Africa must unite to attract global investment, says Oyedele

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for stronger unity and coordination among African countries to attract global investment and drive sustainable economic development across the continent.

Speaking at the Africa CEO Forum in Kigali, Rwanda, on Thursday, Oyedele stated that Africa must present a more coordinated front to the world to unlock capital for development and accelerate growth.

“How do we ensure Africans come together so that the world can pay attention to us?” he asked.

He stressed that African economies must shift focus from raw material extraction to value addition and industrial development.

“How do you raise finance for development, not just focusing on extraction but value addition?” he said.

Oyedele also called for greater investment in labour-intensive sectors such as agriculture, manufacturing, industry, services and technology, noting that such areas are critical to job creation and poverty reduction.

“How do you ensure that you can stimulate growth in labour-intensive sectors, agriculture, manufacturing, industry, services and technology, so that we can lift our people out of poverty?” he added.

He said African leaders and investors at the forum agreed that the continent must now prioritise execution over discussions.

“The leaders in the room recognised that the time for rhetoric is over and it is now time for execution,” he said.