- Okonjo-Iweala urged Africa to invest in AI and clean energy
- She called for local processing of the continent’s critical minerals
- Cardoso said macroeconomic stability is key to attracting investment
Africa must take decisive steps to secure its place in the next phase of the global economy by investing in artificial intelligence, renewable energy and value-added mineral processing, according to the Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala.
Speaking at the 7th Africa Emerging Markets Forum, Eko Hot Blog gathered that Okonjo-Iweala urged African leaders to shift away from reliance on raw commodity exports and instead focus on industries driven by technology, manufacturing and innovation.
She noted that although many African economies have started recovering from the effects of the COVID-19 pandemic, inflation, supply chain disruptions and geopolitical tensions, the pace of growth remains insufficient to create the jobs and economic opportunities needed for the continent’s expanding population.
Okonjo-Iweala stressed that countries seeking long-term prosperity must prioritise investments in digital infrastructure, education, research, artificial intelligence and clean energy to remain competitive in the evolving global economy.
She also called on African nations to maximise the value of their vast reserves of critical minerals such as lithium, cobalt, manganese, graphite and rare earth elements by developing local processing industries rather than exporting the resources in their raw form.
According to her, the continent has a rare opportunity to become a key player in the global green and digital economy if governments introduce policies that encourage investment and support industrial development.
The WTO chief also warned that rising public debt remains a major obstacle to economic transformation, urging governments to maintain fiscal discipline while directing available resources toward productive investments capable of generating sustainable economic growth.
Her remarks come as countries worldwide compete to dominate artificial intelligence and secure supplies of critical minerals essential for electric vehicles, batteries, semiconductors and other advanced technologies.
Experts believe Africa possesses some of the world’s largest deposits of these strategic minerals but continues to earn limited returns because most of the resources are exported without significant local value addition.
Also addressing participants at the forum, Governor of the Central Bank of Nigeria, Olayemi Cardoso, said maintaining macroeconomic stability is essential for attracting investment and sustaining economic growth.
Cardoso said the Central Bank would continue implementing policies aimed at ensuring price stability, strengthening investor confidence and protecting Nigeria’s financial system despite increasing global economic uncertainties.
The 7th Africa Emerging Markets Forum, themed “Building Resilience Amidst Geoeconomic Uncertainties,” brought together policymakers, central bankers, investors, economists and development partners to discuss strategies for helping African economies navigate global challenges while promoting sustainable development
