Africa is shifting decisively from aid dependency to trade and investment partnerships, Tanzania’s Minister for Planning and Investment Kitila Mkumbo said, arguing that the continent is now actively driving its own economic transformation.
Speaking at the St. Petersburg International Economic Forum, Mkumbo said Africa should no longer be viewed as a region defined by “potential”, but as one already undergoing structural change and contributing to global growth.
“As you see, six of the ten fast-growing economies are in Africa,” he said. “Africa is going to be actively engaged in economic transformation. It is not just about potential.”
He said African countries, including Tanzania, are pursuing development strategies focused on improving agricultural productivity while expanding value addition in key sectors such as mining and manufacturing.
“We are engaging in enhancing productivity, but also value addition,” he said. “It is no longer about extraction of kilos, it is now about value addition.”
Mkumbo said Tanzania is already implementing industrial projects aimed at processing minerals domestically rather than exporting raw materials, including refinery development initiatives designed to retain more value within the economy.
He also highlighted long-term energy plans, saying Tanzania is working on major infrastructure projects, including exploration of nuclear energy development over the next decade as part of its broader industrialisation agenda.
“We are engaging very seriously, and we are working very hard on these projects,” he said.
The minister said Africa’s growing population and expanding consumer market make it an increasingly important player in the global economy.
“Africa has a very big consumer market, Africa has the population, which means we have something to engage with,” he said.
He added that Africa is seeking deeper global partnerships based on trade rather than aid, saying the continent is no longer interested in assistance models.
“Africa is no longer interested in aid. We are looking for trade and investment,” he said.
Mkumbo also pointed to what he described as growing geopolitical tensions around Africa’s development path, including external debates over aid and sanctions, saying the continent is focused on asserting its economic independence.
He said forums such as SPIEF provide an important platform for Africa to present its investment opportunities and engage global partners on equal footing.
“That is the essence of our presence here today. We have a lot to share,” he said.
