African Export-Import Bank (Afreximbank), one of Africa’s multilateral finance institution, has advocated the need for increase in intra-African trade and financing based on the continent’s abundant youth and technology resources.
The President/Chairman of the Board of Directors of the bank, Prof. Benedict Oramah, gave this charge to African governments in his opening remarks during the 29th Annual Meetings of Afreximbank on June 15 in Cairo, Egypt.
Specifically, the development banker made a strong case for increasing intra-African trade, providing insight into the challenges restricting trade and providing clear solutions as to how the continent can resolve them.
Oramah expatiated: “While the problem was identified decades ago, it is only now that Africa can boast of possessing a combination of factors that can resolve it. These consist of visionary and committed leadership, the youth, and digital technology. Our leadership has done the courageous work of giving us the AfCFTA.
“A lot now hinges on our youth. It is for this reason that Afreximbank dedicated this year’s Annual Meeting to the theme ‘Realizing the AfCFTA Potential in the Post-COVID-19 Era: Leveraging the Power of The Youth’”, he added.
Noting that Africa’s youth represent the key to accelerating strong and sustainable economic growth, the development finance expert explained that “it is our view that the youth will be the catalytic force to the realization of the continental agenda. Indeed, the youth have always been the catalyst to economic transformations and at the base of every industrial revolution in advanced economies. It is no coincidence that at the height of each Industrial Revolution, youth constituted the largest proportion of the labor force and population.”
According to him, by focusing on capacity building, skills transfer and the upliftment of the domestic workforce, while at the same time injecting capital into small to medium enterprises and African startups, the continent will see intra-African trade expanded and market growth realized.
Oramah said: “Whether a youth-powered AfCFTA will trigger a continental economic explosion or whether the next decades will become ‘Lost Decades’ for Africa will depend on how we creatively deploy the energies and talents of the continent’s youth to implement the AfCFTA.”
The African Energy Chamber (AEC) commended the Afreximbank’s management for its drive and gave its assurance to support the bank in its moves to awaken Africa’s full developmental potential.
Speaking at the forum, Executive Chairman of the AEC, NJ Ayuk, said: “We believe that Afreximbank’s demonstrated drive for enhanced intra-African trade will only strengthen Africa’s socioeconomic development.
“Frameworks such as the AfCFTA have made it possible to increase trade within and across the continent, and now, every day Africans need to capitalize on the opportunities presented by this framework and develop an Africa that we are proud of, an Africa that everyday Africans deserve.
“Going forward, it is important for us to de-risk African investments and drive commercial opportunities within African countries.
“Afreximbank has been one of the main drivers of energy transactions across the continent and have been willing to drive up things including solar, wind and other renewables, as well as oil and natural gas. What’s more, in a post-COVID-19 era, Afreximbank stood with Africans, assessing communities that are at risk and made sure vaccinations were provided”, Ayuk added.
