SIFAX urges economic inclusion to tackle global instability

Dr Taiwo Afolabi, Chairman of SIFAX Group, has urged the global community to integrate economic investment into efforts to prevent conflict, emphasizing that infrastructure, employment, trade, and economic opportunities can mitigate societal vulnerabilities. Speaking at the United Nations General Assembly's High-Level Global Executive Roundtable on Diplomacy, Multilateralism and Conflict Resolution in New York, Afolabi stressed that peace and prosperity are mutually reinforcing.

He argued that peace creates an environment for investment, investment generates opportunity, and opportunity bolsters peace. The world currently faces geopolitical tensions, economic uncertainty, climate pressures, inequality, and declining trust in institutions, necessitating a coordinated response centered on diplomacy, multilateralism, conflict resolution, and sustainable economic development.

Afolabi highlighted the importance of addressing Africa's peace-building agenda, noting that the continent's development prospects are hindered by infrastructure deficits, financing constraints, trade barriers, and limited economic opportunities. He called for investment in transport infrastructure, ports, energy, technology, manufacturing, agriculture, healthcare, and education.

Afolabi also advocated for stronger regional value chains and improved connectivity across African economies, emphasizing that the success of the African Continental Free Trade Area relies on infrastructure, efficient logistics, digital systems, financing, and political cooperation. He underscored the crucial role of the private sector in fostering economic connections that can strengthen cooperation between communities, businesses, and countries.