By: Nana Appiah Acquaye
Nigeria’s Central Bank
Governor, Olayemi Cardoso, and World Trade Organization (WTO) Director-General,
Dr. Ngozi Okonjo-Iweala, have called for stronger economic reforms,
technological innovation and deeper regional cooperation to accelerate Africa’s
development.
The two leaders made the
call during a policy dialogue at the 7th Africa Emerging Markets Forum (AEMF
2026) held in Abuja, where discussions focused on economic transformation,
digital innovation, trade integration and strategies for sustainable growth across
the continent.
Speaking at the forum,
Cardoso said restoring orthodox central banking practices has been essential to
stabilising Nigeria’s banking sector, foreign exchange market and broader
economy.
He noted that policy
consistency, discipline and effective implementation remain critical to
building investor confidence and creating conditions for sustainable economic
growth.
Cardoso also urged African
countries to move beyond being consumers of technology and focus on developing
homegrown solutions to address the continent’s unique challenges.
He said achieving this
ambition requires strategic investments in reliable electricity, affordable
connectivity, digital infrastructure and the development of a new generation of
young Africans with artificial intelligence and advanced technology skills.
The CBN Governor emphasised
the importance of increasing women’s participation in Africa’s economy, stating
that the continent cannot achieve its full potential without inclusive growth.
"Africa cannot fly with
one wing," he said, highlighting the need to remove barriers limiting
women’s economic participation.
During the fireside dialogue
with Dr. Okonjo-Iweala, Cardoso expressed confidence that ongoing economic
reforms would gradually help moderate interest rates, expand access to credit
for small and medium-sized enterprises and strengthen support for Nigeria’s
productive sectors.
He also pointed to
improvements in transparency and liquidity within Nigeria’s foreign exchange
market as part of efforts to create a more stable economic environment.
Dr. Okonjo-Iweala called on
African leaders to prioritise policies that deliver jobs, economic growth and
practical outcomes for citizens.
She stressed the importance
of stronger leadership, regional integration and increased domestic investment,
noting that sustainable development depends on confidence from local investors
as well as international partners.
The WTO Director-General
encouraged African countries to take advantage of opportunities emerging from
global economic shifts, particularly by developing regional value chains in
strategic sectors such as critical minerals.
She also highlighted the
need for improved governance, infrastructure development and policy reforms to
attract investment and strengthen Africa’s competitiveness in the global
economy.
Both leaders underscored the
importance of collaboration among African economies, noting that deeper trade
integration and effective implementation of the African Continental Free Trade
Area (AfCFTA) will be critical to unlocking the continent’s economic potential.
The discussions at AEMF 2026
highlighted the need for African countries to combine economic reforms, digital
transformation and regional cooperation to build more resilient and inclusive
economies.
