Ditch foreign aid or remain trapped — Okonjo-Iweala warns African leaders

 

The Director-General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has called on African leaders to stop relying on foreign aids and focus on mobilising domestic resources to attract investments and drive economic growth.

Okonjo-Iweala emphasised that African leaders need a mindset shift, saying the continent is blessed with vast untapped financial and natural resources that could drive sustainable development.

While speaking on the sidelines of the African Union meeting in Ethiopia, the WTO chief advised that foreign aid should be considered a thing of the past.

She said, “Africa really needs to change its mindset about access to aid. We should begin to see it as a thing of the past,”

“Our focus should be on two key areas — attracting investment and mobilising domestic resources.”

According to her, Africa holds approximately $250 billion in pension funds, but much of the funds is invested outside the continent, rather than being channelled into local economies.

“The biggest pension funds are in South Africa, followed by Nigeria, Kenya, Morocco, Botswana, and Namibia. These resources are hugely significant, and we need to find ways to tap into them,” she said.

The former Minister of Finance also called for the recapitalisation of Africa’s multilateral development banks, including the African Finance Corporation. She said this would expand their balance sheets and increase funding for key projects.

“At present, these institutions have a combined balance sheet of about $70 billion, but our infrastructure needs alone exceed $200 billion annually. Instead of looking outward for financial support, we must strengthen our own institutions,” she disclosed.

She further stressed the urgent need for African nations to take control of their vast mineral wealth, particularly lithium, manganese, and copper, which are key resources for electric vehicle battery production.

She urged that Africa develop its processing industries to create jobs, boost intra-continental trade, and discontinue exporting raw materials without value addition.

Related Posts

16 million Nigerians to face hunger crisis by January 2027 – Report

At least 16.99 million Nigerians will face acute hunger by January 2027, the latest projections by the Famine Early Warning Systems Network show. The figures are contained in FEWS NET’s…

US imposes 12.5% tariff on Nigerian imports over forced labour claims

  The United States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Air Peace Flights Disrupted As Aviation Unions Block Airport Terminals

  • By admin
  • August 11, 2026
  • 3 views
Air Peace Flights Disrupted As Aviation Unions Block Airport Terminals

Adeleke: I’m a bulldozer, not afraid of FG support for APC candidate

  • By admin
  • August 11, 2026
  • 3 views
Adeleke: I’m a bulldozer, not afraid of FG support for APC candidate

Syrian court sentences ex-president Bashar al-Assad to death for crimes against humanity

  • By admin
  • August 11, 2026
  • 5 views
Syrian court sentences ex-president Bashar al-Assad to death for crimes against humanity

Trump secretly flown from Turkey to UK amid Iran assassination threat – Reports

  • By admin
  • August 11, 2026
  • 11 views
Trump secretly flown from Turkey to UK amid Iran assassination threat – Reports

UPDATED: IMSU lecturers released after police briefly detained them for embarking on a strike

  • By admin
  • August 11, 2026
  • 12 views
UPDATED: IMSU lecturers released after police briefly detained them for embarking on a strike

17 bandits, 10 police officers killed in Zamfara

  • By admin
  • August 11, 2026
  • 7 views
17 bandits, 10 police officers killed in Zamfara