By Kepher Otieno - Reporter
Egypt, 2 July 2026 - Africa's quest for economic sovereignty will remain elusive unless the continent accelerates industrialisation, deepens intra-African trade and mobilises its own financial resources, the President of the African Export-Import Bank (Afreximbank), George Elombi, has said, arguing that the era of exporting raw materials while importing finished goods must come to an end.
Elombi said Africa possesses vast mineral wealth, abundant agricultural resources and one of the world's youngest populations, yet continues to surrender much of the value generated from those assets to external markets. He argued that true economic independence will only be achieved when African countries process their own resources, manufacture higher-value products and build resilient regional supply chains capable of competing globally.
He warned that commodity dependence has left many African economies vulnerable to volatile global prices, currency shocks and external borrowing, undermining long-term growth and fiscal stability. The continent, he said, can no longer afford an economic model that exports jobs alongside its raw materials while importing inflation through finished goods.
Elombi called for a decisive shift towards value addition, saying Africa's industrial future depends on expanding manufacturing capacity, strengthening regional value chains and increasing investment in productive sectors. He maintained that industrialisation should become the cornerstone of economic policy rather than a long-term aspiration.
Central to that ambition, he said, is the mobilisation of domestic capital. African governments, financial institutions and private investors must increasingly finance the continent's own transformation instead of relying heavily on external funding, whose availability is often shaped by global economic cycles and geopolitical interests. Affordable, evidence-based financing, he argued, remains essential if African industries are to compete internationally.
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The Afreximbank chief also renewed calls for faster implementation of the African Continental Free Trade Area (AfCFTA), describing it as the most powerful instrument available to unlock industrial growth, expand regional markets and reduce dependence on overseas demand. A larger integrated market, he said, would enable African manufacturers to achieve economies of scale while attracting greater investment into processing industries.
He argued that economic sovereignty should no longer be measured solely by political independence but by Africa's ability to finance its own development, manufacture competitive products and retain greater value from its natural resources. Without stronger domestic industries, he warned, the continent risks remaining on the margins of global value chains despite its vast economic potential.
The remarks come as African policymakers intensify efforts to diversify economies, boost regional trade and reduce exposure to global supply chain disruptions. For Afreximbank, the challenge is no longer identifying Africa's opportunities but ensuring the continent develops the industrial capacity and financial architecture needed to convert its natural wealth into sustainable prosperity.