Federal Gov’t Seeks Shift From Extraction To Industrialisation

The Federal Government has called for a shift from the extraction of raw materials to industrialisation.

The 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, scheduled for May 20–22, 2025, with the theme “Shaping the Future of Africa’s Resource Landscape,” would provide an opportunity for Africa to rise and take its rightful place as a global center for industrial innovation.

He said: “As we all know, Africa is abundantly endowed with over 30 per cent 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.”