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March 5, 2024
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Wto Director Ngozi Okonjo Iweala Predicts Africa's Economy Could Reach The Scale Of China And India

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WTO Director Ngozi Okonjo-Iweala Predicts Africa’s Economy Could Reach the Scale of China and India

In a compelling interview on GZERO World with Ian Bremmer, Ngozi Okonjo-Iweala, the Director General of the World Trade Organization (WTO), passionately advocates for Africa’s integration into the global economy. With a population of 1.4 billion people, the African continent currently relies heavily on imports, sourcing more than 90% of its medicines and vaccines externally. However, Okonjo-Iweala believes that the time has come to change this narrative by embracing globalisation and attracting investments to African countries.

Okonjo-Iweala emphasizes the need to decentralise and diversify global trade, creating opportunities for new markets and enabling countries from the Global South to play a more prominent role in the world economy. By reducing reliance on any single country for crucial goods and services, Africa can pave the way for sustainable growth and development.

Although Africa has yet to fully embrace globalization, Okonjo-Iweala envisions a future where the continent becomes an integral part of the global economy. With the potential to establish a domestic market of over a billion people, comparable in scale to China and India, Africa can become a significant player in the international trade arena.

“Africa currently accounts for approximately 3% of world trade, and that’s far too small,” Okonjo-Iweala asserts. “However, when, not if, the experiment of better integration and trade within Africa becomes a reality, it will automatically become an attractive trade partner for the world.”

By positioning Africa as a thriving hub of commerce and fostering intra-African trade, the continent can unlock its immense potential, drive economic growth, and contribute to global trade in meaningful ways. Okonjo-Iweala’s vision for a globally connected and empowered Africa serves as a catalyst for change, encouraging stakeholders to embrace the possibilities that lie within the continent’s untapped potential.

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