By Juliet ETEFE
Former Nigerian Vice President Yemi Osinbajo has underscored the need to intensify collaboration to attain significant prosperity on the continent, especially in intra-African trade and infrastructure.
In an interview with B&FT at the BOMA of Africa event held in Accra, he noted that Africa’s strength lies in its ability to work together in the quest to move from the continent it wants to building it.
“Collaborate, Collaborate, Collaborate. An important thing is to work together for, first of all, intra-African trade and infrastructure – building connections both digitally and physically,” he stated.
Reflecting on the progress of collaboration, he pointed out significant improvements in recent years – notably establishment of the African Continental Free Trade Area (AfCFTA) and the Guided Trade Initiative (GTI), wherein some countries have already come together to test-run the AfCFTA – demonstrates promising progress. Despite substantial advancements in the past five years, he stressed the importance of maintaining this momentum.
The former vice president in an earlier speech noted that Intra-African trade is already showing remarkable growth, citing that 41% of Africa’s machinery exports, 35% of biopharmaceutical products and 30% of industrial chemicals are traded within the continent.
He also pointed out Africa’s significant strides in the manufacturing sector, particularly in processing critical minerals essential for renewable and low-carbon technologies.
“Africa’s share of critical minerals is huge, accounting for about 30% of the world’s reserves. This is a dynamic shift that prepares Africa for real opportunities in trade, investment and global growth,” he noted.
Net zero emissions
Mr. Osinbajo called for global statesmanship, recognising Africa’s potential to lead in achieving net zero emissions by 2050.
“Africa alone has the biodiversity reserves and scale of natural capital to reverse centuries of ecological erosion,” he noted. He urged a grand bargain with the global north to invest in Africa’s renewable energy and create fair trade rules.
Harnessing and rewarding talents
He also highlighted Africa’s advantage of having the largest youth population, emphasising the importance of leveraging this potential.
He cited findings which indicate by 2050 as much as one-quarter of the planet’s workforce is likely to be of African origin, stressing that leveraging the continent’s youthful talent and advancing artificial intelligence could significantly boost GDP growth.
Addressing concerns about the export of labour, he told B&FT that: “Labour is always going to find a place where it is best to work. This happens globally – from China to America, from India to Europe. What’s best for us to do is create the environment for rewarding talent. Integrate trade, integrate digital transactions and build a resilient, rich ecosystem. Then people will stay and others will come from around the world. That is the solution”.
For her part, Dr. Nkosazana Dlamini-Zuma – Former Chairperson of the African Union Commission – emphasised the need for Africa to nurture its labour force and ensure that youth migration is a matter of choice rather than desperation.
Contextualising growth
She also stressed the importance of leveraging indigenous knowledge, developing local industries and creating a balance between technological advancements and the unique demographic context of Africa.
She said Africa must look into the future in its context and not that of others, advocating for the utilisation of Africa’s abundant resources to bridge development gaps.
Citing solar energy, she said: “In Europe I do not know how many days of sunshine they have, but here we have at least over 300 days of sunshine. We must take advantage of that. We have our rivers; we must use them. And we are blessed with the diversity of water and oil, which we must benefit from.
“We need to build our own trains. We need to build our own cars. We need to build roads. Eventually, we should also be able to build our own lakes. Maybe not today. It’s a big elephant, one bite at a time, but we must get there”.
Dr. Dlamini-Zuma called for greater regional integration and infrastructure development, emphasising the need for African self-reliance and reducing dependence on external investors.
“Before we were colonised, we were a very dynamic continent and dynamic people…Our minds and our trajectory to 2063 cannot be determined only by investors. It must be determined by what we can do, what we want to do. Even when they invest, unfortunately, they call the shots. They don’t just invest, they determine what should happen,” she pointed out, speaking on the theme ‘The world needs a dynamic Africa’.
BOMA of Africa is a joint initiative by AUDA-NEPAD and AfroChampions. This landmark event focuses on and showcases Africa’s progress toward the ambitious Agenda 2063.
