How Africa can leverage G20 to drive trade, investment – Adebajo

As leaders gather in Brazil for the first G20 Leaders’ Summit with the African Union as a member, discussions have turned to how Africa

Tilewa Adebajo, CEO of CFG Advisory, shared insights on the importance of Africa negotiating as a unified trading bloc, similar to the European Union’s model.
Adebajo emphasised the significance of the African Continental Free Trade Agreement (AfCFTA) and the potential for Africa to attract investments by presenting itself as a substantial trading entity.
By working together under a single framework, African nations can enhance their bargaining power and access more favourable terms for trade agreements.

Adebajo highlighted the need for Africa to position itself as a unified trading bloc to enhance its global competitiveness. The strategic move towards harmonising trade practices and fostering a conducive environment for foreign investments in Africa is critical for the continent’s economic growth and global engagement.

In line with the discussion, concerns were raised about the looming threat of a protectionist trade regime, especially in the wake of potential policies under President-elect Trump’s administration. Adebajo emphasised the need for African countries to anticipate and navigate the challenges posed by protectionism. As global dynamics shift towards protectionist measures, African nations must strategise to safeguard their trade interests and promote sustainable economic partnerships.

Further discussions delved into the bilateral ties between India and Nigeria, with a focus on India’s pivotal role in supporting Nigeria’s economic landscape. Adebajo highlighted the longstanding trade relations between the two nations, emphasising India’s significant investments in Nigeria’s oil sector. India’s proactive engagement in Nigeria’s economic sphere, coupled with the recent visit of Prime Minister Narendra Modi, signifies the deepening of economic collaborations and cultural exchanges between the two countries.

Adebajo underscored the importance of fostering strategic partnerships to bolster economic growth and enhance security measures, as evidenced by India’s interest in an intelligence anti-terrorism partnership with Nigeria.

The conversation also touched on the potential expansion of the BRICS alliance and its implications for Nigeria. Adebajo pointed out that Nigeria’s focus should be on leveraging partnerships based on trade and investment interests rather than ideological affiliations.

Emphasising the changing global dynamics, Adebajo highlighted China’s predominant influence in Africa’s trade landscape and the need for African nations to maximise their economic potentials by forming strategic alliances that serve their interests.

As Africa navigates the evolving global economic landscape, the emphasis on trade, investment, and strategic partnerships remains paramount for sustainable development and economic growth.

Africa’s strategic positioning at the G20 Summit underscores the continent’s quest for economic empowerment and global relevance. By leveraging its membership in international forums like the G20, Africa has the opportunity to shape its economic destiny, attract investments, and foster mutually beneficial partnerships with global stakeholders.