Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has urged African leaders to shift away from foreign aid and focus on raising local resources to boost investment and economic growth.
Speaking during the African Union meeting in Ethiopia, she noted that Africa has abundant financial and natural resources that can drive development.
She pointed out that the continent holds about $250 billion in pension funds, yet much of it is invested outside Africa instead of being used to strengthen local economies.
She also called for increased funding for Africa’s multilateral development banks, saying their combined balance sheet of $70 billion is insufficient, considering the continent’s infrastructure needs exceed $200 billion annually.
Okonjo-Iweala stressed the importance of utilizing Africa’s mineral wealth, such as lithium, manganese, and copper, which are essential for electric vehicle batteries.
She encouraged African nations to focus on processing these resources locally to create jobs and promote intra-continental trade instead of exporting raw materials.
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