Africa Could Power the World If It Tells Its Story Differently ~ Zemedeneh Negatu
In a recent interview with Intro Africa, Zemedeneh Negatu, Global Chairman of Fairfax Africa Fund, highlighted Africa’s critical role in the global economy, driven by its natural resources and renewable energy potential. He argued that rebranding Africa and telling its diverse stories is essential to counter outdated perceptions that deter investors.
Zemedeneh Negatu noted that much of the world’s essential raw materials needed for electric vehicles, mobile phones, and microchips including lithium are found in Africa. He emphasized that moving beyond exporting raw materials and investing in local processing and beneficiation would ensure more of the wealth stays on the continent.
He also identified renewable energy as a major opportunity, pointing out that around 98% of Ethiopia’s energy comes from renewable sources such as hydro, solar, and geothermal power. Negatu suggested that Africa could benefit significantly from global climate finance initiatives, including the $300 billion annual commitment discussed at COP29 for developing countries. By leading in clean energy, Africa could position itself as an example for the rest of the world.
Infrastructure development remains another key area for investment, he said. While Chinese-backed projects have dominated in the past two decades, he observed new opportunities for investment from Western institutions like the U.S. Development Finance Corporation. Well-structured projects in sectors such as toll roads, airports, and energy could offer attractive returns to investors.
In agriculture, he highlighted that Africa holds about 60% of the world’s uncultivated arable land, yet imports an estimated $40–50 billion of food annually. He described this as an untapped opportunity that could be transformed through strategic partnerships and investment, allowing Africa not only to feed itself but also to become a global agricultural exporter.
Addressing geopolitical dynamics, Zemedeneh Negatu advised that Africa should position itself strategically between East and West, maintaining strong relationships with both China and Western institutions like the IMF and World Bank. This balanced approach, he suggested, would help African countries attract diverse sources of investment and financing.
He concluded by stressing that Africa must reshape global perceptions by telling its own story, reflecting the diversity of its 54 countries rather than relying on a single narrative. “The returns far outweigh the real risks,” he said, urging both African leaders and foreign investors to work together to reduce perceived risks and unlock Africa’s true potential.
Source: Interview originally published by Intro Africa.
