Title: The financialization of the Congolese economy: a lever for creating millionaires and developing local industry
Introduction :
In an era where economic development is at the heart of concerns, the Democratic Republic of Congo (DRC) must seize the opportunities offered by the financialization of its economy. For this, the researcher in Finance and Technology, Patrick Onoya, underlines the importance of boosting the activities of the private sector and facilitating the financing of projects. Through the development of local industry, it is possible to create Congolese millionaires and stimulate the country’s economic growth. In this article, we will explore Patrick Onoya’s recommendations and the issues related to the financialization of the Congolese economy.
The need to develop Congolese financial markets:
According to Patrick Onoya, the development of financial markets is crucial to supporting investment in production tools in the long term. Unfortunately, the financial markets in the DRC are poorly developed and do not meet the financing needs of projects. This often leads to difficulties in finding the necessary financial resources.
To remedy this situation, it is essential to promote the financialization of the Congolese economy. This involves increasing available financing and encouraging private sector participation in project financing. This approach would help fill the liquidity gap and create an environment conducive to economic development.
The paradigm shift: the State and the private sector hand in hand:
To achieve the ambitious goal of creating Congolese millionaires, it is necessary to rethink the role of the State in the economy. Patrick Onoya underlines that traditionally, it is the State which plays a leading role in the creation of millionaires through support for large companies. However, it is time to make a paradigm shift by giving more space to the private sector.
According to Patrick Onoya, the State must focus on facilitating and supporting the private sector in its development projects. This involves measures such as import substitution industrialization. By identifying the most imported consumer goods and developing local sectors to produce them, the State can create an economic dynamic favorable to the growth of Congolese businesses and the creation of millionaires.
The case of Nigeria and the lessons to be learned:
Patrick Onoya cites the example of Nigeria which, thanks to a policy of industrialization through import substitution, succeeded in achieving food self-sufficiency and creating a middle class made up of billionaires.. Inspired by this success, the DRC has the opportunity to follow a similar path and stimulate its economy by developing its own industries.
Conclusion :
The financialization of the Congolese economy offers interesting prospects for the economic development of the country. By promoting long-term investments and encouraging the private sector to play a leading role, it is possible to create Congolese millionaires and boost local industry. To do this, it is essential that the State puts in place the necessary measures to develop financial markets and support the private sector in its growth projects. The DRC thus has the opportunity to transform its economy and lay the foundations for sustainable and inclusive growth.