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Opinion: Major World Economies are Becoming Increasingly Isolationist, Except Those in Africa

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6 years ago

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By Fareed Zakaria

The best word to describe the mood of the global economy these days is gloomy. The pessimism is closely tied to the loss of faith in free markets and free trade, the two forces that propelled the world economy for the past seven decades. The United States, long the staunchest supporter of these ideas, has moved into full-scale mercantilist mode. Britain, the original free trade superpower, is pulling out of the European Union, its largest free-trade relationship. China is striving to become less reliant on foreign firms and global supply chains. Everywhere the trend seems the same. Except in Africa.

Last month, unnoticed by much of the media, Africa’s leaders announced the creation of a continent-wide free-trade area that will potentially bring together 1.3 billion people in a $3.4 trillion economic zone. The success of this project hinges on whether nations actually do reduce tariffs and other trade barriers, but if they do, trade could rise by as much as 50 percent in the next few decades, according to theInternational Monetary Fund. As the IMF put it, “This could be an economic game changer for the continent.”

Africa has six of the world’s 10 fastest-growing economies. By 2050, a new African middle and upper class of 250 million people could stimulate a five-fold rise in demand for goods and services. The World Bank found that a third of all business-regulation reforms from 2017-2018 took place in sub-Saharan Africa, and the continent boasted five of the 10 most-improved economies in the institution’s annual Doing Business Index. More than 400 African companies already take in at least $1 billion in annual revenue. These data points come from a recent Brookings Institution op-ed, “The high growth promise of an integrated Africa,” by Landry Signé and Ameenah Gurib-Fakim.

One country that has bet big on Africa is China. In 2000, trade between China and the entire African continent was $10 billion. Today it’s $200 billion, making China its largest trading partner. Beijing has invested heavily in aid and loans for the region. President Xi Jinping hosted an African summit in Beijing last year and announced that China planned to spend $60 billion in credit, investment and development projects for the continent for the next three years.

Of course, there are many caveats to the rosy picture of Africa. It’s easier to announce the intention to reduce trade barriers than to actually enact such laws. Africa continues to face massive problems in the form of corruption and mismanagement, not to mention conflict. Some of the continent’s promising growth statistics reflect the simple fact that Africa is rich in natural resources, and a growing world economy has created high demand for these products.

The most encouraging aspect of today’s Africa is the striking rise in private business. The region has the highest rate of entre­pre­neur­ship in the world, with 22 percent of working-age Africans launching new businesses, compared with 13 percent of their counterparts in Asia and 19 percent in Latin America. Places such as Rwanda that are truly business friendly and have a strong rule of law are experiencing sustained economic growth and rising standards of living.

I witnessed firsthand the energy of African entrepreneurs on a recent trip to Nigeria. I was a guest of the Tony Elumelu Foundation, which has committed $100 million to train and assist 10,000 entrepreneurs across the continent. The energy and optimism of these young men and women, from all 54 of Africa’s countries, were infectious. Their only complaint was that the world was missing the big good news about their continent.

Africa will demand the world’s attention over the coming decades. It will add 1 billion people to its population by 2050 and 2 billion more by the end of the century, at which point more than one in three people on the planet will be African. That demographic boom could create enormous problems if it is not accompanied by job opportunities and political stability. But it could provide the world with energy and dynamism as populations age and growth slows in most of the rest of the world. Much of this will depend on Africa’s leaders, who will have to finally fulfill the promise of the continent and its people. Too many have stolen from their people for too long.

Africans know the price they have paid by being locked out of global markets and of living in countries with limited private enterprise. They understand that the only real and sustainable path out of poverty is expanding free markets that are, of course, well-managed and regulated by effective governments. Much of the world today could be reminded of that simple lesson.

Culled from Washington Post

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NNPCL Slashes Fuel Price by N80

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1 day ago

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December 19, 2025

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The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.
NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.

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2025: UBA Group Dominates, Wins Banker Awards, Emerges Africa’s Bank of the Year, Third Time in Five Years

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2 weeks ago

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December 8, 2025

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has once again, reaffirmed its leadership as one of the continent’s most innovative and resilient financial institutions, as the bank has, for the third time in five years, been named the African Bank of the year 2025 by the Banker.com.

UBA also won the Best Bank of the Year awards in nine of its 20 African subsidiaries, bringing its total awards this year to ten as UBA Benin, UBA Chad, UBA Republic of Congo (Congo-Brazzaville), UBA Liberia, UBA Mali, UBA Mozambique, UBA Senegal, UBA Sierra Leone, and UBA Zambia, all came out tops as the best banks in their respective countries, underscoring the bank’s strength across West, Central and Southern Africa and highlighting the depth of its Pan-African franchise.

The Banker.com, a leading global finance news publication published by the Financial Times of London, organises the annual Bank of the Year Awards, and this year’s edition was held at a grand ceremony at the Peninsula, London, on Wednesday.

The Chief Executive Officer, UBA UK, Deji Adeyelure, received the awards on behalf of the bank, representing the Group Managing Director/CEO, Oliver Alawuba, and was accompanied by the bank’s Head Business Development, Mark Ifashe, and Head, Financial Institutions, Shilpam Jha.

The Banker’s awards are widely regarded as the most respected and rigorous in the global banking industry, celebrating institutions that demonstrate outstanding performance, innovation and strategic execution.

In its remarks on UBA’s winnings, the banker.com said, “For the third time in five years, UBA Group has won the coveted Bank of the Year award for Africa. UBA Group time after time punches above its weight against its larger African rivals. The bank this year also takes home nine separate country awards (one more than it gained for its last continental win in 2024), equivalent to around a quarter of the awards for the continent, and more than any of its continent-wide rivals.”

Continuing, it said, “Perhaps even more impressive is the fact that the awards were won across a broad geographic spread, going to lenders based in the Economic Community of West African States (Benin, Liberia, Senegal, Sierra Leone, and former member Mali), the Central African Economic and Monetary Community (Chad, Republic of Congo) and the Southern African Development Community (Mozambique, Zambia). Its award wins were particularly notable in the highly competitive categories for Benin and Mozambique.”

The Banker also highlighted UBA’s strong financial performance and commitment to future growth. In 2024, the Group recorded a 46.8 per cent increase in assets and a 6.1 per cent rise in pre-tax profits in local currency terms, while continuing to invest significantly in talent and technology. West Africa remains UBA’s heartland, with operating revenue and profit increasing by 87 per cent and 89 per cent respectively in H1 2025.

The bank’s digital and innovation leadership was equally recognised. During the year under review, and launched its Advance Top-Up buy-now-pay-later feature on the *919# USSD platform, expanding financial access for customers, while the bank’s chatbot Leo continued its strong growth trajectory, with transaction volumes rising by 29 per cent year-on-year in H1 2025. Notably, in August, Leo became the first African banking chatbot to enable cross-border payments via the Pan-African Payment and Settlement System (PAPSS).

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, while reacting to the achievement, said the recognition affirms the bank’s long-term strategy and customer-first philosophy.

“This honour reflects the strength of our Pan-African network, the trust of our customers, and the dedication of our people. Winning Africa’s Bank of the Year for the third time in five years is not by chance; it is a testament to disciplined execution, innovation, and a deep understanding of the markets we serve,” Alawuba said.

“Our nine country awards across diverse regions of Africa show that UBA is not just growing, but growing with impact. We remain committed to driving financial inclusion, supporting economic development, and deploying technology that makes banking simpler, faster, and more accessible to Africans everywhere,” he added.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

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ConOil, TotalEnergies Sign Massive Production Contract to Boost Nigeria’s Oil and Gas Output

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1 month ago

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November 13, 2025

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By Eric Elezuo

In a bid to boost Nigeria’s oil and gas output, Conoil Producing Limited has partnered Total Energies Limited to sign a massive production contract.

The contract-signing ceremony, which took place on Thursday, at LA DEFENSE, in Paris, France, saw the Chairman of Conoil Producing, and Commander of the French Légion d’Honneur (CdrLR), Dr. Mike Adenuga Jr., signing on behalf of Conoil while the Chairman and Chief Executive Officer of TotalEnergies, Mr. Patrick Pouyanné, signed for TotalEnergies, in whose headquarters office served as the venue of the event.

Details soon…

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