Okonjo-Iweala urges Africa to lead AI, green economy revolution

Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged African countries to reposition their economies around artificial intelligence (AI), renewable energy and value-added processing of critical minerals, warning that the continent risks missing the next wave of global economic growth if it continues exporting raw materials.

Speaking at the 7th Africa Emerging Markets Forum, Okonjo-Iweala said Africa must shift from its traditional dependence on commodity exports by investing in technology, manufacturing, innovation and digital infrastructure to create jobs, strengthen economic resilience and drive sustainable growth.

She noted that although African economies are gradually recovering from the disruptions caused by the COVID-19 pandemic, inflationary pressures, supply chain bottlenecks and geopolitical tensions, the continent’s current growth trajectory remains inadequate to meet the needs of its rapidly expanding population.

According to her, economies that prioritise innovation, artificial intelligence, education, research, digital infrastructure and renewable energy will be better positioned to compete in the evolving global economy.

Okonjo-Iweala also urged African governments to leverage the continent’s abundant deposits of lithium, cobalt, manganese, graphite and rare earth minerals by developing local processing and manufacturing industries rather than exporting raw materials.

She said the continent’s vast reserves of strategic minerals present a unique opportunity to become a major player in the global green and digital economy if governments implement policies that encourage investment, industrialisation and domestic value addition.

The WTO chief warned that rising public debt continues to constrain economic transformation across many African countries and called for greater fiscal discipline, urging governments to prioritise investments capable of generating long-term economic growth and productivity.

Her remarks come as major economies intensify competition in artificial intelligence while seeking secure supplies of critical minerals required for electric vehicles, batteries, semiconductors and other advanced technologies.

Analysts have consistently observed that although Africa possesses some of the world’s largest reserves of critical minerals, the continent captures only a fraction of their economic value because most of the resources are exported in raw form without significant processing.

Also speaking at the forum, Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, said maintaining macroeconomic stability remains fundamental to attracting investment and sustaining economic growth.

Cardoso said the apex bank would continue implementing policies aimed at preserving price stability, strengthening investor confidence and safeguarding Nigeria’s financial system despite growing global economic uncertainties.

The 7th Africa Emerging Markets Forum, themed “Building Resilience Amidst Geoeconomic Uncertainties,” brought together policymakers, central bankers, investors, economists and development partners to discuss strategies for helping African economies navigate geopolitical tensions, trade fragmentation and financial market volatility while accelerating sustainable development.