Africa must ensure economic sovereignty to thrive in global economy – Wamkele Mene

Stanley Ihedigbo

The 32nd Annual General Meeting of the African Export-Import Bank (Afreximbank) kicked off in Abuja, Nigeria, with a call to action for Africans to prioritize economic integration and resilience.

Secretary-General of the AfCFTA Secretariat, H.E. Wamkele Mene, emphasized the need for Africans to ensure the continent’s economic sovereignty and protect it from global geopolitical tensions.

Mene noted that the success of the African Continental Free Trade Area (AfCFTA) demands continued political leadership, effective public-private collaboration, and active engagement from all stakeholders, including Africa’s youth, women, and entrepreneurs.

He stressed that strengthening internal markets and building resilience is not only an economic goal but also a strategic necessity in the current global context.

The Secretary-General highlighted the importance of realizing the vision of Africa’s founders, who advocated for a unified continent and economic integration.

He cited the examples of Kwame Nkrumah, Julius Nyerere, and Haile Selassie, who understood that political liberation without economic integration would leave Africa vulnerable to fragmentation, dependency, and underdevelopment.

Mene expressed optimism that the AfCFTA represents a significant step towards continental economic integration, building on the progress made by Regional Economic Communities such as the Economic Community of West African States (ECOWAS), the Southern African Development Community (SADC), East African Community (EAC), Common Market for Eastern and Southern Africa (COMESA), and Economic Community of Central African States (ECCAS).

He emphasized that the AfCFTA has the potential to generate decent jobs, stimulate industries, and improve livelihoods across the continent.

The Secretary-General called on businesses, business associations, and stakeholders to work towards building an Africa that is strong, self-reliant, and ready to claim its rightful place in the global economy.

He emphasized that African-made goods and services should flow freely across borders, promoting economic growth and development.

The Afreximbank AGM provides a platform for stakeholders to discuss the challenges and opportunities facing Africa’s economic integration agenda.

As the continent continues to navigate global economic uncertainty, the need for economic sovereignty and resilience has never been more pressing.