Akinwumi Adesina, president of the African Development Bank (AfDB), has called on African nations to stop exporting raw materials. He described this practice as a major contributor to poverty on the continent and emphasized the need for Africa to focus on value-added production to create wealth.
In a statement shared on his official X page on Thursday, April 17, Adesina expressed his frustration with Africa’s economic struggles. He said, “Africa must stop exporting raw materials. This practice leads to poverty. Producing and exporting finished goods is the key to wealth. Africa is ready to leave poverty behind.” His comments came as part of ongoing discussions about structural economic reforms, particularly in light of the African Continental Free Trade Area (AfCFTA) agreement. This agreement aims to boost trade and industrialization within Africa.
As a renowned development economist, Adesina has been a strong advocate for the creation of competitive industries across Africa. His approach focuses on reducing dependency on imports while generating sustainable jobs. Earlier this month, during the launch of the Special Agro-Industrial Processing Zone (SAPZ) in Calabar, Nigeria, Adesina reiterated the importance of building industrial value chains.
At the event, he highlighted Nigeria’s vast potential as an agricultural powerhouse. He pointed out that with its fertile land, affordable labor, and diverse agricultural resources, Nigeria should be exporting food instead of relying on imports. He stressed that successfully implementing the SAPZ projects could help Nigeria achieve food security and drive economic growth.
In a related move, Nigeria recently removed taxes on 90% of goods traded within Africa. This decision followed the official publication of the country’s ECOWAS tariff schedule, which was submitted to the AfCFTA secretariat. The action reflects a broader commitment to reducing trade barriers and strengthening regional integration.
However, despite these efforts, challenges remain. Nigerian authorities have urged African trade ministers to tackle non-tariff barriers, which continue to hinder the full implementation of the AfCFTA’s goals. Addressing these barriers is essential to unlocking the full potential of intra-African trade and industrialization.
The call to end raw material exports is a wake-up call for Africa. By focusing on value-added production, the continent can pave the way for sustainable development and prosperity.
