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Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has called on African leaders to move away from depending on aid from developed nations and instead explore ways to harness the continent’s domestic resources for development.
Her comments come at a time when U.S. President Donald Trump announced the suspension of USAID activities worldwide, citing financial mismanagement.
In a statement at the African Union headquarters in Addis Ababa, Ethiopia, the former Nigerian Finance Minister emphasized this.
She stated that African nations must shift their focus from receiving aid to mobilizing investments and utilizing available local resources,
Adding that, especially with the suspension of billions in global health and education funding.
Okonjo-Iweala noted that Africa holds a wealth of untapped resources, including significant pension funds totalling around $250 billion, which could be used to fuel development within the continent.
She stressed the importance of rethinking the regulatory frameworks around pension funds, urging them to invest more within Africa rather than abroad.
Furthermore, the WTO boss highlighted the need for Africa to leverage its existing institutions, such as the African Finance Corporation and Afrexim Bank, to mobilize resources for infrastructure development.
She also pointed out the growing number of national development banks across the continent, which could be instrumental in financing Africa’s development needs.
Okonjo-Iweala also stressed that Africa must begin processing its raw materials within the continent.
Raw materials such as minerals like lithium, manganese, and copper, which are essential for manufacturing electric vehicles and batteries.
By doing so, Africa could create more jobs and increase intra-continental trade.
To this end, the WTO is working towards reducing trade barriers and improving Africa’s position in the global trade market.
With a focus on empowering African economies, Okonjo-Iweala’s message calls for innovative approaches to finance and self-sustainability in the face of shifting global dynamics.