Policymakers, economists and development experts have called for stronger reforms, regional cooperation and evidence-based policymaking to enable African economies transform global economic disruptions into opportunities for sustainable and inclusive growth.
The call was made at the opening of the 7th Africa Emerging Markets Forum in Abuja, jointly organised by the Emerging Markets Forum (EMF), the Centre for the Study of the Economies of Africa (CSEA) and the Central Bank of Nigeria (CBN).
Delivering the welcome address, Executive Director of CSEA, Dr. Chukwuka Onyekwena, said Africa stands at a defining moment as geopolitical tensions, climate change, artificial intelligence and shifting global trade patterns continue to reshape the global economy.
“The central question before us is not whether the global economy is changing, it clearly is. The more important question is whether Africa can transform these changes into the foundation for sustainable, inclusive and resilient growth,” he said.
While acknowledging Africa’s exposure to inflation, food insecurity and external shocks, Onyekwena said; “the continent also possesses significant strengths, including its youthful population, expanding digital economy, renewable energy potential and the opportunities presented by the African Continental Free Trade Area (AfCFTA).”
“Our challenge is not merely to withstand change, but to shape it. Our objective is not merely to build resilience, but to build prosperity, and our mission should not be limited to adapting to the future, but to helping define it,” he added.
The Founder and Chief Executive of the Emerging Markets Forum, Harinder Kohli, described Africa as “the ultimate frontier for economic development in the world,” saying the continent deserves greater global attention.
“This is our seventh Africa Forum and our 39th Emerging Markets Forum globally. I am pleased to say this will be our largest meeting ever, bringing together policymakers, economists, development practitioners and scholars from across Africa, Asia, Europe, Latin America and the United States,” he said.
Kohli urged participants to use the platform beyond formal sessions.
Representing the Governor of the Central Bank of Nigeria, the Deputy Governor, Corporate Services, Muhammed Sani Abdullahi, said emerging economies are navigating unprecedented challenges arising from global trade shifts, geopolitical tensions and tighter global financial conditions.
“For Africa, both the stakes and the opportunities are considerable. There are opportunities in expanding digital economies and our vast human and natural resources. But these advantages will not translate into prosperity on their own. What matters now is execution of sound policy, disciplined institutions and the willingness to confront difficult trade-offs,” he said.
Abdullahi said Nigeria’s ongoing macroeconomic reforms demonstrate that difficult but consistent policy choices can restore economic stability and investor confidence.
“The foreign exchange market has decisively shifted away from multiple administrative windows towards a transparent, market-reflective system,” he stated.
He disclosed that Nigeria had cleared more than $7 billion in verified foreign exchange obligations while external reserves had risen to $52.52 billion as of July 17, 2026, providing about 11 months of import cover.
According to him, inflation has eased considerably, economic growth has resumed, non-oil exports have increased by 38.7 percent year-on-year, while average monthly portfolio investment inflows have grown from about $0.33 billion in January 2023 to over $2 billion.
“Nigeria’s experience shows that recovery is possible when difficult reforms are backed by consistent and disciplined policies,” Abdullahi said.
He, however, stressed that monetary and foreign exchange reforms alone cannot solve Africa’s long-term productivity challenges.
The Deputy Governor encouraged participants to focus on practical solutions, noting that the success of the forum would ultimately be measured by the quality of ideas and partnerships that emerge from the discussions.
