Ex Afreximbank President, Oramah urges Africa to turn global shocks into opportunities

By Henry Ojelu & Deborah Oladeji Former President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has urged African countries to take advantage of changing global realities and technological advancements to accelerate economic transformation. Oramah made the call while delivering the keynote address at the 20th AELEX Annual Lecture in Lagos, with the theme, “Beyond Survival: Global Shocks, the Information Age and Africa’s Opportunity to Leapfrog.” He said Africa must move beyond reacting to global disruptions and strategically position itself to benefit from emerging economic and technological opportunities.

According to him, geopolitical tensions, deglobalisation and rising protectionism are reshaping the global economy, creating an opportunity for African countries to rethink their development strategies. He identified dependence on foreign capital, currencies and raw material exports as major constraints to the continent’s growth, stressing the need for African countries to take greater control of their resources and financial systems.

“Capital is our greatest constraint. Capital that we own but do not control is not ours,” he said, noting that between $350 billion and $500 billion in African foreign exchange reserves were held outside the continent. Oramah called for the strengthening of indigenous financial institutions, increased local currency financing and investment in industries capable of processing the continent’s natural resources.

He also advocated the expansion of the Pan-African Payment and Settlement System (PAPSS) and effective implementation of the African Continental Free Trade Area (AfCFTA) to boost intra-African trade. Citing Kenya’s mobile money revolution, he said technology could enable African countries to leapfrog traditional stages of development. He stressed the need for investment in energy infrastructure, data centres and critical minerals processing to prevent the continent from remaining dependent on technologies developed elsewhere.

The Chairman of the occasion and Chairman of Ecobank Nigeria Limited, Mrs Bola Adesola, said effective leadership, strong institutions and adequate preparation were critical for businesses and governments to withstand global shocks. She emphasised investment in technology, business continuity planning and resilient supply chains, urging institutions to prepare for disruptions rather than wait for crises.

In his welcome remarks, a founding partner of AELEX, Mr Fubara Anga, SAN, described the annual lecture as a platform for discussing national issues, influencing public policy and strengthening institutions. He called for greater involvement of state and local governments in attracting investments and driving economic development, rather than leaving the responsibility solely to the Federal Government.

The question-and-answer session, moderated by Mr Femi Ojumu, examined issues including artificial intelligence, digital sovereignty and Nigeria’s energy infrastructure.