World Trade Organisation Director-General Ngozi Okonjo-Iweala and Central Bank of Nigeria Governor Olayemi Cardoso have urged Nigeria and other African countries to take advantage of ongoing changes in the global economy to drive industrialisation, expand trade and achieve sustainable growth.
Speaking at the Seventh Africa Emerging Market Forum in Abuja on Wednesday, both leaders said geopolitical tensions, shifting trade patterns, technological advances and changing investment flows present Africa with opportunities rather than setbacks.
Okonjo-Iweala said globalisation is not ending but evolving into what she described as “competitive interdependence,” where countries compete more aggressively while remaining connected through trade and investment.
She urged African countries to position themselves as manufacturing and industrial hubs as multinational companies restructure global supply chains, adding that the continent must move beyond exporting raw materials.
According to her, Africa should build regional value chains that process critical minerals into higher-value products capable of creating jobs and strengthening industrial capacity.
Cardoso echoed the call, saying Africa must shift from being mainly a supplier of raw materials to becoming a producer of finished goods and services that can compete globally.
He also urged governments to attract investments that create jobs, transfer technology and develop local businesses rather than focusing solely on resource extraction.
Both leaders identified the African Continental Free Trade Area (AfCFTA) as a major opportunity to boost intra-African commerce, noting that trade within the continent currently accounts for only about 16 per cent of Africa’s total trade.
Cardoso said stronger regional value chains, improved transport infrastructure, harmonised customs procedures and more efficient cross-border payment systems would help unlock the continent’s economic potential.
The two economic leaders also stressed that transparent institutions, credible policies and macroeconomic stability remain essential for attracting investment and delivering long-term economic growth across Africa.
