Former African Export-Import Bank (Afreximbank) President, Prof. Benedict Oramah, has urged African countries to develop home-grown economic models rather than rely on the wholesale adoption of foreign systems.

Oramah said Africa’s economic transformation depended on mobilising local capital, strengthening indigenous financial institutions and investing in industrialisation.

Also read: Como thrash Lens 9-1 in historic Champions League win

He made the call while speaking at the 20th Annual Lecture of AELEX in Lagos, themed “Global Shocks, Local Impact: Battle for Survival or Opportunities to Leapfrog and for Growth”.

The former Afreximbank chief argued that international best practices were often designed for the specific circumstances of other economies and should not automatically be adopted by African countries.

“Best practice is always somebody’s practice, designed for somebody’s circumstances. Where it serves us, we adopt it. Where it does not, we must have the conviction to depart from it,” he said.

He maintained that Africa’s political independence would remain incomplete without economic emancipation, urging governments to reduce dependence on foreign financing and financial institutions.

Oramah expressed concern that between $350bn and $500bn in Africa’s foreign exchange reserves were held outside the continent, despite the difficulties African countries often face when seeking credit from foreign financial institutions.

He said Afreximbank mobilised more than $40bn through its central bank deposit programme during his tenure, demonstrating the capacity of African institutions to manage substantial financial resources.

He also called for increased investment in mineral processing, indigenous commercial banks and regional payment systems, stressing that African countries must generate greater value from their natural resources instead of relying on raw material exports.

On regional integration, Oramah described the Pan-African Payment and Settlement System as an important tool for facilitating trade in African currencies, reducing transaction costs and strengthening economic cooperation.

Responding to a question about Nigeria’s mining partnership with the United States and the geopolitical implications of foreign investments, he urged Nigerian leaders to establish clear national priorities before choosing international partners.

He cautioned against allowing competition among global powers to determine Africa’s economic direction.

Also read: Como thrash Lens 9-1 in historic Champions League win

“If you run away from the Americans, the Chinese will wait for you. The Russians will wait for you. So what does that tell you? Have your own piece of hope,” he said.