Kayode Fayemi, a former governor of Ekiti State and now a Visiting Professor at King’s College London, has called for a significant restructuring of Africa's economic interactions with Western countries. He urged leaders across the continent to advocate for more equitable partnerships focused on industrial development, enhancing local value, and achieving shared prosperity.
Fayemi articulated these views during a presentation titled “Africa–West Relations at a Turning Point: Interests, Agency, and a New Bargain.” This was delivered at a private, high-level gathering of African leaders during the Africa–Europe Strategic Dialogue, held recently at the Sandton Convention Centre.
He argued that Africa must transition from its historical role as primarily an exporter of raw materials. Instead, the continent should aim for agreements that promote local processing, foster industrial growth, and facilitate the transfer of technology.
"Any new partnership framework must be anchored on industrialisation, local processing and technology transfer," Fayemi stated. He clarified that this approach is not intended to be confrontational towards the West but is based on sound economic principles that have historically guided the development of advanced economies.
Fayemi, who previously served as Minister of Mines and Steel Development, cautioned that Africa risks repeating past economic pitfalls if it does not assert greater control over its abundant mineral resources, especially as the world shifts towards clean energy.
He pointed out that crucial minerals like cobalt, lithium, manganese, coltan, and copper, which are essential for green technologies, are predominantly found in Africa. He warned that continuing to export these in their raw form would yield limited long-term benefits, similar to the outcomes during the oil boom.
"The world cannot go green without first going African," he remarked, underscoring the importance of ensuring Africa reaps full benefits from the emerging clean energy economy.
Fayemi highlighted Africa's growing population as a significant advantage in global negotiations. He projected that by 2050, Africans will constitute a quarter of the global population, positioning the continent as a key driver of economic expansion if its human capital is adequately developed.
He, however, criticized what he described as a persistent paternalistic tendency in Africa-West relations, where policies impacting the continent are frequently formulated externally.
He added that current global trade frameworks have historically hindered local manufacturing through restrictive policies and financial limitations.
Despite these challenges, Fayemi acknowledged positive developments, citing efforts by some European partners to build more balanced relationships. He referenced initiatives like the European Union’s Global Gateway Strategy, designed to enhance cooperation with Africa.
He put forward several key recommendations, including sovereign debt restructuring, improved access to development finance, fairer labour migration policies, enhanced technology partnerships, and transparent security cooperation.
Regarding digital transformation, Fayemi cautioned Africa against remaining a passive recipient of global technological advancements, particularly in areas like artificial intelligence and digital infrastructure, which are crucial for global productivity.
He also advocated for a more candid international discussion on migration, noting that prevailing perceptions of African migration to Europe often do not align with available statistical data.
Fayemi concluded by emphasizing that Africa's pursuit of a more equitable global standing must be complemented by robust internal reforms. These include strengthening institutions, upholding the rule of law, promoting gender inclusion, and empowering youth.
"Weak institutions and exclusion carry economic costs and weaken our negotiating position. A new global bargain must go hand in hand with a renewed social contract with our own citizens," he stated.
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