On November 21, 2024, the Wheeler Institute hosted a thought-provoking lecture and conversation with H.E. Professor Benedict Oramah, President and Chairman of the African Export-Import Bank, Afreximbank. This keynote address was delivered as part of the 2024 Royal African Society Annual Lecture series. It focused on unlocking the immense opportunities trade presents for Africa.
Opening Remarks were made by Arunma Oteh OON, Chair, Royal African Society. The Q&A session was moderated by Omar Ben Yedder, Managing Director, IC Publications. Closing Remarks were made by Ms. Janet Rogan, Director/CEO, Royal African Society. The session, moderated by Omar Ben Yedder, shed light on Africa’s historical trade journey and current challenges. It provided a forward-looking strategy for the continent to realise its full potential in global trade.
Unlocking Africa’s Trade Potential: Insights from Professor Benedict Oramah
Professor Oramah began by tracing Africa’s trade history, emphasising its relevance in shaping the African continent’s current economic landscape. Before the 15th century, Africa was integral to global trade, largely as a source of labor for planting food crops to solve Europe’s caloric deficiencies. However, the transatlantic slave trade disrupted the continent’s development, sewing distrust among African nations and fracturing unity across tribal lines.
The abolition of slavery, influenced by the Industrial Revolution, was followed by the colonial era, marked by the infamous 1884 Berlin Conference. This event reshaped African trade structures and institutions, prioritising European interests over Africa’s development. Even after six decades of independence, Africa remains tethered to its colonial legacy, with commodities accounting for most of its exports. For instance, 91% of Nigeria’s exports are commodity-based, highlighting the urgent need for value addition and economic diversification.
Trade as a Solution
Professor Oramah emphasised that trade, which once enabled colonial exploitation, now holds the key to Africa’s revival. To undo the colonial structures that inhibit growth, African nations must focus on driving intra-continental trade and boosting integration. The African Continental Free Trade Area (AfCFTA) is a bold step in this direction, offering a platform to accelerate development and foster regional integration.
Afreximbank has emerged as a critical player in realising this vision. Through subsidiaries and investments in infrastructure and value addition, the bank is spearheading industrialisation on the continent. Notably, Afreximbank has committed $2 billion to special economic zones, transforming these into hubs for export-oriented manufacturing and creating opportunities for sustainable growth.
The Challenges of Globalisation
In discussing globalisation, Professor Oramah highlighted its incomplete implementation. While goods and capital flow freely, the movement of people remains restricted, particularly from Africa. This limitation allowed manufacturing to shift to China, where a vast labor pool and foreign direct investment-friendly policies attracted global capital. Africa, with its 55 fragmented nations, diverse cultures, and languages, could not capitalise on this wave of globalisation.
Professor Oramah noted that the mental and institutional shackles of colonialism continue to hinder Africa’s progress. Many African nations prioritise individualistic agendas over regional cooperation, despite the potential benefits of integration. Courage and a unified vision are needed to foster confederations that leverage competitive advantages and promote collective prosperity
Preparing for the Future: AI and Africa’s Creative Industry
The conversation also touched on preparing Africa for emerging trends like artificial intelligence (AI). Afreximbank is leveraging AI to enhance trade information systems and supply chain predictions. However, Professor Oramah stressed the importance of complementing AI with human oversight to ensure accuracy and reliability. Another promising area is Africa’s creative economy, which holds the potential to generate trillions in value.
The CANEX program, championed by Afreximbank, targets high-growth sectors such as film, fashion, and the creative arts. By supporting cultural industries, Africa can harness its rich heritage to drive economic development and global recognition
During the Q&A session, Professor Oramah highlighted the importance of intra-African trade in unlocking economic potential. Quick wins, such as reducing trade barriers, enhancing logistics, and fostering cultural exchange, are already showing results. However, achieving long-term success requires a “New Deal” for Africa—one that prioritises regional cooperation, invests in infrastructure, and promotes the creative and cultural sectors.
Conclusion
Professor Oramah’s lecture painted a compelling picture of Africa’s trade journey. He emphasised the need for a united and strategic approach to overcome historical legacies and current challenges. Initiatives like the AfCFTA and Afreximbank’s investments in industrialisation and creative industries are vital steps toward unlocking Africa’s immense trade potential.
As Africa navigates a global landscape marked by mercantilism and protectionism, it must draw lessons from history while charting a bold vision for the future. Through collaboration, innovation, and resilience, Africa can transform its trade systems into engines of sustainable growth and global influence.
The event was a partnership between the Royal African Society, the Afreximbank, the Wheeler Institute for Business and Development and the LBS Africa Business Club. In the previous lecture of the series
The previous Royal Africa Society annual lecture series in partnership with the Wheeler Institute hosted American banker Bill Winters. Winters is the chief executive (CEO) of Standard Chartered, you can read about that event here.
About the speakers
Professor Benedict Oramah is the President & Chairman of the African Export-Import Bank (Afreximbank), where he leads efforts to drive Africa’s economic integration and trade. He holds a PhD in Agricultural Economics and has published extensively on African trade and development. Professor Oramah was named Forbes Africa’s Person of the Year in 2023 and holds honorary doctorates from Obafemi Awolowo University and Nnamdi Azikiwe University.
Arunma Oteh is the Chair of the Royal African Society and a former Director General of the Securities and Exchange Commission of Nigeria, where she spearheaded capital market reforms. A strong advocate for sustainable development and women’s empowerment, Arunma has extensive experience in international development and finance.
Omar Ben Yedder is the Managing Director of IC Publications, a leading media organisation focused on Africa. He is passionate about promoting African entrepreneurship and innovation, and has worked to enhance the role of media in shaping Africa’s business and political landscape.
Janet Rogan is the Director/CEO of the Royal African Society, where she leads initiatives that foster a deeper understanding of Africa’s development and culture. With extensive experience in public policy and international development, Janet has held senior roles in the UK government and global development organisations.
About the author
Donald Innocent-Ike, MBA2025 is an Outreach and Communications Intern at the Wheeler Institute for Business and Development. After graduating from Georgia Institute of Technology with a Bachelor’s degree in Electrical Engineering & Economics and a Master’s in Computer Science & Quantitative Finance, Donald worked as a Graduate Research Assistant, before becoming an Associate at Trust Securities in Atlanta. He has a keen interest in finance, development, business as a force for good, particularly in emerging markets.