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Joe Studwell

👤 Speaker
240 total appearances

Appearances Over Time

Podcast Appearances

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

And then you have the problem that you've got to have infrastructure to have a modern economy.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

And you look at infrastructure cost per capita, and Africa in 1960 can't afford anything.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

Can't afford roads, can't afford power networks, can't afford irrigation systems, any of the things.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

There are things that get built usually with sort of foreign aid, but nothing is affordable within the internal capability of African governments.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

So you're just totally constrained.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

And if you want the...

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

the historical comparison for the population density, that of Africa in 1960 was equivalent to Europe in 1500.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

And so then we ask how much growth was there in Europe in 1500?

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

Well, there wasn't any.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

So why did we think that there was going to be lots of growth in Africa?

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

Yes, I think it was.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

You know, some of the things that were said in the 60s and the 70s about what Africa could do were frankly crazy and were really just based around some mineral investments.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

And people thought that these mineral enclaves were going to translate into broad economic development, which they don't anywhere else.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

in the world because mineral economies employ very few people and they are genuine enclaves cut off from the rest of the economy.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

And I'm not saying that you shouldn't dig up your minerals, you should dig up your minerals, but they do not lead to broad-based economic development.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

Yeah, so that's, I think, the biggest or the hardest evidence for optimism, if you like, in the book, would be what's been going on in agriculture since the mid-'90s.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

But to make things more straightforward, I provide data from 2000 onwards.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

Since when agricultural growth in Africa as a whole has been over 4% a year, highest rate in the world, and in many countries a lot higher than that,

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

You know, Nigeria has been doing 6% a year, and it's not because the government has got great agriculture policy.

Merryn Talks Money
Why Africa’s Population Boom Could Power Its Next Growth Era

It's because of the density of the population.