African countries must accelerate value addition and strengthen regional trade if the continent is to maximise the benefits of its abundant natural resources, according to World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala.
Speaking at the 7th African Emerging Markets Forum in Abuja, Nigeria, Okonjo-Iweala said Africa has a unique opportunity to transform its economic future by moving beyond the traditional model of exporting raw materials and instead developing industries that process minerals and agricultural commodities into higher-value products.
She noted that although Africa possesses an estimated 30% of the world’s mineral resources, much of the continent continues to export raw commodities while importing finished products at significantly higher prices. This long-standing pattern, she said, has limited industrial development, economic diversification and job creation across many African economies.
According to Okonjo-Iweala, the global shift towards clean energy technologies has created an unprecedented opportunity for Africa to position itself as a major producer of processed critical minerals rather than simply a supplier of raw materials. Growing international demand for minerals used in electric vehicles, battery manufacturing and renewable energy infrastructure presents a strategic opening for African countries willing to invest in local processing and manufacturing.
She highlighted several countries already taking steps in this direction. Morocco has expanded its phosphate processing industry to support electric vehicle supply chains, while Zambia, the Democratic Republic of Congo, Mozambique, Angola and Nigeria are pursuing initiatives aimed at increasing domestic mineral beneficiation and industrial development.
However, she cautioned that these efforts require greater regional coordination to avoid fragmented bilateral agreements that may fail to deliver long-term value. Developing regional value chains, harmonising industrial strategies and strengthening cooperation between neighbouring countries will allow Africa to negotiate from a stronger position in global supply chains.
Okonjo-Iweala also stressed the importance of renewable energy in supporting industrialisation, noting that Africa’s vast clean energy resources could provide the competitive advantage needed to establish energy-intensive mineral processing industries while supporting sustainable economic growth.
Beyond mineral beneficiation, she urged African nations to significantly increase trade among themselves. Despite the launch of the African Continental Free Trade Area (AfCFTA), intra-African trade remains relatively low compared to other global regions, limiting opportunities for industrial expansion and regional manufacturing.
Central Bank of Nigeria Governor Olayemi Cardoso echoed these concerns, calling for stronger regional value chains and improved trade infrastructure. He emphasised that removing barriers such as inefficient transport systems, complex customs procedures and slow cross-border payment systems would help businesses take full advantage of the AfCFTA.
Cardoso also highlighted the growing importance of strengthening domestic investment by mobilising pension funds, insurance capital and diaspora investment to finance Africa’s industrial transformation. Stable economic policies, strong institutions and transparent regulatory frameworks, he said, will be essential to attracting both local and international investment.
Industry leaders attending the forum agreed that Africa’s long-term competitiveness will depend on its ability to industrialise, diversify exports and move further up global value chains. By investing in value addition, strengthening regional integration and expanding manufacturing capacity, the continent can create higher-skilled employment, improve export earnings and build more resilient economies capable of competing in global markets.