African Leaders Urged to Embrace Innovation Amid Deglobalisation

Professor Benedict Okey Oramah, the immediate past President and Chief Executive of the African Export and Import Bank (Afreximbank), has called for a bold response from African leaders to the challenges posed by deglobalisation. Speaking at the Nigeria-British Chamber of Commerce’s (NBCC) “2025 Presidential Inauguration Dinner” in Lagos on March 18, 2024, Oramah emphasized the need for innovation and courage to harness Africa’s development potential.

The event celebrated the inauguration of Abimbola Olashore as the 19th President and Chairman of Council of the NBCC. Oramah’s remarks focused on the worrying trend of global disengagement from established frameworks that have historically benefited development. He expressed concern that the world seems to be turning away from a collaborative approach at a time when Africa stands ready to join the global economic community.

Oramah stated, “True leadership that envisions and acts with courage and innovation should attempt to convert every challenge into an opportunity.” He underscored that the disruption caused by deglobalisation should not signify the end of progress for Africa and Nigeria. Instead, it presents a moment for leaders to take decisive action and embrace their responsibilities.

He urged African leadership to move beyond privilege and adopt a mindset of sacrifice, asserting that effective leadership is characterized by the ability to turn challenges into opportunities. “Refusing to succumb to a victim mentality when others take actions that challenge us is leadership in action,” he added.

Reflecting on the historical context, Oramah noted the 60-year delay in implementing resolutions from the first general assembly of the then Organisation of African Unity in 1963 concerning intra-African trade. He described this inaction as a significant loss of opportunity for the continent. Nevertheless, he expressed optimism about Africa’s trade-driven transformation, stating, “With or without globalisation, Africa’s trade-driven transformation is on its way.”

In his opening remarks, former Governor of Lagos State Babatunde Fashola emphasized the importance of mindset in overcoming barriers to intra-African trade. He highlighted the role of trade and diplomacy as essential tools for development and stressed the need for nations to prioritize their deployment in a rapidly changing global landscape.

Fashola cautioned that maintaining law and order is crucial to ensuring productivity and attracting investment. “Law and order, safety and security can become a very big threat to productivity and investments,” he remarked.

During his acceptance speech, Olashore expressed gratitude for the confidence placed in him and acknowledged the significance of the occasion. He stated, “This is a privilege I do not take lightly, and I am truly humbled by the confidence you have reposed in me.” Olashore reiterated the importance of continuity and transformation, emphasizing a renewed commitment to strengthen Nigeria-UK trade relations for the benefit of both communities.

Looking forward, Olashore acknowledged the challenges posed by global economic shifts and domestic issues. However, he believes that the NBCC is uniquely positioned to lead and influence meaningful change in the realm of international trade.