Abuja: Global economic shifts are reshaping trade patterns, investment flows, and development priorities. Against this backdrop, stakeholders have urged African countries to build resilience, strengthen regional cooperation, and pursue policies that support sustainable growth.
According to News Agency of Nigeria, the call was made at the 7th Africa Emerging Markets Forum held in Abuja from July 29 to July 30, where policymakers, economists, and business leaders discussed strategies for enabling Africa to play a stronger role in the global economy. The forum, organized by the Central Bank of Nigeria (CBN), Emerging Markets Forum (EMF), and the Centre for the Study of Economies of Africa (CSEA), was themed: ‘Building Resilience Amidst Geoeconomic Uncertainties’.
The Emerging Markets Forum, established by the Centennial Group, brings together government and corporate leaders from emerging economies to examine economic, financial, and social issues affecting developing countries. The Abuja edition focused on how African economies could respond to changing global realities, including shifting trade patterns, geopolitical tensions, climate change, and technological advancement.
The forum featured contributions from key stakeholders, including CBN Governor Yemi Cardoso, Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, and Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele. Others were EMF Founder and Chief Executive, Harinder Kohli, and Executive Director of the Centre for the Study of the Economies of Africa (CSEA), Dr. Chukwuka Onyekwena.
Cardoso highlighted the significant changes in the global economic system, emphasizing the need for Africa to turn emerging challenges into opportunities for growth. He pointed out the uneven nature of trade, the selectiveness of capital, and the continuous reorganization of critical supply chains around strategic partnerships. For Africa, the challenge lies in transforming these changes into growth and shared prosperity.
The forum also underscored the importance of stronger intra-African trade, with Cardoso noting that the continent must increase production capacity and develop regional value chains. He identified the African Continental Free Trade Area (AfCFTA) as a platform to capitalize on changing global economic realities but stressed the necessity of removing practical barriers such as poor transport networks, customs challenges, and inefficient payment systems.
Meanwhile, Cardoso suggested that Africa must reduce its dependence on foreign capital by mobilizing domestic resources. He noted that investors now have more choices and less tolerance for uncertainty, pointing out that economies attracting investment are those with credibility, transparency, policy consistency, and strong institutions.
Dr. Ngozi Okonjo-Iweala remarked on the shift from cooperative interdependence to competitive interdependence in the world economy. She recognized the disruptions to the global system created post-World War II and urged African countries to process their critical minerals locally to support industrial development and participate in the global green energy revolution.
Oyedele emphasized that Nigeria’s economic reforms are now focused on delivering tangible benefits to citizens, aiming to translate macroeconomic stability into investment, jobs, and improved household incomes.
Kohli echoed the sentiment that Africa must strategically position itself to benefit from ongoing changes in the global economy, while Onyekwena stressed the need for Africa to not only withstand change but to shape it, aiming for prosperity alongside resilience.
At the forum’s conclusion, participants highlighted Africa’s young population, growing consumer markets, natural resources, and entrepreneurial capacity as significant advantages for economic transformation. They emphasized the need for governments to transition from policy discussions to concrete actions to enhance trade, investment, and regional cooperation, noting that Africa’s ability to benefit from the changing global economy depends on effective policies, strong institutions, and sustained commitment to implementation.