Speaking in an interview with CNN’s Christiane Amanpour, Okonjo-Iweala highlighted the paradox facing Africa. Despite being rich in resources and home to one of the world’s fastest-growing populations, intra-African trade remains severely limited.
“It costs 20 percent more for us to trade with each other on the continent than with others externally. Something is wrong with that,” she said.
“Only about 15 to 20 percent of our trade is among ourselves, compared to over 60 percent in the European Union. We have a long way to go.”
The WTO chief underscored the potential of the African Continental Free Trade Area (AfCFTA) to change the narrative, calling it “one of the best things we have going on trade,” but stressed the urgent need to accelerate its implementation.
“I was asking, why don’t we buy this $200 million (₦305 billion) worth of textiles within the continent? If we’re spending $7 billion (₦10.7 trillion) to import the same kinds of textiles, why should Lesotho have to struggle?” she asked, drawing attention to Africa’s dependence on external markets for goods it could easily source locally.
Africa must invest in skills, technology, and infrastructure
Okonjo-Iweala also cited projections from the International Monetary Fund (IMF) that Africa’s economy is set to grow by around 4 percent this year and next, but cautioned that this is insufficient given the continent’s surging population.
“By 2050, there will be 2.5 billion people on the continent, about 22 percent of the world’s working-age population. If this population is skilled, it could be a resource for Africa and the entire world,” she said.
The WTO boss emphasised that investment in education, technology, and infrastructure is essential to turn demographic growth into economic power.
“You can’t just say we have people, therefore we are rich. They’ve got to be skilled. We’ve got to be up with technology and A.I.,” she added.
Despite ongoing challenges such as poor infrastructure, unreliable power, and low connectivity, Okonjo-Iweala expressed optimism about Africa’s future, noting that young innovators in fintech, agritech, health tech, and the creative industries are already reshaping the continent’s economic story.
Her message to African leaders was clear: reduce trade costs, invest in people, and build the systems that will allow Africa to trade with itself more effectively, or risk losing out on the promise of the world’s most dynamic market.
