The Federal Government of Nigeria has announced an ambitious target: to elevate the nation's economy to a staggering $1 trillion by the year 2030. This economic transformation is projected to be achievable if the country successfully implements a strategy to add at least 30 per cent value to all raw materials before their export.
Dr. Kingsley Tochukwu Udeh, the Minister of Innovation, Science and Technology, articulated this vision on Monday during the 2nd African Raw Materials Summit 2026, held in Abuja.
Unlocking Africa's Untapped Mineral and Agricultural Wealth
Dr. Udeh highlighted Africa's immense, yet largely undeveloped, natural resource potential. "Africa holds 30 per cent of global critical mineral reserves—a total mineral endowment valued at US$8.6 trillion remaining undeveloped," he stated. He further detailed the continent's vast reserves of vital minerals such as cobalt, lithium, manganese, bauxite, and rare earths, alongside its substantial agricultural output including cocoa, cashew, palm oil, and cassava. Despite these riches and expansive renewable energy resources, Africa's contribution to global manufacturing value-added remains in the low single digits.
The Minister emphasised the catalytic role of the African Continental Free Trade Area (AfCFTA), which is designed to create a single market of 1.3 billion people and generate $571 billion in income gains, leading to the creation of 18 million jobs by 2035. Achieving this, he noted, necessitates the elimination of non-tariff barriers, rigorous enforcement of rules of origin, and a robust drive for private investment.
Legislative Push for Local Value Addition
In a significant legislative development, Dr. Udeh disclosed that an amended bill mandating compulsory value addition to all raw materials before export has been returned to the President for assent. John Owan Enoh, the Minister of State for Industry, Trade & Investment, underscored the transformative potential of this proposed legislation. He affirmed that if the bill, which mandates a minimum of 30 per cent value addition, becomes law, it is poised to revolutionise Nigeria’s industrial landscape.
"The bill will make it mandatory that no raw material from this country gets exported without at least adding value to at least 30 per cent. So I hope that we continue to work together to get that to happen," Minister Enoh stated. He lamented the current practice, asserting, "What we are short of is our inability to transform those raw materials. What we continue to do is to continue to export jobs, export prosperity, and import all of it that has brought us to where we are."
Pan-African Priorities for Raw Material Utilisation
Addressing the summit, Dr. Noureldaim Taha, the Sudanese Minister of Minerals, outlined four critical priorities for the African continent to maximise the benefits from its raw materials. These include strengthening responsible mining practices, refining, and ensuring transparent and reliable geological data. He advocated for greater in-continent processing of minerals, stressing that investment in processing and refining can generate skilled employment, bolster local businesses, and retain greater economic value within African economies.
Dr. Taha also highlighted the importance of regional partnerships to foster commercially viable projects. Furthermore, he suggested connecting mining operations with reliable and affordable energy sources, noting that integrated planning of mineral and energy projects could spur industrial growth and extend electricity access to surrounding communities, particularly through suitable renewable energy solutions.
The Imperative of Local Manufacturing Capacity
Nnanyelugo Martin Ike-Muonso, the Director General of the Raw Materials Research and Development Council (RMRDC), passionately argued that Africa cannot construct a prosperous future solely on the foundation of unprocessed raw material exports. He cited stark statistics: "In 2025 alone, Nigeria exported billions in raw cocoa, cashew, and sesame seeds, immense wealth left on foreign tables."
Ike-Muonso underscored the critical lesson: while the AfCFTA offers a vast market of 1.3 billion people, without robust local manufacturing capacity, it merely serves as an invitation for foreign goods. He firmly asserted that "Local value addition is the indispensable engine that converts AfCFTA’s promise into genuine African prosperity."
He further elaborated on supportive policies, including the Nigeria Industrial Policy 2025. This strategic framework is geared towards enhancing national competitiveness, expanding job opportunities, and promoting local sourcing. It is complemented by key resource controls, such as a ban on raw shea nut exports, designed to protect a $300 million market and empower women-led rural processing hubs. Additionally, focused industrial funding mobilised over N644.9 billion via the Bank of Industry in 2025, a move that generated and secured approximately 1.7 million direct and indirect jobs across crucial sectors of the Nigerian economy.