Africa has been asked to strengthen its economic integration, develop indigenous businesses and increase production and industrialisation to achieve sustainable prosperity and compete effectively in the global economy.

This was at the inaugural Africa Intelligent Corridors (AIC) 2030 Distinguished Lecture, organised by the Bashir Adeyemi Centre for International Trade and Investment (BACITI), yesterday. BACITI is a specialised unit of the Nigerian Institute of International Affairs (NIIA).

The lecture, themed The Empire Merchant: Building Africa’s Commercial Civilisation, was held in Lagos.

Founder and Chief Architect of Logi-Consult, Rhavy Nursimulu, who delivered the lecture, said Africa’s challenge was not only an asset deficit but also what he described as a synchronisation deficit, with countries, institutions and sectors often operating in isolation.

Nursimulu, whose research focused on economic corridors across Africa, said greater coordination was needed across jurisdictions and markets to make the continent more productive and efficient.

The Director General of NIIA, Prof. Eghosa Osaghae, said Africa must move beyond simply opening its economies to trade and investment and focus on production, productivity, industrialisation and manufacturing.

On his part, Professor of International Relations, Femi Otubanjo, stressed the importance of uniting African countries to achieve shared prosperity, while calling for greater emphasis on building a successful indigenous business class.

The Consul-General of Brazil in Lagos, Ronaldo Vieira, said Brazil was interested in understanding how Nigerian researchers and businesspeople viewed commercial trade and the systems required to build stronger economic networks.

Head of BACITI, Dr Adesewa Irediwa, said the centre was established as a specialised unit of the NIIA and that the inaugural distinguished lecture was designed to stimulate conversations around Africa’s economic future.

The choice of Lagos for the programme, she said, reflected the city’s commercial power, scientific capacity and population-driven economic activity.