Former presidential candidate Peter Obi has urged Nigeria and other African countries to invest in their youth and boost productivity to cope with the challenging trade tariffs introduced by President Donald Trump. Speaking at a recent event in London, he highlighted the significance of Africa’s Role in the New Global Economy and the opportunities that can arise when the continent harnesses its potential.
Obi pointed out that Trump’s recent trade policies have disrupted the global economy, prompting many countries to take proactive measures to protect their markets. However, he noted that Africa has not reacted in a similar way. “Despite its vast resources, Africa’s share of global trade is only 2 to 3 percent, and our GDP accounts for about 3 percent of the world total,” he said. He underscored the concern that the GDP per capita in Africa sits at only $1,900, compared to $9,000 in Asia.
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Despite boasting a young and vibrant workforce—approximately 1 billion people—Africa remains underperforming in the global market. Obi emphasized the continent’s natural resources, including over 60 percent of the world’s arable land and about 30 percent of its mineral resources, but noted that investment in human capital and skills is essential for progress.
“Africa’s food and agriculture market is projected to soar from about $280 billion a year to over $1 trillion by 2030,” Obi explained. This growth signifies that agriculture could play a pivotal role in transforming Africa into a global agricultural powerhouse. As he stated, “This aligns with Africa’s Role in the New Global Economy, which emphasizes the need for smart investments in human resources to enhance productivity.”
Obi called for Investment in Africa’s Youth and transformative leadership that prioritizes productivity and innovation. “We’ve seen that some well-governed African countries can create higher-value products,” he said, urging a focus on producing goods and services that the world demands. The challenge lies in scaling up innovative production and ensuring that Africa can effectively navigate future trade agreements.
“This is a crucial moment for Africa,” Obi concluded. “We need to shift our mindset and leadership approach to prioritize economic growth and the development of our people. By focusing on education and healthcare, we can pull Africans out of poverty and secure a prosperous future in the global economy.”
