The World Bank has said that aggressive investment in infrastructure and land reforms will speed up economic growth in African cities, according to a report by Xinhua.
According to Africa’s Cities: Opening Doors to the World report by the World Bank, investment in infrastructure and land market reforms will accelerate economic growth, creating more jobsand improve the competitiveness of urban centres.
The current urban population in Africa stands at 472 million people, and more that 187 million people are expected live in the urban areas by 2025 and it will double over the next 25 years to 1 billion people by 2040, predicted the report
Unfortunately the investments in the continent’s cities’ infrastructure, industrial and commercial structures are not at par with the speed at which people are pouring into the urban centres. In addition the cities have no investments in affordable formal housing to ensure the growing population is properly sheltered.
African cities are the most expensive in the world for businesses and household because they lack the connection for coordinated investments in infrastructure, residential and commercial structures. This investment will enhance agglomeration economies and connect people with jobs.
“What Africa needs are more affordable, connected, and livable cities,” said Makhtar Diop, WB Vice President for Africa.
