 has called on African countries to take deliberate actions toward industrialisation.){kind=link}
The African Export-Import Bank (AFREXIM Bank) has called on African countries to take deliberate actions toward industrialisation.
AFREXIM Bank’s Senior Executive, Dennys Danya, made the call at the opening of the 32nd Africa Export-Import Bank Annual General Meeting in Abuja.
Danya posited that Africa must be firm in its aspirations for industrialisation.
“In an era where there is scarcity of funding for African institutions, our homegrown institutions must be given all the support they require. We must focus on building strong, independent institutions, promoting good governance, and fostering regional cooperation. It is imperative to highlight that institutional strengthening also requires political support from our leaders, so as not to undermine our own institutions.”
He added that routine policies and reforms—including sound macroeconomic management, structural adjustments, and investments in key areas such as infrastructure and human capital—are crucial for fostering sustainable development across the continent.
He stated that for the continent to grow, efforts must be geared toward promoting value addition to Africa’s exports, as well as diversification of the continent’s export basket and export destinations.
“We must improve regional trade through the AfCFTA. We need to forge new trading partnerships and strategic alliances to leverage our collective strength and resources. Such partnerships and alliances will enhance access to new markets, offer competitive advantages, and boost innovation.”
He explained that in the face of economic uncertainties, there is a need to harmonise the continent’s strengths to shape a prosperous future.
“Africa is at a crossroads—a point where we need to be intentional about our aspirations, firm in our convictions, resolute in our actions, and determined in our collective purpose. We have reached a moment where we must unify our strengths, stand firm in our convictions, and confront our challenges head-on in shaping the future. I put it to us that strengthening African institutions—especially development finance institutions—is critical for sustainable development, democratic governance, and improved livelihoods.”
He maintained that it is imperative to build strong, independent institutions, promote good governance, and foster regional cooperation in order to build a resilient Africa.
Hauwa Abu