“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,” Adesina declared.
His comments arrive against the backdrop of sobering statistics: Africa currently contributes less than 2% to global manufacturing and holds a marginal share — under 3% — in global trade, despite being richly endowed with natural resources.
From Commodity Exporter to Industrial Powerhouse
Adesina's call to action is rooted in a long-standing concern — Africa's heavy dependence on exporting unprocessed commodities such as crude oil, minerals, and agricultural products. This model, he argues, has trapped the continent in a cycle of economic vulnerability and underperformance.
To reverse this trend, he advocates for large-scale investment in value-added production, particularly through agro-industrialization, manufacturing, and the development of regional value chains. According to Adesina, building an industrial base will not only generate wealth but also create jobs, increase productivity, and strengthen the continent's position in the global economy.
Initiatives such as the African Continental Free Trade Area (AfCFTA) are seen as pivotal to this transformation. The AfCFTA, which aims to create a single market for goods and services across 54 African countries, is expected to significantly boost intra-African trade and stimulate industrialization by reducing tariffs and harmonizing trade policies.
Addressing Structural Inequities in Global Finance
In addition to trade and industrial policy, Adesina has also turned his attention to the global financial system. Just last week, he criticized the inequitable distribution of Special Drawing Rights (SDRs) by the International Monetary Fund (IMF). Of the $650 billion allocated globally during the COVID-19 pandemic, Africa received just $33 billion — a mere 4.5%.
Adesina argued that this model failed to reflect the disproportionate impact of the pandemic on African economies, many of which lack the fiscal space to launch strong recovery plans.
To remedy this imbalance, the AfDB has partnered with the African Union to develop mechanisms for rechanneling unused SDRs from wealthier nations to African economies. One such initiative — a new financial architecture co-developed with the Inter-American Development Bank (IDB) — has recently gained approval from the IMF Board. It leverages the AfDB’s AAA credit rating to enhance access to financial resources for development.
Charting a New Course
Dr. Adesina’s consistent advocacy paints a clear vision for Africa’s future: one driven by self-reliance, industrialization, and equitable global cooperation. His message is both a critique of the status quo and a rallying cry for African nations to assert greater control over their economic destinies.
As the continent faces mounting challenges — from youth unemployment to climate change — the push to move beyond raw material exports toward value creation is becoming more urgent. Whether governments across Africa can align their policies with this vision will be a critical test in the years ahead.