ECA urges Africa to boost domestic resources for industrialisation
The Economic Commission for Africa (ECA) has urged African countries to strengthen domestic resource mobilisation to finance industrialisation and reduce dependence on external funding.
The Executive Secretary of ECA, Mr Claver Gatete, made the call in a statement on Saturday in Abuja.
Gatete spoke at a joint session of African Union Specialised Technical Committees on finance, trade, industry and minerals.
He said that sustainable development could not rely indefinitely on external financing amid growing global economic uncertainties.
He said recent geopolitical tensions and supply chain disruptions had exposed structural weaknesses across African economies. “Economies that do not produce remain vulnerable,” he said.
Gatete stressed the need to align financing with productive sectors to accelerate industrialisation across the continent.
He urged African countries to increase value addition, expand manufacturing and deepen intra-African trade through the African Continental Free Trade Area.
According to him, industrial transformation requires stronger domestic resource mobilisation and greater private sector investment.
He identified accelerated regional value chains as another priority for boosting industrial competitiveness.
The ECA chief also called for greater investment in integrated and sustainable energy systems to support industrial growth.
He called for stronger continental financial architecture to mobilise long-term investment across Africa.
Gatete said fragmented policies could not deliver integrated economies and called for greater policy coherence among African countries.
He reaffirmed ECA’s commitment to helping member states strengthen fiscal systems and expand capital markets.
He said the commission would continue supporting innovative financing mechanisms to unlock Africa’s productive potential.
He highlighted the African Financing Stability Mechanism and the Pan-African Payment and Settlement System as key continental initiatives.
According to him, both initiatives can strengthen Africa’s financial systems and support long-term development financing.
Gatete reaffirmed ECA’s commitment to working with the African Union Commission, African Development Bank and other partners.
He said the collaboration would help translate policy commitments into industries, jobs and inclusive economic growth across the continent. #ECA urges Africa to boost domestic resources for industrialisation# Africa’s $1.1trn Domestic Capital can Fund its Transformation – ECA
