Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has urged African leaders to cease relying on foreign aid and instead focus on mobilising indigenous resources to attract investment and drive economic growth.
Okonjo-Iweala emphasized that African leaders require a paradigm shift, stating that the continent is blessed with massive untapped financial and natural resources that might fuel sustainable development.
While speaking on the sidelines of the African Union meeting in Ethiopia, the WTO chief advised that foreign aid should be considered a thing of the past.
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“The biggest pension funds are in South Africa, followed by Nigeria, Kenya, Morocco, Botswana, and Namibia. These resources are hugely significant, and we need to find ways to tap into them,” she said.
The former Minister of Finance also called for the recapitalisation of Africa’s multilateral development banks, including the African Finance Corporation. She said this would expand their balance sheets and increase funding for key projects.
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