FG seeks shift from extraction to industrialization

The federal government has called for a shift from extraction of raw materials to industrialization. Director General/Chief Executive Officer of the Raw Materials Research and Development Council (RMRDC), Nnanyelugo M. Ike-Muonso, made the call on Thursday in Abuja ahead of the maiden edition of the Africa Raw Materials Summit. Ike-Muonso said the summit billed for […]

The federal government has called for a shift from extraction of raw materials to industrialization.

Director General/Chief Executive Officer of the Raw Materials Research and Development Council (RMRDC), Nnanyelugo M. Ike-Muonso, made the call on Thursday in Abuja ahead of the maiden edition of the Africa Raw Materials Summit.

Ike-Muonso said the summit billed for May 20-22, 2025, with the theme “Shaping the Future of Africa’s Resource Landscape,” would present an opportunity for Africa to rise to its rightful place as a global centre for industrial innovation.

He said: “As we all know, Africa is abundantly endowed with over 30 percent of the world’s strategic raw materials—ranging from agricultural produce to critical minerals such as lithium, cobalt, graphite, and rare earth elements.

“Yet, paradoxically, African economies continue to operate at the lower levels of global value chains due to excessive dependence on exporting unprocessed raw materials.

“This economic model is unsustainable. It deprives our nations of jobs, industrial growth, foreign exchange earnings, and the opportunity to become technological leaders in the global market.

“Now is the time for a bold, coordinated shift from extraction to transformation, from exporting potential to industrializing value, and from economic vulnerability to continental resilience.”

He said the summit has three core objectives.

“First, it is designed to mobilize continental consensus around the urgency of industrializing our resource base through innovation and value addition.

“Second, it seeks to deepen alignment with the African Continental Free Trade Area (AfCFTA) and strengthen regional trade and industrial processing linkages.

“Third, the summit aims to forge concrete and actionable partnerships among governments, private sector players, researchers, and development financiers that will drive sustainable transformation, not just policy pronouncements.”

He assured all stakeholders and members of the press that “we have taken every necessary step to ensure that this summit is seamless, secure, and highly successful,” adding that “Over 1,000 top-level delegates and distinguished guests from across the African continent have confirmed their participation.”

He said: “Those expected to attend include senior ministers and high-ranking officials from countries such as Ghana, South Africa, and several others, as well as top representatives from their Ministries, Departments, and Agencies. In addition, leading international financial institutions and corporate partners, including the Bank of Industry and others have formally confirmed their attendance. From within Nigeria, we are pleased to confirm the participation of key figures in the executive and legislative arms of government.

“Top officials from strategic ministries, including the Federal Ministry of Innovation, Science and Technology; the Federal Ministry of Industry, Trade and Investment; and high-performing MDAs such as the National Agency for Science and Engineering Infrastructure, will also be in full attendance.”