Oramah urges African leaders to take decisive action in the face of deglobalization

Oramah of Afreximbank exhorts African leaders to embrace bravery and creativity in order to transform deglobalization into possibilities for progress.

“African leadership must act with courage and innovation to ensure that the current winds of deglobalization would not stifle the continent’s opportunity to develop,” said Professor Benedict Okey Oramah, the immediate past president and chief executive of African Export and Import Bank (Afreximbank).

At the Nigeria-British Chamber of Commerce’s (NBCC) “2025 Presidential Inauguration Dinner” in Lagos on Monday night, Oramah made this statement while discussing the theme of “Stewarding the Future: Leadership, Trade, and Transformation.”

Mr. Abimbola Olashore was sworn in as the NBCC’s 19th President and Chairman of Council during the dinner.

When the development train was on its way to Africa for boarding, Oramah questioned why the world was abandoning the global framework that had worked for the development of other continents. He said that responsible African leadership had a responsibility to act in response to this question. 

“I say this because true leadership should try to turn every obstacle into an opportunity by utilizing its network and opportunities. It should envision and act with courage and innovation.”

According to Oramah, “Africa and Nigeria cannot let the disruption of globalization be the end of their journey.”

“African leadership must embrace the duty of sacrifice and abandon the luxuries of privilege,” he said.

“It must take on the mantle of courage and overcome fear; it must have the audacity to see and act.” 

“Taking one’s destiny in one’s hands is leadership in action,” he stated. Leadership is demonstrated when we resist giving in to a victim mindset when others act in ways that test our resolve. Leadership is demonstrated when obstacles are transformed into opportunities. 

According to Oramah, the 1963 Organization of African Unity’s first general assembly’s decision to realize intra-African commerce was not implemented for 60 years, depriving Africa of the promise of globalization and amounting to leadership denied. 

However, we have taken action today and are fulfilling our obligations. Because of this, I am sure that Africa’s trade-driven revolution is imminent, whether globalization or not,” he stated.

Mr. Babatunde Fashola (SAN), the former governor of Lagos State, stated in his introductory remarks that the mindset of Africans is the only thing limiting the continent’s ability to trade with one another in a globalized and digitalized world. 

Additionally, Fashola stated that diplomacy and trade are the main tools of development and advised countries, including Nigeria, to exercise caution in their use of these instruments, particularly in light of the significant role tariffs are now playing in global trade.

According to him, nation-states should safeguard every chance they have to advance commerce and growth while resolutely upholding law and order.

“Law and order is a cloud that can threaten these brilliantly shining stars, so there is work to be done in that area,” Fashola stated.

“Productivity and investments can be seriously threatened by law and order, safety, and security.”

“I stand before you today with profound gratitude and a deep sense of responsibility as I humbly accept the honor of serving as the 19th President and Chairman of Council of the NBCC,” Olashore stated in his acceptance address. I am really humbled by the trust you have placed in me, and I do not take this privilege lightly.

“Tonight is about more than just an inauguration; it’s about continuity, change, and a renewed dedication to the goal of enhancing trade relations between Nigeria and the UK for the benefit of our business community and our country.”

“As we look ahead, I am mindful of the realities of our time, including domestic challenges, global economic shifts, and the rapidly evolving dynamics of international trade,” he continued.

“However, my belief that the NBCC is in a unique position to lead, influence, and create significant impact has only grown.”