Great posts @Frangala where did you work previously?
The AU passport is a media-grabbing sham. If even slightly integrated regional blocs like the EAC struggle with dropping visa requirements, how will a continent wide process happen? It wont extend past the elites anytime soon.
I worked in Nigeria starting in 2014 for a firm financing small to medium sized enterprises that were not in the oil-sector. Nigeria's government revenues primarily come from selling crude and at the moment the barrel of crude was over $100 a lot of money was being generated but at the same time mismanaged (stolen) from national coffers. However, Nigeria is not very diversified therefore very oil-dependent meaning if oil prices dropped then the economy will be in a recession (like today). So the firm I worked at basically identified growing enterprises from the tech sector to agribusinesses and financed them to scale regionally eventually be able to export in addition offering management assistance.
The AU passport is a media-grabbing sham. If even slightly integrated regional blocs like the EAC struggle with dropping visa requirements, how will a continent wide process happen? It wont extend past the elites anytime soon.
People like you continuously miss the point. Its hilarious but you got this one-track minded talking point from articles from contrarians so I can't blame you.
Any system put in place benefits elites first. Most of Africa is unbanked but not the elite...lets not put in basic banking infrastructure because the agriculture class won't benefit in the near-term
I wouldn't compare banking infrastructure to an AU passport. Banking/financial services infrastructure immediately benefits everybody such as the ability to take out loan even in agriculture or agribusiness to start small businesses or to afford better agricultural inputs hence increasing employment meaning people now have livable wages and disposable income to send their kids to school, become consumers and eventually have enough money to travel and acquiring an AU passport for cross border business. So you are wrong to compare the two. This progression bolsters my point of prioritizing. The expansion financial services/banking infrastructure to the "non-elite" has greater impact on vast majority of citizens immediately than issuing an AU passport does not.
Fam, you aren't getting a loan without any access to credit or banking....what the hell are you talking about? Rural dwellers not having access to these things is literally one of the biggest issues on the continent. The elite do though and are the primary beneficiaries so by your logic its a useless system.
And you keep saying it like its just a piece of paper and not a framework/system to justify expansion of infrastructure and drive down business cost and fast-track integration to "benefit everybody."
So no, I'm not wrong for comparing the two. You have an infantile mind.
I rebutted by saying that it is the wrong analysis to make because expansion of financial services and banking has a larger short term impact on the majority of the citizens living in a country because it permits people to take out loans and stimulate economic activity in the immediate short term which leads to employment and issuing the AU passport thing does not have the same immediate effects of expanding financial services so you cannot say that being critical of the AU passport issue also means that you are likely to being opposed to expansion of financial services of the unbanked because both currently benefit the elites.
But expanding infrastructure as a way for the middle class Africans to make use of these passports wouldn't lower cost, decrease mortality rates, increase employment and increase intra-trade? Short term? It would take years to get the banking system you are talking about distributed to the masses. you dudes are on some other shyt
Intra-trade within an economic bloc doesn't mean shyt if individual states don't have a comparative advantage and aren't somewhat economically viable by themselves
should have been done this. Other african countries would benefit greatly from this project