The African Energy Chamber (AEC) (www.EnergyChamber.org), as
the voice of the African energy sector, commends the organization for this
drive, and will support Afreximbank as it moves to awaken Africa’s full
developmental potential.
Prof. Oramah’s suggestions come at a time when Africa is
well positioned to become a highly competitive trade hub. In January 2021, the
African Continental Free Trade Agreement (AfCFTA) was implemented, ushering in
a new era of simplified trade in Africa.
A year on, the continent has been slow to unlock the full
potential of this agreement, leading to an accelerated push by the Afreximbank
to promote intra-African trade and finance in Africa.
“While the problem was identified decades ago, it is only
now that Africa can boast of possessing a combination of factors that can
resolve it. These consist of visionary and committed leadership, the youth, and
digital technology. Our leadership has done the courageous work of giving us
the AfCFTA.
A lot now hinges on our youth. It is for this reason that
Afreximbank dedicated this year’s Annual Meeting to the theme, “Realizing the
AfCFTA Potential in the Post-COVID-19 Era: Leveraging the Power of The Youth,”
stated Prof. Oramah in this opening remarks.
Africa’s youth represent the key to accelerating strong and
sustainable economic growth. Representing one of the youngest and fastest
growing populations worldwide, the continent has all the ingredients to create
highly attractive domestic markets on the back of improved intra-African trade
and commerce.
The Afreximbank, as a trade-finance focused development
bank, is not only an advocate but key driver of Africa’s economic growth, and
the AEC recognizes the contributions of the bank to Africa’s developmental
future.
As Prof. Oramah stated, “It is our view that the youth will
be the catalytic force to the realization of the continental agenda. Indeed,
the youth have always been the catalyst to economic transformations and at the
base of every industrial revolution in advanced economies. It is no coincidence
that at the height of each Industrial Revolution, youth constituted the largest
proportion of the labor force and population.”
Therefore, by focusing on capacity building, skills transfer
and the upliftment of the domestic workforce, while at the same time injecting
capital into small to medium enterprises and African startups, the continent
will see intra-African trade expanded and market growth realized.
“We believe that Afreximbank’s demonstrated drive for
enhanced intra-African trade will only strengthen Africa’s socioeconomic
development. Frameworks such as the AfCFTA have made it possible to increase
trade within and across the continent, and now, everyday Africans need to
capitalize on the opportunities presented by this framework and develop an
Africa that we are proud of, an Africa that everyday Africans deserve,” stated
NJ Ayuk, Executive Chairman of the AEC, adding that, “Going forward, it is
important for us to de-risk African investments and drive commercial opportunities
within African countries.
Afreximbank has been one of the main drivers of energy
transactions across the continent and have been willing to drive up things
including solar, wind and other renewables, as well as oil and natural gas.
What’s more, in a post-COVID-19 era, Afreximbank stood with Africans, assessing
communities that are at risk and made sure vaccinations were provided,” Ayuk
continued.
“Whether a youth-powered AfCFTA will trigger a continental
economic explosion or whether the next decades will become ‘Lost Decades’ for
Africa will depend on how we creatively deploy the energies and talents of the
continent’s youth to implement the AfCFTA,” Prof. Oramah concluded.
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