Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has urged African nations to stop exporting raw materials and instead focus on producing value-added goods. According to him, Africa’s dependency on raw material exports will only entrench its poverty and underdevelopment, while pivoting to value addition will improve its fortunes. Despite the continent’s vast natural resources, including crude oil, lithium, and gold, it is only responsible for a minuscule part of global trade. Adesina’s call is part of a broader push by economists for the continent to capture more value from its resources. During his tenure as AfDB president, he has consistently advocated for agro-industrialization, energy expansion, and infrastructure improvement as key strategies for Africa’s economic transformation.
Nairametrics
