By Ese Ufuoma
Gabriel Mbaga Lima, former Minister of Mines, Hydrocarbons, and Finance of Equatorial Guinea, has warned that Africa’s ongoing food, energy, and manufacturing crises are jeopardizing the continent’s economic growth. Speaking at the African Energy Week (AEW) 2024 in Cape Town, Lima stressed that immediate, coordinated action is needed to address these challenges and unlock Africa’s economic potential.
At the sideline of the event, in an exclusive interview with Valuechain TV, Lima outlined the key issues that continue to hinder the continent’s progress. He pointed to Africa’s over reliance on external markets, which he said prevents the development of strong internal industries and exposes the continent to global economic volatility. “We must focus on building self-sufficient economies by strengthening local markets and regional cooperation,” Lima said.
One of the critical areas Lima highlighted was Africa’s agricultural sector. Despite having vast natural resources, the continent struggles with food insecurity due to underinvestment, poor infrastructure, and outdated farming practices. Lima called for greater support for local agricultural development to reduce Africa’s dependence on food imports.
The former finance minister also addressed Africa’s energy crisis, which he described as a major barrier to economic growth. While acknowledging the continent’s vast energy resources, Lima emphasized that Africa’s energy needs must be met through tailored solutions that reflect the continent’s unique circumstances. “Renewable energy is key for Africa, but it must be implemented in a way that fits our specific needs,” he explained.
Lima urged African nations to strengthen regional partnerships, promote policy harmonization, and invest in sustainable infrastructure to create a more integrated and resilient economic landscape. He also stressed the importance of attracting investment not only for natural resource extraction but also for the development of local industries and clean energy projects.