Africa Must Unite: Finance Chief Urges Homegrown Investments to Offset Vanishing Global Aid

In a stark warning about the fading support from international partners, Nigeria's Finance Minister Wale Edun has rallied African leaders to prioritize investments within the continent. He argues that bolstering trade and capital flows among African nations offers the best shield against the dwindling tide of overseas development assistance.

Edun delivered his message during the fifth annual Business-to-Business Agribusiness Matchmaking Event, centered on sparking fresh opportunities in food and farming trade between Arab and African markets. Hosted at a prominent hotel in the capital, the gathering highlighted the pressing shift toward self-reliance as global aid streams run perilously low.

Drawing on fresh data from the African Development Bank, Edun pointed to a troubling trend: aid to the continent fell by nine percent in 2024, with projections signaling an even steeper 17 percent plunge this year. "The era of robust multilateral cooperation, born from the post-war institutions like Bretton Woods, is slipping away," he remarked. He painted a picture of nations burdened by soaring debts and servicing costs that devour budgets meant for vital public projects. Yet, he quickly pivoted to optimism, insisting the private sector holds the key to real progress, whether through foreign inflows or homegrown ventures.

"We face high debt loads that siphon off resources from essential investments, but the true engine of growth lies with private players," Edun explained. He called for Africans to channel their savings into productive enterprises and deepen economic ties across borders. "The world is stepping back from collective action, except perhaps in health crises or climate fights. Aid flows have turned negative. It's time we turn inward, trade boldly with one another, and build our economies side by side."

The event also spotlighted ambitious efforts to bridge African and Arab business worlds. Bamidele Seun Awoola, founder and CEO of Welcome 2 Africa International, unveiled plans to seal at least 10 major deals valued at over $100 million. Her group is laser-focused on forging links that unlock commercial potential, fortify regional supply chains, and ramp up value-added manufacturing right in Nigeria.

While declining to pin down the exact scale of current Africa-Arab commerce, Awoola shared that early buzz from investor meetups suggests they could smash their goal. "Our strength in raw agriculture needs to pair with smart processing to spark jobs, add real value, and fuel broader prosperity," she said. By linking farmers to factories and nurturing joint ventures, her initiative aims to weave Nigeria into a web of industrial growth that lifts communities and expands trade horizons.

Awoola stressed the event's no-nonsense approach: thorough market scans pinpointed what African producers, especially in Nigeria, can deliver to satisfy Arab demands, with only deal-ready participants invited. "This isn't just talk; it's about concrete results," she noted. Day-one exchanges already buzzed with promise, pointing to a harvest of alliances, collaborations, and opportunities that echo Nigeria's vision for enduring development.

Capping the proceedings on a high note, the forum witnessed two landmark pacts. Nigeria's Federal Ministry of Finance inked a deal to join the Arab Africa Trade Bridges program, embracing steps to sharpen export edges, nurture agribusiness chains, and empower small businesses. A parallel agreement with Côte d'Ivoire promises gains in logistics, industry building, and smoother market entry, paving the way for mutual wins across the region.