Prof. Benedict Oramah, the immediate past President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), has called on African countries to abandon the wholesale adoption of foreign economic models and develop tailor-made, home-grown solutions to achieve true economic independence.
Speaking at 11:00 AM on Wednesday, November 4, 2026, as the Keynote Speaker at the 20th AELEX Annual Lecture held at the Nigerian Institute of International Affairs (NIIA) on Victoria Island, Lagos, Prof. Oramah emphasized that Africa’s political independence remains incomplete without full economic emancipation.
Prof. Oramah criticized the uncritical adoption of global standards, asserting that international “best practices” were constructed around the specific realities and priorities of developed nations. ”Best practice is always somebody’s practice, designed for somebody’s circumstances. Where it serves us, we adopt it. Where it does not, we must have the conviction to depart from it,” Oramah stated.
He highlighted the paradox of African nations holding between $350 billion and $500 billion in foreign exchange reserves in external institutions outside the continent while local economies face stringent credit barriers from international lenders. To demonstrate continental capacity, Oramah pointed out that Afreximbank successfully mobilized over $40 billion through its central bank deposit program during his tenure without losing a single dollar.
Addressing the theme of navigating global trade shocks and continental resilience, the lecture outlined the critical strategic steps African nations must take to assert self-reliance. Chief among these priorities is a decisive shift away from raw commodity exports toward domestic processing and manufacturing, ensuring that economic value is retained within the continent.
Furthermore, Prof. Oramah stressed the necessity of financial autonomy, calling for the redirection of continental reserves to finance domestic infrastructure, regional trade, and indigenous financial institutions. In the digital arena, he urged the continent to build sovereign data infrastructure and local artificial intelligence models, warning against allowing Africa to become a passive consumer of foreign technology platforms.
Supporting the keynote address, key legal and corporate leaders reinforced the urgency for continental resilience. Opening the event, Prof. Fubara Anga (SAN), Senior Partner at AELEX, noted in his welcome address that the annual lecture series was designed to evaluate whether global disruptions must keep Africa in a state of crisis or serve as a launchpad for economic growth and integration.
“For twenty years, this lecture has been our way of contributing to the conversations that shape our continent. Global shocks no longer stay global, and this year we ask how Africa can turn them into an advantage. What better voice to help answer that than Prof. Oramah’s,” Anga remarked.
Prof. Oramah concluded his address by reminding participants that the fight for Africa’s economic sovereignty will not be won through rhetoric, but on factory floors, inside tech innovation hubs, and through the steadfast implementation of African-centered policy frameworks.
