Chief Executive Officer (CEO) of Denca Global Courier (DGC Express), Dr. Queen Onyinye Okpa, has offered a compelling perspective on the future of Africa’s export in response to recent projections by the World Trade Organisation (WTO).
Following WTO forecast that African exports will grow by 5.3 per cent in 2024, Okpa stated that this is a pivotal moment for the continent’s economy, stressing that sustaining the growth requires strategic initiatives to address challenges in the global trade landscape.
She said: “The WTO’s outlook on Africa’s exports is encouraging, but the real challenge is in ensuring that this growth translates into meaningful economic uplift across the continent.
“The gap between rising exports and declining imports, as highlighted in the report, indicates that increased export activity hasn’t fully translated into higher income and consumption for African nations. To change this narrative, we need to focus on value addition, innovation and diversification in our export portfolio.”
Okpa pointed out that while African exports are projected to exceed pre-pandemic levels, the five per cent decline in imports between 2019 and 2023 is a worrying signal. Higher energy and commodity prices continue to impede import growth, underlining the need for African economies to move away from dependence on raw material exports and focus on creating value-added products.
Establishing a connection between Africa’s potential and the upcoming Export Business Roundtable (EBR) 2024, which aims to provide African SMEs with a platform for networking, collaboration and scaling of their operations, she said: “EBR 2024 is a unique opportunity for Nigerian exporters to engage with key international players.
“In addition to partnerships with Indian SMEs, we’re welcoming representatives from major markets such as the United State (U.S.), United Kingdom (UK) and Canada. These include key players and off-takers of Made-in-Nigeria products, which will help to diversify and expand the reach of African exports,” she said.
The WTO report also highlighted potential global risks, such as geopolitical conflicts, climate change impacts and trade disruptions in crucial areas like the Suez Canal, adding that these risks could hinder Africa’s export growth.
But Okpa believes platforms like the EBR 2024 will help equip African businesses to navigate the uncertainties.
“By fostering relationships with international markets and enhancing our export strategies, we can mitigate some of the global trade risks outlined by the WTO and ensure that African businesses are well-positioned to thrive,” she said.
Speaking further, Okpa argued that the growth of African exports as a vital opportunity that must be maximised, insisting that EBR 2024 remains critical to driving the continent’s export agenda forward.
“Africa’s export future is promising, but it requires careful planning and collaboration. EBR 2024 is about building international connections that will secure Africa’s place in the global market,” she said.
Source: ThisDay