Akinwumi Adesina, president of the African Development Bank (AFDB), called for an end to raw materials exported from the African continent, calling it a major contributor to poverty in Africa.
“Africa must end the export of its raw materials. Raw materials exports are the gateway to poverty. The export of value-added products is the highway to wealth. Africa is tired of poverty.”
His comment comes amid growing advocacy for structural economic reforms across the continent, especially following the implementation of the African Continental Free Trade Area (AFCFTA) agreement, which aims to promote intra-Africa trade and industrialization.
Adesina, a well-known development economist, has been pushing for the creation of competitive industrial value chains in Africa to reduce reliance on imports and create sustainable jobs. Earlier this month, he reiterated this position during the launch of the Special Agricultural Industrial Processing Zone (SAPZ) in Calabar, Nigeria.
The AFDB president said at the event that Nigeria, with a large amount of arable land, a low-cost labor force and a diversified agricultural landscape, should be the main food exporter rather than a net importer. He said the successful implementation of the SAPZ project will help promote food security and economic development across the country.
In related developments, Nigeria abandoned taxes on 90% of goods in Africa after a formal gazette and transmission to the AFCFTA Secretariat recently. This move is consistent with the broader goal of reducing trade barriers and enhancing regional integration.
However, Nigerian authorities have urged the African Trade Minister to strengthen efforts to address non-advocacy barriers, which continues to challenge the full realization of the AFCFTA goals.
