have to fight tooth and nail,
Dialogue: 0,0:09:58.72,0:10:02.30,Default,,0000,0000,0000,,that and increased transparency\Nin the way we manage our economies
Dialogue: 0,0:10:02.32,0:10:04.78,Default,,0000,0000,0000,,and the way we manage our finances.
Dialogue: 0,0:10:04.80,0:10:09.54,Default,,0000,0000,0000,,We also need to be wary of new conflicts,
Dialogue: 0,0:10:09.56,0:10:11.50,Default,,0000,0000,0000,,new types of conflicts,
Dialogue: 0,0:10:11.52,0:10:14.74,Default,,0000,0000,0000,,such as we have with Boko Haram\Nin my country, Nigeria,
Dialogue: 0,0:10:14.76,0:10:16.82,Default,,0000,0000,0000,,and with Al-Shabaab in Kenya.
Dialogue: 0,0:10:16.84,0:10:20.18,Default,,0000,0000,0000,,We need to partner\Nwith international partners,
Dialogue: 0,0:10:20.20,0:10:23.06,Default,,0000,0000,0000,,developed countries,\Nto fight this together.
Dialogue: 0,0:10:23.08,0:10:24.98,Default,,0000,0000,0000,,Otherwise, we create a new reality
Dialogue: 0,0:10:25.00,0:10:28.26,Default,,0000,0000,0000,,which is not the type\Nwe want for a rising Africa.
Dialogue: 0,0:10:28.28,0:10:31.82,Default,,0000,0000,0000,,And finally, the issue of education.
Dialogue: 0,0:10:31.84,0:10:35.14,Default,,0000,0000,0000,,Our education systems\Nin many countries are broken.
Dialogue: 0,0:10:35.16,0:10:39.70,Default,,0000,0000,0000,,We are not creating the types of skills\Nneeded for the future.
Dialogue: 0,0:10:39.72,0:10:42.36,Default,,0000,0000,0000,,So we have to find a way\Nto educate better.
Dialogue: 0,0:10:42.92,0:10:45.64,Default,,0000,0000,0000,,So those are the things\Nthat we are not doing right.
Dialogue: 0,0:10:46.24,0:10:48.64,Default,,0000,0000,0000,,Now, where do we go from there?
Dialogue: 0,0:10:49.24,0:10:53.94,Default,,0000,0000,0000,,I believe that the way forward\Nis to learn to manage success.
Dialogue: 0,0:10:53.96,0:10:57.70,Default,,0000,0000,0000,,Very often, when people succeed\Nor countries succeed,
Dialogue: 0,0:10:57.72,0:10:59.92,Default,,0000,0000,0000,,they forget what made them succeed.
Dialogue: 0,0:11:00.68,0:11:03.22,Default,,0000,0000,0000,,Learning what you're successful at,
Dialogue: 0,0:11:03.24,0:11:05.66,Default,,0000,0000,0000,,managing it and keeping it\Nis vital for us.
Dialogue: 0,0:11:05.68,0:11:07.90,Default,,0000,0000,0000,,So all those things I said we did right,
Dialogue: 0,0:11:07.92,0:11:11.82,Default,,0000,0000,0000,,we have to learn to do it right again,\Nkeep doing it right.
Dialogue: 0,0:11:11.84,0:11:15.42,Default,,0000,0000,0000,,Managing the economy while\Ncreating stability is vital,
Dialogue: 0,0:11:15.44,0:11:18.94,Default,,0000,0000,0000,,getting prices right,\Nand policy consistency.
Dialogue: 0,0:11:18.96,0:11:21.34,Default,,0000,0000,0000,,Very often, we are not consistent.
Dialogue: 0,0:11:21.36,0:11:23.62,Default,,0000,0000,0000,,One regime goes out, another comes in
Dialogue: 0,0:11:23.64,0:11:27.10,Default,,0000,0000,0000,,and they throw away even the functioning\Npolicies that were there before.
Dialogue: 0,0:11:27.12,0:11:28.38,Default,,0000,0000,0000,,What does this do?
Dialogue: 0,0:11:28.40,0:11:30.78,Default,,0000,0000,0000,,It creates uncertainty\Nfor people, for households,
Dialogue: 0,0:11:30.80,0:11:32.18,Default,,0000,0000,0000,,uncertainties for business.
Dialogue: 0,0:11:32.20,0:11:34.90,Default,,0000,0000,0000,,They don't know whether and how to invest.
Dialogue: 0,0:11:34.92,0:11:39.26,Default,,0000,0000,0000,,Debt: we must manage\Nthe success we had in reducing our debt,
Dialogue: 0,0:11:39.28,0:11:41.82,Default,,0000,0000,0000,,but now countries\Nare back to borrowing again,
Dialogue: 0,0:11:41.84,0:11:45.26,Default,,0000,0000,0000,,and we see our debt-to-GDP ratio\Nbeginning to creep up,
Dialogue: 0,0:11:45.28,0:11:46.74,Default,,0000,0000,0000,,and in certain countries,
Dialogue: 0,0:11:46.76,0:11:49.26,Default,,0000,0000,0000,,debt is becoming a problem,\Nso we have to avoid that.
Dialogue: 0,0:11:49.28,0:11:50.74,Default,,0000,0000,0000,,So managing success.
Dialogue: 0,0:11:50.76,0:11:53.42,Default,,0000,0000,0000,,The next thing\Nis focusing with a laser beam
Dialogue: 0,0:11:53.44,0:11:55.30,Default,,0000,0000,0000,,on those things we did not do well.
Dialogue: 0,0:11:55.32,0:11:57.18,Default,,0000,0000,0000,,First and foremost is infrastructure.
Dialogue: 0,0:11:57.20,0:12:00.78,Default,,0000,0000,0000,,Yes, most countries now recognize\Nthey have to invest in this,
Dialogue: 0,0:12:00.80,0:12:03.42,Default,,0000,0000,0000,,and they are trying to do\Nthe best they can to do that.
Dialogue: 0,0:12:03.44,0:12:04.66,Default,,0000,0000,0000,,We must.
Dialogue: 0,0:12:04.68,0:12:06.34,Default,,0000,0000,0000,,The most important thing is power.
Dialogue: 0,0:12:06.36,0:12:08.62,Default,,0000,0000,0000,,You cannot develop in the dark.
Dialogue: 0,0:12:08.64,0:12:10.90,Default,,0000,0000,0000,,And then governance and corruption:
Dialogue: 0,0:12:10.92,0:12:12.14,Default,,0000,0000,0000,,we have to fight.
Dialogue: 0,0:12:12.16,0:12:14.94,Default,,0000,0000,0000,,We have to make our countries transparent.
Dialogue: 0,0:12:14.96,0:12:18.54,Default,,0000,0000,0000,,And above all, we have to\Nengage our young people.
Dialogue: 0,0:12:18.56,0:12:20.78,Default,,0000,0000,0000,,We have genius in our young people.
Dialogue: 0,0:12:20.80,0:12:22.06,Default,,0000,0000,0000,,I see it every day.
Dialogue: 0,0:12:22.08,0:12:25.62,Default,,0000,0000,0000,,It's what makes me wake up\Nin the morning and feel ready to go.
Dialogue: 0,0:12:25.64,0:12:28.02,Default,,0000,0000,0000,,We have to unleash\Nthe genius of our young people,
Dialogue: 0,0:12:28.04,0:12:31.30,Default,,0000,0000,0000,,get out of their way,\Nsupport them to create and innovate
Dialogue: 0,0:12:31.32,0:12:32.54,Default,,0000,0000,0000,,and lead the way.
Dialogue: 0,0:12:32.56,0:12:35.26,Default,,0000,0000,0000,,And I know that they will lead us\Nin the right direction.
Dialogue: 0,0:12:35.28,0:12:37.46,Default,,0000,0000,0000,,And our women, and our girls:
Dialogue: 0,0:12:37.48,0:12:40.54,Default,,0000,0000,0000,,we have to recognize\Nthat girls and women are a gift.
Dialogue: 0,0:12:40.56,0:12:42.06,Default,,0000,0000,0000,,They have strength,
Dialogue: 0,0:12:42.08,0:12:44.22,Default,,0000,0000,0000,,and we have to unleash that strength
Dialogue: 0,0:12:44.24,0:12:47.18,Default,,0000,0000,0000,,so that they can\Ncontribute to the continent.
Dialogue: 0,0:12:47.20,0:12:51.02,Default,,0000,0000,0000,,I strongly believe\Nthat when we do all of these things,
Dialogue: 0,0:12:51.04,0:12:54.26,Default,,0000,0000,0000,,we find that the rising Africa narrative
Dialogue: 0,0:12:54.28,0:12:55.86,Default,,0000,0000,0000,,is not a fluke.
Dialogue: 0,0:12:55.88,0:12:57.12,Default,,0000,0000,0000,,It's a trend.
Dialogue: 0,0:12:57.72,0:13:01.54,Default,,0000,0000,0000,,It's a trend, and if we continue,\Nif we unleash our youth,
Dialogue: 0,0:13:01.56,0:13:02.90,Default,,0000,0000,0000,,if we unleash our women,
Dialogue: 0,0:13:02.92,0:13:04.94,Default,,0000,0000,0000,,we may step backwards sometimes,
Dialogue: 0,0:13:04.96,0:13:06.86,Default,,0000,0000,0000,,we may even step sideways,
Dialogue: 0,0:13:06.88,0:13:08.50,Default,,0000,0000,0000,,but the trend is clear.
Dialogue: 0,0:13:08.52,0:13:10.54,Default,,0000,0000,0000,,Africa will continue to rise.
Dialogue: 0,0:13:10.56,0:13:14.30,Default,,0000,0000,0000,,And I tell you businesspeople\Nin the audience,
Dialogue: 0,0:13:14.32,0:13:17.78,Default,,0000,0000,0000,,investment in Africa is not for today,\Nis not for tomorrow,
Dialogue: 0,0:13:17.80,0:13:21.06,Default,,0000,0000,0000,,it's not a short-term thing,\Nit's a longer term thing.
Dialogue: 0,0:13:21.08,0:13:23.50,Default,,0000,0000,0000,,But if you are not invested in Africa,
Dialogue: 0,0:13:23.52,0:13:24.94,Default,,0000,0000,0000,,then you will be missing
Dialogue: 0,0:13:24.96,0:13:29.22,Default,,0000,0000,0000,,one of the most important\Nemerging opportunities in the world.
Dialogue: 0,0:13:29.24,0:13:30.46,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:13:30.48,0:13:33.00,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:13:39.23,0:13:41.90,Default,,0000,0000,0000,,Kelly Stoetzel: So you mentioned\Ncorruption in your talk,
Dialogue: 0,0:13:41.92,0:13:45.42,Default,,0000,0000,0000,,and you're known, well-known\Nas a strong anticorruption fighter.
Dialogue: 0,0:13:45.44,0:13:47.98,Default,,0000,0000,0000,,But that's had consequences.
Dialogue: 0,0:13:48.00,0:13:50.94,Default,,0000,0000,0000,,People have fought back,\Nand your mother was kidnapped.
Dialogue: 0,0:13:50.96,0:13:52.52,Default,,0000,0000,0000,,How have you been handling this?
Dialogue: 0,0:13:53.28,0:13:55.46,Default,,0000,0000,0000,,Ngozi Okonjo-Iweala:\NIt's been very difficult.
Dialogue: 0,0:13:55.48,0:13:59.82,Default,,0000,0000,0000,,Thank you for mentioning\Nthe issue of the kidnap of my mother.
Dialogue: 0,0:13:59.84,0:14:02.42,Default,,0000,0000,0000,,It's a very difficult subject.
Dialogue: 0,0:14:02.44,0:14:06.30,Default,,0000,0000,0000,,But what it means\Nis that when you fight corruption,
Dialogue: 0,0:14:06.32,0:14:09.74,Default,,0000,0000,0000,,when you touch the pockets\Nof people who are stealing money,
Dialogue: 0,0:14:09.76,0:14:11.62,Default,,0000,0000,0000,,they don't just keep quiet.
Dialogue: 0,0:14:11.64,0:14:15.30,Default,,0000,0000,0000,,They fight back, and the issue for you\Nis when they try to intimidate you,
Dialogue: 0,0:14:15.32,0:14:18.78,Default,,0000,0000,0000,,do you give up, or do you fight on?
Dialogue: 0,0:14:18.80,0:14:21.94,Default,,0000,0000,0000,,Do you find a way\Nto stay on and fight back?
Dialogue: 0,0:14:21.96,0:14:26.22,Default,,0000,0000,0000,,And the answer that I had\Nwith the teams I worked with
Dialogue: 0,0:14:26.24,0:14:28.02,Default,,0000,0000,0000,,is we have to fight on.
Dialogue: 0,0:14:28.04,0:14:29.86,Default,,0000,0000,0000,,We have to create those institutions.
Dialogue: 0,0:14:29.88,0:14:33.10,Default,,0000,0000,0000,,We have to find ways to stop these people
Dialogue: 0,0:14:33.12,0:14:36.30,Default,,0000,0000,0000,,from taking away\Nthe heritage of the future.
Dialogue: 0,0:14:36.32,0:14:38.22,Default,,0000,0000,0000,,And so that's what we did.
Dialogue: 0,0:14:38.24,0:14:41.86,Default,,0000,0000,0000,,And even out of government,\Nwe continued to make that point.
Dialogue: 0,0:14:41.88,0:14:45.86,Default,,0000,0000,0000,,In our countries, nobody,\Nnobody is going to fight corruption
Dialogue: 0,0:14:45.88,0:14:47.42,Default,,0000,0000,0000,,for us but us.
Dialogue: 0,0:14:47.44,0:14:49.66,Default,,0000,0000,0000,,And therefore,\Nthat comes with consequences,
Dialogue: 0,0:14:49.68,0:14:51.58,Default,,0000,0000,0000,,and we just have to do the best we can.
Dialogue: 0,0:14:51.60,0:14:55.02,Default,,0000,0000,0000,,But I thank you and thank TED\Nfor giving us a voice
Dialogue: 0,0:14:55.04,0:14:58.34,Default,,0000,0000,0000,,to say to those people, you will not win,
Dialogue: 0,0:14:58.36,0:15:00.70,Default,,0000,0000,0000,,and we will not be intimidated.
Dialogue: 0,0:15:00.72,0:15:01.94,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:15:01.96,0:15:03.18,Default,,0000,0000,0000,,(Applause)
Dialogue: 0,0:15:03.20,0:15:06.67,Default,,0000,0000,0000,,Kelly Stoetzel: Thank you so much\Nfor your great talk and important work.
Dialogue: 0,0:15:06.69,0:15:10.06,Default,,0000,0000,0000,,(Applause)