Professor Jeffrey Sachs, a world-renowned economics professor delivered a keynote address at the Ọbafẹmi Awolọwọ Memorial Webinar, where he emphasized Africa’s potential to become a leading global economic and geopolitical force by mid-century. He identified key priorities for the continent’s transformation, including investments in human capital, infrastructure, technology and innovation, business development, and natural resource management. With Africa’s population projected to exceed 3.8 billion by 2100, Sachs highlighted the urgency of providing quality education and robust infrastructure to support rapid economic growth.

He called for annual growth rates of 8-10%, drawing inspiration from the economic trajectories of China and India, while stressing the importance of long-term financing through multilateral development banks such as the African Development Bank. Professor Sachs encouraged Africa to forge strategic partnerships with regions like Asia and the Gulf, as Western support remains limited.

Addressing challenges like climate change, demographic shifts, and global competition for resources, Professor Sachs urged collective action through institutions like the African Union and the African Continental Free Trade Area. He emphasized that Africa must adopt high-growth strategies and sustainable development policies to achieve continental unity and prosperity. Concluding his address, Sachs expressed optimism about Africa’s future, envisioning it as a driver of global economic and geopolitical transformation.

Read the keynote address here