Former Vice President of Nigeria, Prof. Yemi Osinbajo, has called for greater African agency in shaping the institutions and rules that determine the continent’s economic future.

He said African countries must take greater responsibility for determining their economic trajectories and destinies by actively participating in the processes that shape global economic institutions and rules.

“I think that there is a sense that it is time to take on the responsibility for determining the future of African economies and African trajectories, African destinies. And one of the key things is to be involved in the process of shaping the institutions, shaping the rules that will determine the future of the continent,” he said.

Prof. Osinbajo made the remarks in an interview with Bernard Avle on Channel One TV’s The Point of View on Monday, September 14.

He is in Ghana with other dignitaries for an event organised by the African Centre for Economic Transformation (ACET) under the theme, “Securing Africa’s Future.”

Prof. Osinbajo, who is Co-Chair of the Future of Development Cooperation Coalition (FDCC), said the coalition seeks to strengthen Africa’s ability to influence decisions affecting its development.

“It’s about agency. It’s about African agency,” he said.

He noted that African countries had historically had limited participation in the development of institutions underpinning current global economic arrangements, resulting in rules being established without sufficient African representation.

“The development of the institutions on which our current economic arrangements are based did not have Africa at the table for most African countries,” he said.

“Despite the numbers, despite all of the very important issues they had to contend with, they were simply not at the table, and the rules were being drawn up,” he said.

Prof. Osinbajo said the situation underscored the need for African countries to take greater responsibility for shaping their economic future by becoming more involved in decisions that affect the continent.

“So there’s that very strong sense. And I think, you know, it really goes around the word agency to take responsibility for the future,” he said.

He said the current period presents an opportunity for Africa to pursue greater agency in global development and economic affairs.

“I think the timing is exactly right,” he said.