Okonjo-Iweala stated that leaders must change their mindset. She pointed out that Africa has many untapped financial and natural resources that can promote sustainable development.
Speaking at the African Union meeting in Ethiopia, she suggested that foreign aid should be viewed as outdated.
She said, “Africa really needs to change its mindset about access to aid. We should begin to see it as a thing of the past,”
“Our focus should be on two key areas — attracting investment and mobilising domestic resources.”
She reports that Africa's pension funds total approximately $250 billion, yet a significant portion is invested internationally instead of being allocated to domestic economies.
“The biggest pension funds are in South Africa, followed by Nigeria, Kenya, Morocco, Botswana, and Namibia. These resources are hugely significant, and we need to find ways to tap into them,” she said.
The former Minister of Finance advocated for the recapitalization of Africa's multilateral development banks, including the African Finance Corporation, to expand their balance sheets and thereby increase funding for critical projects.
“At present, these institutions have a combined balance sheet of about $70 billion, but our infrastructure needs alone exceed $200 billion annually. Instead of looking outward for financial support, we must strengthen our own institutions,” she disclosed.
She emphasized the critical need for African nations to assume control of their substantial mineral reserves, specifically lithium, manganese, and copper, which are key resources for electric vehicle battery production.
She advocated for the development of African processing industries to generate employment, stimulate intra-continental trade, and cease the export of raw materials without value addition.