Oduwole: WEF engagement targeted at AfCFTA and digital trade

Nigeria's Minister of Trade and Investment, Jumoke Oduwole, is championing the cause for Africa to lead the way in digital trade and economic growth. In a recent interview with CNBC Africa, she emphasized that engagements at the World Economic Forum are targeted at advancing the African Continental Free Trade Area (AfCFTA) and digital trade. Oduwole revealed that the AfCFTA digital trade protocols have been finalized and are set to be ratified next month in Addis Ababa. The goal is to ensure that African businesses are strategically positioned to leverage the opportunities that lie ahead. Oduwole highlighted that while the rest of the world is still grappling with fragmentation in digital trade, Africa is making significant progress and wants to lead the way. She emphasized the importance of African businesses being well-prepared to harness the benefits of digital infrastructure and public services like single windows. The concept of digital trade is foundational to Africa's economic growth strategy. Oduwole explained that digital trade involves using technology to facilitate trade among African businesses and with the global market. Through digital marketplaces and e-commerce platforms, African businesses can overcome traditional barriers to trade and connect with partners across borders. She cited the example of Afrexim Bank's payment system, which enables intra-African trade in local currencies, saving the continent billions of dollars annually. Digital trade not only enhances efficiency and reduces costs but also opens up new market opportunities for African businesses. Regarding the global economic landscape, Oduwole acknowledged the challenges posed by increased protectionism and fragmentation, particularly from the global north. She underscored Nigeria's focus on attracting and retaining investments, positioning the country strategically in diplomatic and economic spheres. By forging new partnerships and leveraging existing relationships, Nigeria aims to amplify its influence and voice on the global stage. Oduwole highlighted the significance of Nigeria's engagement with organizations like BRICS and aspirations to become a formal member of the G20. Navigating complex global dynamics requires Nigeria to align its economic policies with the shifting geopolitical landscape. Three key pillars guide Nigeria's economic agenda under Oduwole's leadership. The first pillar focuses on attracting businesses to generate profits within Africa, emphasizing that the continent is not merely a source of corporate social responsibility but a platform for wealth creation and circulation. The second pillar promotes impact investment, highlighting Africa's potential to address social challenges at scale through innovative technologies and solutions. Oduwole stressed that every investment in Africa has the power to impact millions of lives, making it an attractive destination for socially conscious investors. The third pillar centers on sustainable development, with a focus on environmental stewardship and responsible investment practices. Oduwole emphasized the need for investors to adhere to sustainable principles while engaging with African markets. As Africa positions itself for economic growth and digital transformation, Oduwole emphasized the importance of nurturing the continent's youthful population and leveraging their talents. With Africa's population being the youngest and fastest-growing globally, there is a significant opportunity to channel youth energy and creativity towards productive ventures. Oduwole advocated for policies that support job creation, talent retention, and skill development to equip African youth for the demands of the global marketplace. By fostering a conducive environment for entrepreneurship and innovation, Nigeria and the broader African continent can lead the way in digital trade and economic progress. In conclusion, Oduwole's message to the world echoes Africa's readiness to embrace digital trade, foster sustainable development, and harness the potential of its burgeoning youth population. With a strategic focus on economic partnerships, impact investment, and environmental sustainability, Nigeria is poised to play a pivotal role in shaping Africa's economic future. By embracing digital technologies, enhancing trade facilitation, and empowering its youth, Africa is well-positioned to lead the world in economic growth and innovation.