Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged African countries to embrace trade and investment as engines of growth and so lessen their dependence on outside assistance. She thinks this change of strategy might turn Africa into a global economic powerhouse.Â
Speaking at the 66th Annual Conference of the Nigerian Economic Society, Okonjo-Iweala stressed that unsustainable aid results from dwindling donor support and shifting global priorities. OECD numbers indicate a seven percent drop in world aid in 2024 and a sharp decline in the official development assistance share of Africa over the last decade. She noted that while aid is absolutely essential for problems like climate change, it falls short of covering the $1.3 trillion annual investment gap of Africa. required to fulfill the Sustainable Development Goals.
Okonjo-Iweala emphasized the specific benefits Africa offers in a rapidly changing environment. She identified three major assets: a young, educated, tech-savvy workforce; huge unutilized agricultural land; and minerals vital for green energy. Africa could comprise around a fourth of the world’s workforce by 2050, making it a centre for labour-intensive sectors;The News Chronicle reports.
Emphasizing Africa’s agricultural potential, she noted that the continent has two-thirds of the uncultivated arable ground globally. Africa could save about $100 billion a year if it helps to feed the world, and so reduces its dependence on food imports. She reminded decision-makers on minerals that Africa possesses around 30% of the reserves needed for renewable energy application,s including cobalt, manganese, and lithium.
Okono-Iweala contended that as nations try to diversify their supply chains away from too much reliance on China, Africa could profit even though geopolitical tensions are slowing down world trade expansion. Through projects such the African Continental Free Trade Area, she urged lawmakers to take advantage of this chance to promote manufacturing and boost intra-African trade.
Citing success stories, she celebrated the quick expansion of nations including Ethiopia, Rwanda, and CĂ´te d’Ivoire as well as African corporate champions Dangote Group, MTN, and Shoprite. She also commended Africa’s mobile money leadership, which produced $190 billion in sub-Saharan Africa’s GDP in 2023, as proof that the continent can innovate and take world-leading positions.
