Africa must seize the economic opportunities emerging from global disruptions, strengthen its financial institutions, retain control of its capital and accelerate industrialisation rather than remain vulnerable to external economic shocks, former President and Chairman of the Board of Directors of the African Export-Import Bank, Prof. Benedict Oramah, has said.
Oramah, who delivered the keynote address at the 20th Annual AÉLEX Lecture in Lagos on Wednesday, argued that the changing global economic order presented Africa with an opportunity to correct decades of structural weaknesses that had left the continent largely excluded from the benefits of globalisation.
Speaking on the theme, ‘Global Shocks, Local Impact: Battle for Survival or Opportunities to Leapfrog, and for Growth,’ he said the continent must move beyond its traditional approach of managing economic crises and develop the capacity to turn global disruptions into foundations for long-term prosperity.
He warned that Africa’s continued dependence on commodity exports, foreign capital, external financial institutions and international currencies had made its economies particularly susceptible to geopolitical tensions, commodity price fluctuations and disruptions in global supply chains.My central message to you today is simple: we must see this moment for what it is,” he said, arguing that the emerging global order would create significant opportunities for countries prepared to adapt but expose those that remained tied to outdated economic structures.According to him, the global economic system is undergoing a fundamental transformation, with the multilateralism and efficiency-driven globalisation that shaped international trade for decades increasingly giving way to economic arrangements influenced by national security, political alignment and strategic interests.