The African Export-Import Bank (Afreximbank) has urged greater investment in manufacturing and infrastructure across Africa, emphasizing that industrialization is key to transforming the continent’s economic fortunes.
In a statement on X, the bank highlighted Africa’s vast natural resources—ranging from minerals and oil to agriculture and human capital—as a major driver of global supply chains. However, it noted that much of Africa’s wealth is exported in raw form, generating minimal local value.
Afreximbank stressed the need for Africa to transition from a resource-based economy to an industrial powerhouse by prioritizing local processing, infrastructure development, and regional trade integration. It pointed to the African Continental Free Trade Area (AfCFTA) as a crucial platform for expanding intra-African trade and economies of scale.
The bank also called for targeted investments in manufacturing hubs, sector-specific value chains in agriculture, mining, and pharmaceuticals, as well as financial mechanisms to support businesses in moving up the value chain. By shifting focus to value-added production, Africa can retain more wealth within its borders and reduce external dependencies.
“Africa’s prosperity depends on its ability to own its value chains and retain the wealth generated from its resources. By leveraging industrialization, trade integration, and strategic investments, the continent can rewrite the narrative—one where its wealth works for its people, not just for external beneficiaries,” Afreximbank stated.
The bank reaffirmed its commitment to Africa’s industrialization through initiatives such as industrial project financing, value chain development, AfCFTA-focused trade finance, and export manufacturing support. These efforts aim to help African businesses transition from raw material suppliers to producers of globally competitive goods.
Nigeria, like many African nations, remains heavily reliant on raw material exports. Data from Nairametrics showed that in the fourth quarter of 2024, Nigeria’s exports grew by 57.7%, with crude oil accounting for 68.87% of total exports. Other key exports included liquefied natural gas, petroleum gases, superior-quality cocoa beans, and urea—underscoring the need for greater investment in value-added industries.
With industrialization as a priority, Afreximbank believes Africa can shift from being a supplier of raw materials to a key player in the global economy, ensuring that its resources drive sustainable growth for the continent’s people.
