The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has urged African countries to urgently invest in artificial intelligence, renewable energy and critical mineral value chains to protect their economies from global disruptions and secure long-term prosperity.
Speaking at the 7th Africa Emerging Markets Forum, themed “Building Resilience Amidst Geoeconomic Uncertainties,” Okonjo-Iweala warned that Africa must take a leading role in the next phase of global economic transformation or risk losing another opportunity for development.
She said the continent could no longer depend on the export of raw commodities while other regions benefit from the wealth created through technology, manufacturing and innovation.
“The future belongs to economies that innovate, create value and invest in people,” Okonjo-Iweala said.
The WTO chief noted that African economies continue to face challenges from inflation, supply chain disruptions, geopolitical tensions and the impact of previous global crises. She, however, stressed that current growth levels are not enough to provide the jobs, industries and opportunities needed for the continent’s rapidly expanding population.
She called on governments to prioritise investments in digital infrastructure, education, research and emerging technologies, particularly artificial intelligence and renewable energy.
According to her, Africa’s vast deposits of critical minerals, including lithium, cobalt, manganese, graphite and rare earth elements, provide a major opportunity for the continent to become a key player in the global green and digital economy.
She urged African nations to stop exporting minerals in their raw forms and instead develop local industries capable of processing resources and creating greater economic value.
“Africa’s abundance of strategic minerals presents a once-in-a-generation opportunity to become a major player in the global green and digital economy,” she said.
Okonjo-Iweala also warned that rising public debt remains a major obstacle to economic transformation, urging governments to embrace fiscal discipline and channel limited resources into productive investments.
She said countries around the world are competing for dominance in industries such as artificial intelligence, electric vehicles, batteries and advanced technologies, adding that Africa must position itself to benefit from these emerging sectors.
At the forum, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said maintaining macroeconomic stability remains critical to attracting investment and sustaining economic growth.
Cardoso said the apex bank would continue to pursue policies aimed at improving price stability, boosting investor confidence and strengthening Nigeria’s financial system amid increasing global uncertainty.
The forum brought together government officials, central bankers, economists, investors and development partners to examine strategies for helping African economies withstand global pressures and achieve sustainable development.
