Okonjo and Osaretin Call for Shift from Aid to Investment and Domestic Resource Mobilization

WASHINGTON - Rezul -- In a significant move, African leaders are advocating for a change in mindset, urging the continent to move away from reliance on financial aid from advanced countries. Instead, they emphasize the need to focus on domestic investment, resource mobilization, and harnessing the power of African innovators and developers.

Dr. Okonjo Iweala, WTO Chief and former Nigerian finance minister, recently stressed this point at the African Union meeting. "Africa needs to change its mindset and view access to aid as a thing of the past," she said. "We must focus on attracting investment and mobilizing our own domestic resources."

Osaretin Agbonavbare, who was interviewed after the Global AI Summit in Paris, echoed Dr. Iweala's sentiments. "Humanitarian aid should be discouraged in Africa," he said. "Rather than seeking financial aid, we should focus on collaboration, research, and development with advanced countries. This will enable exchange programs and help Africa catch up in terms of AI development."

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Agbonavbare emphasized that Africa's reliance on humanitarian aid has hindered its progress. "We've gone beyond that," he said. "We need to look to the future and harness the power of our young population. This is essential for Africa's development, or we'll remain at the back seat in terms of AI development."

The call to shift from aid to investment and domestic resource mobilization is gaining momentum. African leaders recognize that this change in mindset is crucial for the continent's sustainable development and economic growth.

As noted by the Brookings Institution, reducing aid dependency is essential for Africa's economic growth.¹ The continent's infrastructure development, for instance, requires significant funding, which can be achieved through domestic resource mobilization and investment.²

In conclusion, African leaders are urging the continent to move away from reliance on financial aid and instead focus on domestic investment, resource mobilization, and innovation. This shift in mindset is critical for Africa's sustainable development and economic growth.

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