Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, has advised Nigeria and other African nations to shift away from merely exporting raw materials. Speaking at the 7th Africa Emerging Markets Forum in Abuja, she argued that processing critical minerals—such as lithium, cobalt, and bauxite—within the continent is essential for manufacturing electric vehicle batteries and green energy technology.
She noted that the current extract-and-export model is linked to instability, including corruption, banditry, and economic volatility. According to Okonjo-Iweala, Africa possesses roughly 30 percent of the world’s mineral reserves and must utilize regional value chains to capture greater economic benefits. She encouraged leaders to harmonize their strategies to avoid suboptimal trade deals and instead leverage renewable energy to power mineral processing facilities.
Furthermore, she emphasized the necessity of macroeconomic reform, disciplined debt management, and the creation of job opportunities for the youth. She stated that leadership must prioritize accountability and focus on the needs of the population to foster real economic growth.
Central Bank of Nigeria Governor Olayemi Cardoso also addressed the forum, advocating for the removal of barriers to intra-African trade. He stressed the importance of improving transport networks, harmonizing customs protocols, and easing cross-border payments. Cardoso highlighted that Africa must mobilize domestic resources—such as pension funds and diaspora capital—rather than relying solely on foreign investment. He concluded that embracing artificial intelligence and preparing the younger generation for a digital economy is crucial for the continent’s competitiveness on the global stage.
