President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has urged African countries to end the export of raw materials, emphasizing that doing so is essential for lifting the continent out of poverty and underdevelopment.
In a post shared on Thursday via his official X (formerly Twitter) handle, Adesina underscored the need for Africa to transition from being 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.
Despite being richly endowed with the world’s most sought-after raw materials, Africa contributes less than 2% to global manufacturing and holds a share of under 3% in global trade, according to data from the Office of the U.S. Trade Representative and other multilateral institutions.
Efforts to reverse this trend have gathered pace in recent years. Landmark initiatives like the African Continental Free Trade Area (AfCFTA) are aimed at boosting intra-African trade, stimulating manufacturing, and promoting value addition across sectors.
Adesina, a long-standing advocate of structural economic transformation, has consistently called for policies that prioritize agro-industrialization, expanded energy access, and enhanced infrastructure to unlock Africa’s full potential.
In a related development, the AfDB president recently criticized the lopsided distribution of the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs). He revealed that Africa received just $33 billion—only 4.5% of the $650 billion issued globally—despite facing significant economic setbacks during the pandemic.
Calling for a more equitable system, Adesina disclosed that the AfDB, in partnership with the African Union, is leading a bold initiative to rechannel unused SDRs from wealthier countries to African economies. Backed by the AfDB’s AAA credit rating, the framework—co-developed with the Inter-American Development Bank (IDB)—has now been approved by the IMF Board.
This strategic move aims to bolster Africa’s financial resilience and accelerate its journey toward inclusive, sustainable development.
