By Uloma Peace Okorie
The Federal Government has declared that Nigeria and Africa must end the decades-old practice of exporting raw materials and importing finished goods, saying the continent can no longer afford to export jobs and poverty.
The Honourable Minister of State for Industry, Trade and Investment, Senator John Owan Enoh made the declaration today while delivering the keynote address at the opening of the 2nd Africa Raw Materials Summit (ARMS 2026) holding at the Abuja Continental Hotel.
The Summit, organised by the Raw Materials Research and Development Council (RMRDC), brought together over 1,800 delegates from 54 African countries, industrialists, investors, researchers and development partners under the theme “From African Feedstock to African Factories.”
Speaking on behalf of President Bola Ahmed Tinubu, the Minister said the Summit was an “inflection point” for the continent.
“For decades, we have operated a pit-to-port economy – we dig it up, ship it out raw, and buy it back as finished goods at ten times the price. That model must end. And it will end with us,” the Minister said.
He commended the DG of RMRDC, Prof. Nnanyelugo Ike-Muonso, for convening the Summit, noting that Africa holds over 40% of the world’s mineral resources but captures less than 15% of its value. He disclosed that Nigeria alone has over $582.4 billion in documented non-renewable resources.
The Minister outlined five priority actions of the Federal Government in line with the Summit’s pillars:
Enforcement of Local Value-Addition: The Government will push for full implementation of the proposed 30% Mandatory Local Value-Addition Bill, which will bar export of raw cocoa, lithium, hides and skins and sesame without at least 30% local processing.
Logistics and Infrastructure: Creation of Raw Materials Aggregation Clusters and Industrial Corridors to link farms and mines to factories.
Regional Value Chains: Leveraging AfCFTA to build cross-border supply chains where Nigerian raw materials feed factories in Ghana, Kenya and Senegal and vice versa.
Circular Economy: Converting agricultural waste, mine tailings and scrap into industrial feedstock.
Technology and Finance: Linking RMRDC’s new data platform – NISRAN (Nigeria Integrated Raw Materials Information System)- to Bank of Industry, Afreximbank and private capital to create a bankable Deal Book of projects from the Summit.
The Minister sent a strong message to foreign investors to “come and build factories in Africa, not just mines” and assured local manufacturers, including furniture giant Prince Interior Furnishing led by industrialist Prince Emeka Egwuekwe, that government will fully enforce Executive Orders 003 and 005 which mandate MDAs to patronize Made-in-Nigeria goods.
He also announced that a Joint Ministerial Review Committee will be set up to track commitments from the Summit and publish a six-monthly scorecard to avoid it ending as just another communique.
The two-day Summit features exhibitions of locally fabricated processing machines, policy dialogues, B2B meetings, factory visits and the Africa Raw Materials Industry Awards.
It is expected to end tomorrow, October 20, 2026.