Prof. Benedict Oramah has advised African countries to pursue self-determination through inward-looking policies and programmes.
He urged them to leverage the African Continental Free Trade Area (AfCFTA) opportunities to boost trade and reduce poverty.
Oramah, who is the President and Chairman, Board of Directors, African Export-Import Bank (Afreximbank), made the call on Thursday.
He spoke at the 8th Goddy Jidenma Foundation Biennial Public Lecture in Lagos.
Speaking on the topic “The Trade Route to Poverty Reduction in Africa in a De-Globalizing World,” he said trade was the most potent force needed for economic transformation.
He said that while the waves of globalisation fostered the transformation of developing economies in Asia and elsewhere, Africa failed to leverage the opportunities.
“In an era of deglobalization, Africa cannot ignore the opportunity to pursue self-determination through inward-looking policies and programmes. The AICFTA is the path to realisation of this urgent continental ambition.
“Afreximbank, through its array of AfCFTA-enabling programmes, presents clear solutions to the challenges of implementing the Free Trade Agreement,” he said.
Oramah said the world economy has, in recent years, changed significantly, becoming more fragmented.
He said that for centuries, trade was a force for socio-economic progress, but the core pillars that supported global growth and poverty reduction had almost been dismantled.
The expert said globalisation required the factors of production for sustainability, adding that Asia was a big beneficiary of globalization, with almost a billion Chinese people pulled out of poverty.
He said China became the manufacturing hub of the world, with manufactured exports rising from US$125 billion in 1995 to US$3.3 trillion in 2022.
Oramah said the GDP of Africa remained static for over three decades.
He said by the 2010s, opportunity came up for Africa, but China began the process of “delocalization,” a process of moving light manufacturing facilities to countries and regions where labour was cheaper.
He said China’s drive made many developed economies adopt protectionist measures, but Africa took action 58 years later with the introduction of AfCFTA.
Taking questions from
Prof. Kingsley Moghalu and Prof. Anthony Kila, the guest speakers, said there was a need to harmonise views to ensure one AfCFTA.
He said the reason trade had not progressed was because several protocols were being adopted but could not be domesticated.
He also explained various alliances being entered by Afrexim to create opportunities that will capture the youth population.
Mr. Fola Adeola, Chairman of the occasion, said Nigeria had continually been a consumer economy, patronising other nations without getting commensurate trade opportunities in return.
Adeola, who is the founder of Guarantee Trust Bank (GTCO Plc), said “today the balance of trade is stupid” and called for attitudinal change among Nigerians towards shelving lifestyles that are not sustainable.
Mrs. Ibukun Awosika, former Chairman of the First Bank of Nigeria, said to drive the trade of the future, a large youth population must be captured and empowered.
“They are the real secret weapon we need,” she said.
Prof. Pat Utomi, on his part, explained the consequences of globalisation after World War II and thanked the guest lecturer for shedding light on the topic of the event.
Dr. Ije Jidenma, Executive Secretary, Goddy Jidenma Foundation, who spoke on behalf of the board, narrated the achievements of the patriarch.
She eulogised his virtues and thanked dignitaries and sponsors who graced the occasion.
Dignitaries at the event include Prof. Kingsley Moghalu, a former presidential candidate, and Prof. Pat Utomi, Chairman, Board of Trustees, GJF, and Founder, Centre for Values in Leadership.(NAN)
