The President of the African Development Bank (AfDB), Akinwumi Adesina, has called on Nigeria to industrialise its critical minerals sector to shield itself from growing global trade disruptions.Speaking at the 14th Convocation Lecture of the National O…  | By Busola Bamidele on May 4, 2025 | The President of the African Development Bank (AfDB), Akinwumi Adesina, has called on Nigeria to industrialise its critical minerals sector to shield itself from growing global trade disruptions. Speaking at the 14th Convocation Lecture of the National Open University of Nigeria (NOUN), Adesina stressed that Nigeria's mineral wealth and low production costs give it a competitive edge, especially in solar panel manufacturing. He urged the country to ditch raw material exports and embrace value-added production backed by clear industrial policy. Read also: His warning follows new U.S. tariffs affecting 47 African nations, which he said have effectively nullified AGOA, a trade program granting duty-free access to U.S. markets. The fallout could deepen export shocks, weaken currencies, and hike inflation. Adesina labelled raw material exports as "the door to poverty" and highlighted Indonesia's success with domestic mineral processing. He also cited AfDB's "Mission 300" and youth-focused initiatives like the $100m Youth Entrepreneurship Investment Bank and $614m I-DICE program as critical to driving growth and job creation in Nigeria. | | | |
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