By Jemimah Wellington, JKNMedia Report
AFRICA’S ECONOMIC success hinges on identifying and capitalizing on its competitive strengths, stated Mustafa Chike-Obi, Chairman of Fidelity Bank during an interview with CNBC Africa at the AFREXIMBANK Annual Meetings in Nassau, Bahamas.
Chike-Obi emphasized the critical need for sharp, focused leadership to unlock the continent’s potential. He urged African nations to pinpoint and harness their unique advantages in producing goods and services efficiently, thereby driving sustainable economic growth.
Highlighting examples of success in sectors like sports, Chike-Obi illustrated how leveraging inherent strengths can lead to global recognition and achievement and pointed out that similar approaches in economic activities could yield significant results if African countries work together seamlessly.
He advocated for stronger regional integration, facilitating the free movement of goods and services across borders. This, he argued, would require collective effort and shared goals among African nations.
Fidelity Bank Chairman also addressed the importance of prioritizing essential sectors such as power supply, suggesting that cohesive policies and regional agreements are necessary to bolster these areas.
He further stressed the need for a coordinated approach to banking policies, which would promote financial integration within the continent and with international partners, thus streamlining banking services and transactions.
Discussing the African Continental Free Trade Area (AfCFTA), Chike-Obi noted its potential as a transformative economic initiative.
However, he called for more pragmatic implementation to ensure that its benefits are realized. He emphasized the significance of translating policies into concrete actions that can positively impact the African population.
Reflecting on the discussions at the annual meetings, Chike-Obi reiterated the paramount importance of collaboration for Africa’s progress. He underscored that unity and concerted efforts are essential for achieving the continent’s economic aspirations.
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