President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has urged African nations to halt the export of raw materials to address the challenges of poverty and underdevelopment on the continent.
Citing data from the Office of the U.S. Trade Representative and other multilateral organizations, Adesina noted that Africa contributes less than 2% to global manufacturing.
In a post shared on Thursday via his official X account, he emphasized the importance of transitioning Africa from a supplier of unprocessed commodities to a producer of value-added goods.
“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,” he wrote.
Although Africa is home to some of the world’s most coveted raw materials, its share of global trade remains below 3%. Efforts to change this narrative have gained traction in recent years, with initiatives like the African Continental Free Trade Area (AfCFTA) aiming to boost intra-African trade, expand manufacturing, and promote value addition across various sectors.
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has been a vocal advocate for policies centered on agro-industrialization, energy development, and improved infrastructure as essential pillars for transforming Africa’s economies.
Last week, Adesina criticized the inequitable allocation of the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs), highlighting that Africa received only $33 billion—merely 4.5% of the $650 billion distributed globally. He emphasized that this allocation failed to account for Africa’s urgent financial needs, as the continent continues to grapple with significant economic challenges and limited fiscal capacity to implement recovery measures in the aftermath of the pandemic.
To address this disparity, Adesina revealed that the AfDB, in collaboration with the African Union, has spearheaded efforts to redirect unused SDRs from wealthier nations to African economies. By leveraging the AfDB’s AAA credit rating, a new framework co-developed with the Inter-American Development Bank (IDB) has been approved by the IMF Board, marking a significant step toward addressing the continent’s financial needs.