The barrage of tariffs initiated by the United States may well be a blessing in disguise for African countries.
This is the view of the Minister,of Solid Minerals Development development, Dr Dele Alake, at the Fireside Chat session on Foreign Direct Investment with the title, ‘The Alchemy of Foreign Direct Investment: Turning Policies into Prosperity for Emerging Global Markets’ at the 14th edition of AIM Congress held in Abu Dhabi, United Arab Emirates during the week.
In his contributions to the chat on impact of the tariffs on Africa’s economic climate, Alake called on African countries to adopt introspective approach by looking inwards and adjusting their domestic policies to focus more on intra African trade, with little dependence on external forces.
“We need to organise our economic imperatives to ensure balance of trade and strengthen intra African trade and the time is now.”
Referring to the bane of African countries whereby mineral resources are carted offshore without value addition, he said, “The past approach of ‘pit to port’ when our resources were extracted and siphoned outside the continent can no longer prevail. Interested investors who wish to come into Africa are welcome to set up their factories in Africa, add value to our mineral resources and create jobs here, rather than just shipping our wealth out of our shores,” he stated
His position on protecting Africa’s mineral wealth has been adopted by many African countries, especially minerals producing countries of which he serves as pioneering chair of the African Minerals Strategic Group (AMSG).
Nigeria’s policy on the minerals sector development is strictly geared toward value addition and boosting local economy through job creation.
Other participants who spoke included His Excellency Zaher Al Qatarneh, Secretary General of Jordan Ministry of Investment, Goncalo Terenas, Co-founder- Diaspora Prime Portugal, and Vadim Tretyakov, Minister of Investment and Development of the Sverdlovsk Region.
During the Congress, Dr Alake toured the exhibition platform where Nigeria was ably represented by the Solid Minerals Development Ministry, Solid Minerals Development Fund (SMDF), and Zamfara state government. He also visited the booths of the private business groups from Nigeria such as the Women Enterprise Alliance and Ghana’s Jant’s Fashion Collection.
The AIM Congress welcomed thousands of top government leaders from around the world, including corporate leaders, technology innovators, and sundry financial institutions and experts. The aim of the yearly congress is to ignite positive transformation by creating investment opportunities, upholding solidarity and developing economic relations among nations.
According to a statement by Alake’s special assistant on media, Segun Tomori, this year’s congress is on the theme, ‘Mapping the Future of Global Investment: The New Wave of Globalised Investment Landscape towards a New Balanced World Structure.’