“Today, everyone recognises that trade is as much a security issue as an economic one.”
European Central Bank president Christine Lagarde made this comment in February 2026, while addressing the Munich Security Conference.
Although she was speaking about Europe, her words matter profoundly for Africa.
The continent’s 54 economies face a three-way tension that has no easy resolution.
Firstly, they must stay integrated enough with the world economy to grow. Secondly, they must pull back enough to protect themselves economically against the deliberate weaponisation of external dependencies. Weaponised interdependence is the use of a country’s position within global economic and technological networks as a tool of political influence or coercion against other countries. And thirdly they must remain open enough to diversify beyond commodities – which account for more than 60% of total merchandise exports in 45 African countries – if they are to build lasting prosperity and reduce their vulnerability to commodity price shocks.
