Director General of the World Trade Organisation (WTO), Dr Ngozi Okonjo Iweala has said Africa needs the oncoming vaccine equity to give young entrepreneurs on the continent a platform and ecosystem to thrive.
Nigeria’s former Finance Minister and coordinating minister of the economy disclosed this at the UBA Africa Day event on Tuesday themed: “Africa to the world.”
She said: “If we are to recover sustainably from this crisis, we have to correct vaccine inequity that is evident in the world today.”
“The fact that we have vaccinated so little is not acceptable, the fact that we import 99% of vaccines and 90% of pharmaceuticals is not acceptable.”
She also said the International Monetary Fund (IMF) said if $50 billion is spent to vaccinate 40 percent of the world’s population by 2021, and 60% by 2022, there would be a reversal of the vaccine inequity and the world’s global Gross Domestic Product (GDP) can gain $9 trillion by 2025.
“It is important for the world that Africa benefits from vaccine equity, we cannot recover sustainably without it,” she noted.
She also stated that Africa needs to fight the pandemic either by getting more vaccines in or manufacturing locally, citing that the WTO stands ready to do it and keep supply chains open for this.
“When we do this, not if, when we reverse this inequity, we will be able to create the type of platform, that will give young entrepreneurs, and show the world that Africa and its youth can be part of the present and very important part of the future,” a report by Nairametrics stated.
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