Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has called on African countries to move beyond foreign aid and instead focus on value addition, trust-building, and the effective use of their natural resources.
Speaking at the third edition of the African Business Stories (ABS) Roundtable Series during the 2025 World Bank Spring Meetings in Washington D.C., Dr. Okonjo-Iweala said, "Africa's opportunity lies not in aid — but in adding value, building trust, and using our resources wisely."
The high-level dialogue, themed "Leveraging Diaspora Investment for Africa's Economic Growth," brought together investors, policymakers, and business leaders to discuss how to strengthen Africa's economic resilience through diaspora financing and strategic partnerships.
Dr. Okonjo-Iweala emphasized the need to strategically utilize Africa's critical minerals to drive industrialization rather than rely on raw exports. "Our critical minerals are in demand — but instead of giving them away raw, we must negotiate smartly, add value locally, create jobs, and become a true hub of global manufacturing and innovation," she stated.
She further highlighted the implications of global economic disruptions, including shrinking aid budgets, and stressed the urgency for regional cooperation, transparent governance, and robust investment frameworks to attract both diaspora and international capital.
In her closing remarks, the WTO chief encouraged African entrepreneurs and diaspora communities to recognize their power to effect change. "Even solving one problem or building one enterprise can have ripple effects across the continent. Everyone has a role to play in building Africa's future," she said.
Bank of America's Yvonne Ike, Managing Director and Head of Sub-Saharan Africa (ex-RSA), echoed the sentiment, saying: "Events like this roundtable are vital platforms to foster collaboration, deepen trust, and unlock the entrepreneurial potential that exists both within Africa and among its global diaspora."
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The ABS Roundtable Series was launched in September 2024 during the United Nations General Assembly (UNGA) in New York. It aims to tackle major challenges facing African businesses, with a particular focus on closing the $42 billion financing gap for women-owned enterprises.
Held at the Washington D.C. offices of Akin Gump Strauss Hauer & Feld LLP, the event was supported by Akin LLP, Bank of America, and Moneda Invest Africa, highlighting their commitment to inclusive development and sustainable growth on the continent.
The opening keynote was delivered by President Admassu Tadesse, Group President of Trade & Development Bank, and Zainab Ahmed, Executive Director at the World Bank and former Nigerian Finance Minister. Both speakers urged Africa to move beyond traditional aid and build stronger financial systems.
A panel session moderated by Kenechi Eze of Moneda Invest featured industry experts including Joan Manda (UNDP Timbuktoo Initiative), Barbara Iyayi (Unicorn Growth Capital), and Chidi Blyden (Culturally Bound). Discussions revolved around building trust, designing credible financial vehicles, and turning Africa's 44 million SMEs into investment-ready enterprises.
The event concluded with a fireside chat between Dr. Okonjo-Iweala and Ms. Ike, in which the WTO DG emphasized the need for Africa to mobilize domestic capital, attract private investment, and strengthen institutions to meet the demands of a shifting global economy.
Participants pledged to deepen engagement with the African diaspora, create reliable financing structures, and improve access to capital for SMEs — recognizing these steps as critical to unlocking Africa's full economic potential.
"Diaspora investment is not just about capital; it's about building ecosystems and reshaping Africa's economic narrative," the organizers affirmed.
