By Our Reporters
Stakeholders in the raw materials research and processing sector have emphasized that for Africa to avoid the “valley of death,” research and innovation must be effectively integrated into industry.
They made the assertion at an executive industry panel at the ongoing Africa Raw Materials Summit, themed “Africa in the Global Value Chain – Strategic Trade and Positioning,” holding in Abuja.
They declared that Africa will no.longer be a continent for raw materials export but hub for the processing and industrialization.
They affirmed that the future if Africa dies not lie in beneath the soil but in value addition and finished products.
The Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, who was represented by Dr. Sani Omagu noted that Africa has, for too long, accumulated research findings that remain unused on the shelves.
He stressed that the time has come for research and innovation to be matched with industry to drive economic growth and global competitiveness.
Citing Nigeria’s experience in business funding, Dr. Olusi stated that the high-interest rates charged by commercial banks hamper business growth. He called for a reversal of this trend.
“The challenge we have in Nigeria is the high interest rate, which is very discouraging. At BOI, we provide funding with long-term tenures, low-interest mechanisms, and various guarantees to support businesses,” he said.
On the way forward, he advocated for more partnerships across the financial landscape and increased collaboration to enable banks to leverage their balance sheets, build capacity, and adopt strategic banking practices.
To meet global standards, he urged African banks to align themselves with international banking best practices.
Also speaking at the event, the Managing Director of Mouka Foam, Mr. Olorunfemi Fapohunda, lamented the lack of value addition to Africa’s raw materials before export.
He said that Africa’s raw material wealth should be a competitive advantage for the continent rather than be a disadvantage.
In his contribution, Senior Trade Lead at the Nigeria AfCFTA Coordination Office, Mr. Olusehun Olutayo, observed that Africa lacks a unified voice and fails to negotiate with trade partners as a collective bloc.
He emphasized the need to empower African entrepreneurs with seed capital if the continent is to grow and compete globally.
The lead discussant and Ghana’s Minister of Environment, Science, Technology, and Innovation, Hon. Ibrahim Murtala Muhammed, described Nigeria as a “sleeping giant” that must awaken for Africa to claim its rightful place in global trade and raw material processing.
“Nigeria is a sleeping giant. It used to be the food basket of West Africa, but since discovering oil, it has lost focus. It’s time to shift attention from oil to raw materials processing and value addition. That is the only way Africa can grow and compete globally,” he said.
A representative from the Embassy of Cuba in Nigeria, Mrs. Mariam Palmero, stressed the importance of leveraging Africa’s population strength in the mining and processing of raw materials.
“For Africa to move forward, we must harness our raw materials across the value chain and ensure gender inclusivity, especially for women and youth,” she said.
End.
