Professor Oramah Advocates for African Economic Transformation Amid Global Shocks

During the 20th AELEX Annual Lecture held in Lagos, Professor Benedict Oramah, the former President of the African Export-Import Bank (Afreximbank), delivered a powerful message urging African nations to embrace the shifting dynamics of the global economy. The lecture, themed "Beyond Survival: Global Shocks, the Information Age and Africa’s Opportunity to Leapfrog," highlighted the necessity for the continent to move beyond merely responding to global disruptions and instead strategically position itself to harness emerging economic and technological opportunities.

Oramah pointed out that the current geopolitical tensions, coupled with deglobalization and rising protectionism, are reshaping the global economic landscape. This transformation presents a unique opportunity for African countries to rethink their development strategies. He underscored that the continent's reliance on foreign capital, currencies, and raw material exports remains a significant barrier to growth, urging nations to take greater control over their resources and financial systems.

“Capital is our greatest constraint. Capital that we own but do not control is not ours,” Oramah asserted, highlighting the staggering amount of African foreign exchange reserves—estimated between $350 billion and $500 billion—held outside the continent. This dependency hampers Africa's ability to foster sustainable economic growth and development.

To overcome these challenges, Oramah called for the strengthening of indigenous financial institutions, advocating for increased local currency financing and investment in industries capable of processing the continent’s abundant natural resources. By doing so, he believes Africa can not only survive but thrive, turning global shocks into opportunities for robust economic transformation.