Mustafa Chike-Obi, Chairman of Fidelity Bank, has stressed the need for Africa to focus on its competitive strengths and improve efficiency to achieve economic prosperity. Speaking with CNBC Africa’s Kenneth Igbomor at the AFREXIMBANK Annual Meetings, Chike-Obi highlighted the importance of sharp, focused leadership to harness the continent’s strengths.

Chike-Obi emphasized the necessity for Africa to identify and capitalize on areas where it holds a competitive advantage in producing goods and services. He pointed out that Africa’s success in sports demonstrates its potential when leveraging its strengths effectively. However, he noted that sustainable development requires collaboration and seamless interaction among African nations and regions.

The Fidelity Bank Chairman called for enhanced integration to facilitate the movement of goods and services across the continent, urging African countries to work collectively towards shared goals. He underscored the need for cohesive policies and agreements, particularly in areas like power supply, to drive economic growth.

Chike-Obi also highlighted the importance of coordinated banking policies to promote financial integration within Africa and with external partners. He stressed the significance of streamlined banking services and transactions to support economic activities.

He pointed to the African Continental Free Trade Area (AfCFTA) as a significant opportunity for economic advancement, but emphasized the need for practical implementation to ensure its effectiveness. According to Chike-Obi, translating policies into tangible outcomes is crucial for the benefit of the African people.

Reflecting on the discussions at the annual meetings, Chike-Obi reiterated the critical importance of collaboration for Africa’s progress. He emphasized that unity and concerted efforts are essential for realizing the continent’s potential and achieving long-term prosperity.