President William Ruto has called on African leaders to accelerate efforts to strengthen trade within the continent and invest in local industries to unlock Africa’s full economic potential.
Speaking during the 24th COMESA Summit at the Kenyatta International Convention Centre (KICC) in Nairobi, President Ruto noted that intra-African trade remains at just 14 percent, far below other global regions.
He urged governments to adopt bold strategies to raise it to at least 50 per cent, emphasizing that Africa has both the capacity and the market to achieve this goal.
Ruto outlined a plan to remove visa restrictions and other barriers limiting the free movement of people, goods, and ideas across borders.
He said dismantling tariff and non-tariff barriers was essential to transform borders from obstacles into bridges and drew comparisons with regions where internal trade ranges between 40 and 60 per cent.
The President urged African nations to stop exporting raw materials and instead invest in value addition to create jobs and retain wealth within the continent.
He said processing agricultural and natural resources locally would help Africa maximize returns and strengthen its internal market.
“We not only create jobs, but also create value and wealth,” Ruto said.
“That way, we keep most of that wealth in our continent and make full use of the markets we have secured in Europe, America and across Africa.”
He added that a stronger internal market could sustain Africa’s 1.4 billion people while expanding opportunities for locally produced goods and services.
Ruto also encouraged African governments to channel more capital into regional financial institutions, citing the Trade and Development Bank (TDB) as an example of a successful African-led initiative supporting national priorities.
“They understand the African context. They do not assess unreasonable risks. They treat us with respect because they are our own institution,” he said, urging leaders to also support regional insurance agencies and development banks that finance industrialization and small enterprises.
Ruto further called for greater self-belief among African nations, stressing the importance of building and empowering local institutions even as the continent seeks reforms in the IMF and World Bank.
“We must believe in ourselves and build African institutions,” he said.
The President reiterated that Africa’s future prosperity depends on African-led solutions to drive growth and development.