Africa Urges Investment in Local Tech, PCS, and Unified Financial Policy
African leaders at Afreximbank 2025 in Abuja call for local capital control, PCS expansion, and pan-African financial policies to ensure economic autonomy.
Day 2 of the Afreximbank Annual Meetings 2025 continued in Abuja, Nigeria, with influential voices from across Africa and the diaspora gathering to address one of the continent’s most pressing priorities: transforming Africa from within by strengthening its multilateral financial institutions. The day began with powerful opening remarks from Mrs. Kanayo Awani, Executive Vice President of the Intra-African Trade and Export Development Bank at Afreximbank, and Mr. Claver Gatete, Executive Secretary of the UN Economic Commission for Africa, who set the tone for a day of strategic dialogue and action-oriented insights.
A key highlight was a presentation by Mr. Gagan Gupta, Founder and Chairman of Arise Integrated Industrial Platforms, on “The Journey to Making Africa a Global Manufacturing Hub.” His remarks outlined the industrial blueprint necessary for Africa to assert its place in global trade. This was followed by a keynote from Dr. Kishore Mahbubani, Distinguished Fellow at the Asia Research Institute, who addressed “Charting the Path for Africa’s Economic Breakthrough Under Global Uncertainties.” In a dynamic exchange with Ms. Arunma Oteh, Academic at the University of Oxford and former World Bank Treasurer, Dr. Mahbubani emphasized the urgency of redefining Africa’s role in the global financial system.
One of the pivotal moments of the day was the panel discussion on “Building a Coherent African Financial Architecture,” moderated by Professor Andreas Klasen of the University of Oxford. It brought together top policymakers including Mr. Claver Gatete, Hon. Kevin Greenidge, Governor of the Central Bank of Barbados, H.E. Mrs. Milagrosa Obono Angüe of Equatorial Guinea, and Hon. John Panonetsa Mangudya, CEO of the Mutapa Investment Fund. Discussions focused on harmonising financial regulations, deepening regional value chains, and mobilising domestic resources to achieve true economic sovereignty. The need for a common African market and unity in financial strategy were resounding themes.
The afternoon plenary titled “Powering Development with Own Capital” spotlighted African and Caribbean multilateral financial institutions. Moderated by Ms. Lerato Mbele, the session featured leaders such as Mr. Arnold Ekpe, former Group CEO of Ecobank, Mr. Daniel Best, President of the Caribbean Development Bank, Prof. Marlene Attzs of the University of the West Indies, Mr. Simon Tiemtoré, Chairman of Lilium Capital Group, and Mr. Samaila Zubairu, President and CEO of Africa Finance Corporation. The panel emphasized that Africa is not lacking in capital with over $4 trillion in domestic resources but rather in execution, coordination, and the mindset to act boldly. Speakers called for banks and pension funds to drive infrastructure, for governments to focus on enabling environments, and for African institutions to lead with confidence and unity.
Another standout session focused on technology and artificial intelligence, exploring “Pathways to Africa’s Socio-Economic Development.” Moderated by CNN’s Victoria Rubadiri, the panel included Mr. Haytham El Maayergi of Afreximbank, Nigeria’s Minister of Science and Technology Hon. Uche Nnaji, Professor Andreas Klasen, Mr. Mike Ogbalu of PAPSS, Prof. Nicholas Ozor of ATPS, and Mr. Hardy Pemhiwa of Cassava Technologies. The session emphasized Africa’s demographic advantage and the critical need to invest in digital infrastructure, research, and innovation to unlock inclusive growth and leapfrog legacy systems. The conversation made it clear: technology is not optional; it is central to the continent’s future.
Plenary discussions also tackled a pressing and strategic topic: the preservation of Preferred Creditor Status (PCS) for African multilateral financial institutions. In a session moderated by Mr. Anver Versi, Editor of New African and African Banker Magazines, speakers including Prof. Olabisi D. Akinkugbe, Dr. George Elombi of Afreximbank, Dr. Misheck Mutize of the APRM, Mr. Emmanuel Mpawe Tutuba, Governor of the Bank of Tanzania, and Dr. Muhammad Sani Abdullahi of the Central Bank of Nigeria made a compelling case for PCS as a cornerstone of Africa’s financial sovereignty. The session argued that PCS is not a privilege but a legal right that ensures access to affordable capital and shields African institutions from global credit bias. Afreximbank’s recent downgrade, despite PCS protections, was cited as evidence of systemic inequities in the global financial system. Leaders demanded equal treatment under international law and asserted that undermining PCS is an affront to Africa’s development agenda.
Throughout Day 2 of the Afreximbank Annual Meetings 2025, a consistent message emerged: Africa is stepping into an era of ownership, resilience, and self-determination. From industrial transformation to digital innovation, from domestic capital mobilisation to legal protections for development institutions, the conversations were grounded in urgency and united by a vision that Africa’s future must be built on its own terms, powered by its own resources, and protected by its own institutions.
