Nigerian Government urges Africa to turn resource wealth into economic prosperity

The Nigerian Government has urged African countries to expand local manufacturing and raw-material processing, warning that the continent’s continued dependence on commodity exports limits its economic potential and participation in global trade.

Vice President Kashim Shettima made the call on Monday in Abuja, saying Africa must move beyond exporting raw materials and importing finished products to developing industries that generate higher economic value.

Mr Shettima, represented by the Special Adviser to the President on Economic Affairs, Tope Fasua, spoke at an international conference on the African Continental Free Trade Area (AfCFTA) and the Geoeconomics of African States, organised by the International Centre for Regional Integration and Trade Research (ICRITR) of Nnamdi Azikiwe University, Awka.

“Resources confer potential. It is the capacity to process, transform, innovate, and negotiate that converts potential into prosperity,” Mr Shettima said.

He noted that Africa continues to supply raw materials to industries elsewhere, but imports finished