SPEAKERS at the recent Obafemi Awolowo Webinar have noted that the African continent is contending with complex and evolving challenges, which must be frontally tackled for it to make political and economic progress.
The speakers, who made this observation in a communique released at the end of the Webinar organised by the Obafemi Awolowo Foundation, and chaired by former South African President, Thabo Mbeki, also stressed that for the continent to survive those challenges, it must be ready to take its destiny in its own hands.
They described key developments, including African Union’s New Commission, as signaling potential shifts in regional governance, with global political landscape transitioning toward multi-polarity, thereby influencing international relations and economic structures.
The speakers also observed that the advent and rapid advancements of Artificial Intelligence (AI) is gradually reshaping industries and societies, with their attendant challenges and opportunities.
They therefore called for critical reflection and meaningful dialogue, as the continent navigates the uncertainties and possibilities ahead.
Another major concern to the speakers is the resilient but risk-prone global economy, arguing that despite the 3.3% growth projection by IMF in 2025/2026, the present tariff wars will create inflation, instability in debt markets, instability in capital markets, productivity declines, decline in competitiveness, and unemployment in some countries.
The speakers also observed that the rise of the BRICS nations, now about 10 countries, including Egypt and Ethiopia, has begun to reshape global trade, finance and investment in global economy, and, in consequence, constitute a challenge to the G7 countries, and the US dollar.
They also highlighted political risk, constituted by the rise of populism in the West, as having its consequences for economic policies globally.
“The rising trend on national interest calculations has implications for developing countries like Nigeria which maintain a naive attitude towards foreign investments,” they noted.
They also stressed the need for the continent to leverage the transformative force of Artificial Intelligence, since it will dramatically alter the global economy positively, boost GDP, increase inequality and work-place displacement, and significantly impact world economy in future.
“AI is not just a tool but a disruptive force that challenges societal norms and global power structures. AI is reshaping the global workforce, but its effects are unevenly distributed.
“Without inclusive AI governance, economic and political inequalities will escalate, reinforcing global disparities,” the speakers submitted.
The speakers therefore charged Nigeria on the need to play the lead role in continental development activities.
The speakers, however, believed the much-needed growth by Africa will not be achieved, with its wealth concentrated in the hands of a few.
“Growth will not occur if there is degradation of ecosystems.Ownership of Africa’s wealth should be by Africans, and not only by an elite few.
“Humanity is on the verge of history, on the precipice of technological revolution. Africa must not merely be a participant but a leader, claiming its rightful place in an AI economy,” they stated.
They also called for a policy framework that ensures that the ownership of the continent’s vast mineral resources is with Africans, and not foreigners.
“Africa has 30 percent of global mineral reserves. But in terms of how we structure our laws, the bulk of ownership will consistently be in foreign hands unless we take concrete steps to reverse the situation.
“We cannot make progress in science and technology if we do not seize the moment and develop our own way of building science and technology,” they noted
The Executive Director, Obafemi Awolowo Foundation, Ambassador Dr. Olatokunbo Awolowo Dosumu, in her welcome address had explained that the webinar was planned to focus on four critical sub-themes: The Economy, Technology (with special emphasis on Artificial Intelligence), the North-South Dynamics, and Africa’s Options for Development.
She further explained that the webinar, tagged:‘Our 21st Century World: Reflections and Projections’, was motivated by the rapid transformations which the 21st century had faced across all facets of human life, driven by technological innovation, economic shifts, and evolving geopolitical landscapes.
The Guest Speakers were: the President, African School of Governance, Professor Kingsley Moghalu; the Director-General, Nigerian Institute of International Affairs (NIIA), Professor Eghosa Osaghae; a pan-Africanist, rights activist and lawyer, who is also theManaging Director, Programmes, Open Society Foundation Africa, Mr.Brian Kagoro; and a Professor of Entrepreneurship and Digital Transformation at the Sheffield Business School, Sheffield Hallam, United Kingdom, Professor Seun Kolade.
The webinar was moderated by three eminent academics: Retired Professor of International Relations at the Obafemi Awolowo University (OAU), Professor Alade Fawole; a Professor of Political Science from the same university, Professor Sat Obiyan; and Director, Centre for Excellence in Teaching and Learning, University of Ibadan, Professor Adedoyin Aguoru.
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