A major way out for many African countries would be an accelerated Industrialization. Drastically reducing the exporting of raw materials and increasing processed goods.
If we can create a viable environment and provide infrastructures that meet the base requirements for manufacturing industries, this should lead to a comparative economic value and leveller for acceptable competitive advantage in Africa. By this, we can watch the sector grow.
Africa can become a manufacturing port for other economy and become it’s own China.
Nigeria can become the central figure in this. With our increasing population, we need to invest majorly in areas of processed agriculture and high-level manufacturing of finished goods if we are to put our people in jobs and avoid a collapse.
The highest economic value is in finished goods, not raw materials.
We have to stop looking for quick forex/money from raw materials sales.
The article was first published on LinkedIn https://www.linkedin.com/in/omisakinsegun