Africa Needs to be Competitive -Fidelity Bank's Chairman, Chike-Obi

Africa needs to enhance its competitiveness and efficiency in its areas of strength, according to Mustafa Chike-Obi, the Chairman of Fidelity Bank. Speaking with CNBC Africa’s Kenneth Igbomor on the sidelines of the AFREXIMBANK Annual Meetings in Nassau, Bahamas, Chike-Obi emphasized the importance of focused leadership in harnessing the continent’s potential for prosperity.

Chike-Obi highlighted the need for Africa to identify and capitalize on its competitive advantages in producing goods and services efficiently. He stressed that achieving this requires sharp and strategic leadership.

The Chairman pointed to success stories in areas like sports as evidence of Africa’s potential when leveraging its strengths. However, he emphasized that sustainable development hinges on collaboration and seamless interaction among African nations and regions.

Chike-Obi called for enhanced integration to facilitate the movement of goods and services across the continent. He emphasized the necessity of collective efforts towards common goals, urging African countries to work together more effectively.

Addressing the importance of prioritizing Africa’s strengths, such as improving power supply, Chike-Obi advocated for cohesive policies and agreements to drive economic growth. He also stressed the need for coordinated banking policies to promote financial integration within Africa and with external partners, highlighting the significance of streamlined banking services and transactions.

The Chairman underscored the African Continental Free Trade Area (AfCFTA) as a significant opportunity for economic advancement. However, he called for more practical implementation to ensure its effectiveness, emphasizing the importance of execution in translating policies into tangible outcomes for the African people.

Reflecting on the discussions at the annual meetings about trade and investment, Chike-Obi reiterated the critical importance of collaboration for Africa’s progress. He emphasized that unity and concerted efforts are essential for realizing the continent’s full potential.

June 21, 2024