Africa must urgently position itself at the centre of the next global economic transformation or risk being left behind, Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has warned.
Okonjo-Iweala made the call while addressing policymakers, investors and business leaders at the 7th Africa Emerging Markets Forum, where she urged African governments to invest aggressively in artificial intelligence (AI), renewable energy and critical mineral value chains.
She said Africa could no longer afford to depend on exporting raw commodities while other regions captured the greater wealth generated through technology, manufacturing and innovation.
According to the WTO chief, although African economies are gradually recovering from the effects of the COVID-19 pandemic, inflation, supply-chain disruptions and geopolitical conflicts, current growth levels remain insufficient to create the jobs, industries and prosperity needed to support the continent’s rapidly growing population.
She stressed that the future belongs to economies that innovate, create value and invest in their people.
Okonjo-Iweala therefore urged African governments to make deliberate investments in digital infrastructure, education, research, artificial intelligence and renewable energy as part of efforts to build more resilient and competitive economies.
The WTO director-general also called on African countries to strengthen their position in global critical mineral supply chains by processing and adding value to their mineral resources locally.
She identified lithium, cobalt, manganese, graphite and rare earth minerals among the strategic resources that could help Africa become a major player in the global green and digital economy.
Rather than exporting these minerals in raw form, she said African countries should develop industries capable of processing them and capturing more value within the continent.
Okonjo-Iweala described Africa’s abundance of strategic minerals as a “once-in-a-generation opportunity,” but said governments must establish the right policies to attract investment and support the development of local industries.
Her comments come as countries globally compete for dominance in artificial intelligence and access to critical minerals needed for electric vehicles, batteries, semiconductors and other advanced technologies.
Analysts have noted that Africa holds some of the world’s largest reserves of several critical minerals but continues to capture only a fraction of their economic value because much of the resources are exported without significant local processing.
Okonjo-Iweala also warned that rising public debt remains a major constraint to Africa’s economic transformation.
She called for greater fiscal discipline, stressing the need for governments to direct scarce public resources towards productive investments capable of supporting sustainable economic growth.
She said stronger investment in technology, human capital and productive industries would be critical to ensuring that Africa benefits from the economic opportunities emerging from global technological and energy transitions.
Also speaking at the forum, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, stressed that macroeconomic stability remains essential to attracting investment and sustaining economic growth.
Cardoso said the apex bank would continue implementing policies aimed at maintaining price stability, strengthening investor confidence and safeguarding Nigeria’s financial system amid growing global economic uncertainty.
The 7th Africa Emerging Markets Forum, themed “Building Resilience Amidst Geoeconomic Uncertainties,” brought together government officials, central bankers, economists, investors and development partners.
Participants examined how African economies can navigate rising geopolitical tensions, trade fragmentation and financial volatility while accelerating sustainable development across the continent.
