Nigeria Urges Shift from Raw Mineral Exports to Industry

The article addresses the economic challenges faced by Africa, particularly Nigeria, in exporting raw minerals while importing finished products. His Excellency Mr Yoweri Museveni's remarks on the limited value retained from raw material exports prompted a discussion at the 2026 Concordia Annual Summit in New York.

The speaker emphasized the importance of transforming Africa's mineral wealth, including lithium, cobalt, graphite, and rare earth elements, into productive industries that create jobs and enhance technological capabilities. The speaker, who has extensive experience in the Nigerian energy sector, highlighted the need to shift from pricing energy in barrels to pricing it in kilogrammes of critical minerals.

This transition is crucial as global economic competition evolves, making access to strategic minerals vital for energy security and advanced manufacturing. The opportunity for Africa lies in developing distinct industrial value chains that utilize these minerals effectively.