London, UK – April 9, 2025 — Peter Obi, the Labour Party’s 2023 presidential flagbearer, delivered a compelling address at the Commonwealth Enterprise and Investment Council (CWEIC) Trade and Investment Summit, focusing on “Africa’s Role in the New Global Economy.”
Obi emphasized the critical need for Africa to proactively respond to shifting global economic paradigms, especially in light of geopolitical disruptions, such as the resurgence of Trump-era economic nationalism.
- “Africa’s share of global trade remains a dismal 2-3%, with GDP per capita lagging far behind at $1900, compared to Asia’s $9000,” Obi noted. “Yet, we are the second-largest and most populous continent, home to the most dynamic and youthful workforce on the planet.”
Obi underscored the continent’s immense, underutilized resources—nearly a billion hectares of arable land and over 30% of the world’s mineral wealth—as catalysts for transformative growth.
Despite these endowments, Africa has remained largely stagnant in global economic rankings for over two decades. Obi pointed to the absence of visionary leadership as a major impediment.
- “We don’t lack potential; we lack the leadership that can reorder priorities, scale productivity, and build inclusive prosperity,” he asserted.
He urged African governments to pivot from dependency on imported Western models and instead, chart a development path grounded in productivity, human capital, and innovative policies—drawing lessons from Asia’s developmental states.
Highlighting agriculture as a key pillar of transformation, Obi cited projections that Africa’s food and agribusiness market could exceed $1 trillion by 2030.
- “Africa can and must become a global agricultural powerhouse. But we need to act—now,” he said.
- Obi concluded by calling for bold, forward-thinking leadership committed to upgrading Africa’s economic capacities, particularly in education, healthcare, and job creation.
- “This is a turning point for Africa. The future belongs to those who innovate and produce. Let us be among them.”
