Akinwumi Adesina, president of the African Development Bank (AfDB), says the continent must end the export of its raw materials.
Adesina spoke in a post on his official X page on Thursday.
“Africa must end the exports of its raw materials. The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth. And Africa is tired of being poor,” Adesina posted.
Adesina’s comments come amid renewed calls for structural transformation in Africa’s trade and economic policies, especially in the wake of the African Continental Free Trade Area (AfCFTA) agreement.
The development economist had, earlier in April, made a case for the establishment of a “highly competitive industrial value chains” to facilitate intra-African trade.
Speaking recently at the launch of the special agro-industrial processing zone (SAPZ) in Calabar, the AfDB president, said the project’s implementation in Nigeria would reduce food imports and create jobs.
Adesina said with abundant arable land, affordable labour, and diverse agroecological zones, Nigeria should not be importing food but achieving full self-sufficiency and becoming a major exporter of agricultural commodities.
Meanwhile, Nigeria recently waived taxes on 90 percent of goods traded in the region after it officially gazetted and transmitted its ECOWAS schedule of tariff offers for goods traded in Africa to the African Continental Free Trade Area (AfCFTA) secretariat.
The West African giant called for stronger engagement from African trade ministers to tackle persistent non-tariff barriers that could undermine the success of the AfCFTA agreement.
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