Okonjo-Iweala and Cardoso Urge African Nations to Double Local Trade, Process Resources, and Harness AI

Global economic disruptions, trade tensions, and technological shifts should not be viewed as a death sentence for African economies, but as a rare window of opportunity for the continent to reshape its financial destiny.

That was the dominant message delivered by the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during the 7th Africa Emerging Markets Forum in Abuja.

Addressing policymakers, financial leaders, and international delegates, both economic heavyweights agreed that while global trade fragmentation and supply chain shifts have created uncertainty worldwide, Africa is uniquely positioned to turn these vulnerabilities into sustainable growth.

Dr. Okonjo-Iweala dismissed fears that globalization is coming to an end, describing current realities as a transition into “competitive interdependence” where states compete vigorously while remaining deeply connected through trade. She challenged African governments to abandon the old “extract-and-export” model of shipping out raw cash crops and strategic minerals like lithium and cobalt, urging them instead to process materials locally and build strong sub-regional supply chains.

“What we are seeing is not the end of globalisation but its transformation,” Dr. Okonjo-Iweala noted. “Why can’t we move from under 20 per cent trade among ourselves? Even if we could double that over the next five or six years under the AfCFTA, let’s trade among ourselves rather than depending heavily on external markets.”

Echoing her stance, CBN Governor Olayemi Cardoso emphasized that the fundamental question facing African nations is no longer whether the global economic order is changing, but how the continent can actively shape it.

Cardoso argued that African nations must rely more on domestic savings, pension funds, and diaspora capital to finance long-term infrastructure projects. He also called for aggressive investment in digital infrastructure to ensure African youth become creators of artificial intelligence tools rather than passive consumers.

“The question before us is no longer whether the global order is changing, but how we turn that change from a source of vulnerability into a source of growth and shared prosperity,” Cardoso declared. “Africa must build its own digital capacity, fix cross-border payment barriers, and prepare its talented youth for an AI-driven global economy.”

Both leaders concluded the session by reminding governments across the continent that Africa’s booming youth population will only yield an “economic dividend” if state policies succeed in creating real, productive jobs in manufacturing, technology, and regional trade.