Former Afreximbank President Calls for Africa to Seize Economic Opportunities

Professor Benedict Oramah, the former President of the African Export-Import Bank (Afreximbank), has encouraged African countries to leverage global changes and technological progress to boost their economies. He spoke at the 20th AELEX Annual Lecture in Lagos, focusing on how Africa can move beyond merely reacting to global challenges.

Oramah highlighted that geopolitical tensions and rising protectionism are changing the global economy. He believes this presents a chance for African nations to rethink their development plans. He pointed out that relying on foreign money and raw materials is holding Africa back and stressed the importance of controlling local resources and financial systems.

He noted that a significant amount of African foreign exchange reserves, estimated between $350 billion and $500 billion, is held outside the continent. Oramah called for stronger local financial institutions, more financing in local currencies, and investments in industries that can process Africa’s natural resources.

He also mentioned the need to expand the Pan-African Payment and Settlement System (PAPSS) and effectively implement the African Continental Free Trade Area (AfCFTA) to enhance trade between African countries. Oramah cited Kenya’s mobile money success as an example of how technology can help Africa bypass traditional development stages.

Investment in energy infrastructure and data centers is crucial, he said, to avoid dependence on foreign technologies. Bola Adesola, the Chairman of the occasion and head of Ecobank Nigeria Limited, emphasized that strong leadership and preparation are essential for businesses and governments to handle global challenges.

During the event, discussions also covered topics like artificial intelligence and Nigeria’s energy infrastructure, with calls for more involvement from state and local governments in attracting investments.