The Vice-President, Kashim Shettima, has charged African nations to strengthen institutions, especially development financial institutions, to navigate the turbulent global landscape and secure economic future.
Shettima, represented by the Special Adviser to President Bola Tinubu on Economic Affairs, Dr Tope Fasua, said this at the 32nd Annual General Meeting of the African Export-Import Bank (Afreximbank) on Wednesday in Abuja.
The meeting, which has the theme: “Building the Future on Decades of Resilience, underscores the need for Africa to chart its own course amid increasing global fragmentation and economic uncertainty.
Shettima reflected on Afreximbank’s origins in 1993, a period marked by global debt crisis and a significant outflow of finance from the continent.
“The establishment of Afreximbank was Africa’s response to the confluence of crises during that time,” he said.
He noted that the bank’s creation was met with “fierce resistance, both from within and without Africa” from those aiming to “perpetuate the culture of dependence.”
According to him, in spite of the opposition, Afreximbank has become a crucial player in supporting African economies, demonstrating three decades of resilience rooted in courage and determination and clear foresight.
He said the current global environment, characterised by “heightened geopolitical tension, economic fragmentation and realignment, increasing protectionism and heightened trade uncertainty,” reflected the challenges that led to the establishment of the bank.
Shettima noted that the situation was further worsened by the “withdrawal of aid from the continent.”
He emphasised the urgency for Africa to look inwards “to take our destiny in our own hands’’.
“The certainties of the past, stability, predictable alliances, and open markets are giving way to a new era of fragmentation and volatility,” he said.
To navigate through the tide, he said the continent must be “intentional about our aspirations, firm in our convictions, resolute in our actions, and determined in our collective purpose’’.
He said that strengthening African institutions, particularly development financial institutions, was critical for sustainable development, democratic governance, and improved livelihoods.
He said that in a climate of scarce funding for African bodies, “our own home-grown institutions must be given all the support that is required.”
According to him, this institutional fortification involves “building strong independent institutions, promoting good governance, and fostering regional cooperation.”
“It will also include essential political support from our political leaders, so as not to undermine our own institutions,” he said.
Shettima stressed the importance of deliberate industrialisation to boost African exports and diversify trade destinations.
According to him, improving regional trade through the African Continental Free Trade Area and forging new strategic alliances are key to enhancing market access and fostering innovation.
He added that Afreximbank’s history demonstrated its commitment to this vision, having provided counter-cyclical facilities during commodity downturns, the COVID-19 pandemic, and the Ukraine crisis.
The bank had also supported industrial parks, special economic zones, and initiatives like the African Medical Centre of Excellence in Abuja, aimed at reducing medical tourism.
“As the world is enveloped in a cloud of uncertainty, African Export-Import Bank will be there to support the continent’s aspirations,’’ he said.
He quoted Ghana’s first President, Kwame Nkrumah as saying: “Those who would judge us merely by the heights we have achieved would do well to remember the depth from which we started”
