Professor Benedict Oramah, former President of the African Export‑Import Bank, urged African nations to harness global shocks and technological change to accelerate economic transformation during his keynote address at the 20th AELEX Annual Lecture in Lagos on Tuesday. The event, themed “Beyond Survival: Global Shocks, the Information Age and Africa’s Opportunity to Leapfrog,” saw Oramah call for a strategic shift from reactive to proactive development.
He warned that geopolitical tensions, de‑globalisation and rising protectionism are reshaping the world economy, creating a window for Africa to rethink its growth strategies. “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 of African foreign‑exchange reserves are held outside the continent.
Oramah identified dependence on foreign capital, currencies and raw‑material exports as major barriers to progress. He urged the strengthening of indigenous financial institutions, increased local‑currency financing and investment in industries that process the continent’s natural resources. The former bank chief also advocated expanding the Pan‑African Payment and Settlement System (PAPSS) and fully implementing the African Continental Free Trade Area (AfCFTA) to boost intra‑African trade.
Highlighting technology’s role, he cited Kenya’s mobile‑money revolution as evidence that African countries can leapfrog traditional development stages. “We need to invest in energy infrastructure, data centres and critical‑minerals processing to avoid remaining dependent on technologies developed elsewhere,” he added.
Mrs Bola Adesola, Chairman of Ecobank Nigeria Limited and chair of the lecture, stressed that effective leadership, strong institutions and adequate preparation are essential for businesses and governments to withstand global shocks. She urged investment in technology, business‑continuity planning and resilient supply chains, warning that institutions should prepare for disruptions rather than wait for crises.
Founding partner of AELEX, Mr Fubara Anga, SAN, described the 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 investment and driving economic development, rather than leaving the responsibility solely to the federal government.
The moderated question‑and‑answer session, led by Mr Femi Ojumu, covered topics such as artificial intelligence, digital sovereignty and Nigeria’s energy infrastructure, underscoring the breadth of challenges and opportunities facing the continent.
<small>Source: Vanguard News — read the original story there.</small>
