The President of the African Development Bank (AfDB), Akinwunmi Adesina, has urged African leaders to stop the policy of exporting raw materials.
Adesina said the policy of exporting raw materials by African leaders is the door to the continent’s poverty.
The former Agriculture Minister under former President Goodluck Jonathan emphasized the need for a change in policy in a brief remark posted on his 𝕏 handle on Thursday.
He counseled the leaders of the continent to give value-added product exports first priority.
“Africa needs to stop exporting its raw resources. The gateway to poverty is the export of basic materials. The path to prosperity is the export of goods with added value. And Africa has had enough of poverty,” he added.
In the meantime, Dele Alake, the Minister of Solid Minerals Development, stated that his ministry was prepared to collaborate with investors from the European Union (EU) on the country’s mineral development.
Alake stated this on Tuesday, during a meeting with European Union Ambassador to Nigeria and Economic Community of West African States (ECOWAS), Gautier Mignot.
“The EU’s increasing interest in boosting trade and investment in Nigeria’s solid minerals industry gives me hope. As we seek to reorganize and rebuild our mining industry, this participation comes at a critical moment.
“We are prepared to collaborate with investors and EU member states. This is the perfect time to go from discussion to action because of our long-standing partnership with the EU,” he stated.
The Minister also emphasized the enormous potential of Nigeria’s vital minerals at the conference, particularly the high-grade lithium found there, which is crucial for battery, electric car, and solar panel technology.
Additionally, we have deposits of copper, cobalt, and other minerals that are commercially feasible, making us a major role in the global transition to green energy. There are substantial investment potential due to the projected mineral resources of approximately $700 billion.
“I have high hopes for Nigeria’s solid minerals industry and am eager to build significant, long-term relationships with the European Union,” he continued.