World Trade Organisation (WTO) Director-General Dr. Ngozi Okonjo-Iweala has urged African leaders to move away from reliance on foreign aid and instead focus on mobilizing domestic resources to attract investment and drive economic growth.
Speaking on the sidelines of the African Union meeting in Ethiopia, she emphasized the need for a mindset shift, noting that Africa possesses vast untapped financial and natural resources that could fuel sustainable development.
“Africa really needs to change its mindset about access to aid. We should begin to see it as a thing of the past,” Okonjo-Iweala stated, stressing that the priority should be on attracting investment and leveraging internal financial resources.
She pointed out that Africa holds approximately $250 billion in pension funds, yet much of this capital is invested outside the continent instead of being channeled into local economies. South Africa, Nigeria, Kenya, Morocco, Botswana, and Namibia hold the largest pension reserves, and she called for strategies to harness these funds for regional development.
Okonjo-Iweala also highlighted the need for the recapitalization of Africa’s multilateral development banks, such as the African Finance Corporation, to expand their financial capacity. While these institutions currently have a combined balance sheet of $70 billion, Africa’s infrastructure needs exceed $200 billion annually, making internal funding strategies imperative.
She further stressed the importance of Africa taking control of its mineral wealth—particularly lithium, manganese, and copper—which are critical for electric vehicle battery production. Developing local processing industries instead of exporting raw materials, she argued, would create jobs, enhance intra-continental trade, and boost economic independence.
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