The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has called on African leaders to stop depending on foreign aid and focus on domestic resources to drive economic growth.

While speaking on the sidelines of the African Union (AU) meeting in Ethiopia, Okonjo-Iweala advised that foreign aid should be considered a thing of the past.

According to her, Africa holds approximately $250 billion in pension funds, but much of the funds are invested outside the continent, rather than being channelled into local economies.

The WTO Chief emphasised that African leaders need a mindset shift, saying the continent is blessed with vast untapped financial and natural resources that could drive sustainable development.

The former Minister of Finance also called for the recapitalisation of Africa’s multilateral development banks, including the African Finance Corporation. She said this would expand their balance sheets and increase funding for key projects.

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She further stressed the urgent need for African nations to take control of their vast mineral wealth, particularly lithium, manganese, and copper, which are key resources for electric vehicle battery production.

“Africa really needs to change its mindset about access to aid. We should begin to see it as a thing of the past,”

“Our focus should be on two key areas — attracting investment and mobilising domestic resources.

“The biggest pension funds are in South Africa, followed by Nigeria, Kenya, Morocco, Botswana, and Namibia. These resources are hugely significant, and we need to find ways to tap into them.

“At present, these institutions have a combined balance sheet of about $70 billion, but our infrastructure needs alone exceed $200 billion annually. Instead of looking outward for financial support, we must strengthen our own institutions.”