Nigerian president Goodluck Jonathan agreed that overall, the continent has become much more stable politically and economically.

Nigerian President Goodluck Jonathan at 2013 World Economic Forum Annual Meeting. (Credit: WEC)

“Before this time, the growth rate has been stagnant, just as Zuma said. But over the period the growth rate of a number of African countries is significantly above the world average. Countries like, of course, Ethiopia, Ghana, Niger, Liberia, though they are small economies. But in terms of growth it’s quite significant. That shows a focus and a promise,” he said.

Mr. Jonathan was asked whether Nigeria is vulnerable to global economic shocks because it relies so heavily on one commodity – oil.

“Any country that depends on one major commodity – it’s a big risk because anything that affects the oil production or the global oil price – it affects us. Of course that is one aspect. And that is why we are looking to different areas,” he said.

These include agriculture and minerals.

“We have the potential,” he said.

He added that the opportunity for Nigeria to diversify its economy is due to political stability after years of political turmoil, including military rule.

Sunil Bharti Mittal, president and CEO of the Indian firm Bharti Enterprises and co-chair of the India-Africa Business Council, took part in the discussion. His company provides mobile telecommunication services.