Group Chief Executive of Oando Plc, Mr. Adewale Tinubu, has called for greater efforts to ensure that Africa retains a larger share of the economic value generated from its natural and human resources.
Tinubu made the call while reflecting on discussions at the ‘Unstoppable Africa’ programme in New York, held on the sidelines of the 81st United Nations General Assembly.
According to him, Africa’s economic transformation will depend not only on the resources available across the continent but also on its ability to process those resources, build productive industries and retain more value within its economies.
He said achieving this objective would require increased investment in processing and manufacturing, as well as the mobilisation of African capital through banks, sovereign wealth funds and insurance institutions.
Tinubu also stressed the importance of fully implementing the African Continental Free Trade Area (AfCFTA), which he said would help reduce barriers to intra-African trade and create greater opportunities for African businesses to expand across the continent.
He noted that no single sector could deliver Africa’s transformation, arguing that the continent needed a coordinated approach that brings together industrial capacity, finance, trade and entrepreneurship.
“Africa’s future will not be determined simply by the resources beneath our soil, but by what we do with them, the value we create from them, and how much of that value we retain on the continent,” he said.
Tinubu’s comments come amid continuing discussions around Africa’s efforts to move beyond the export of raw commodities and develop stronger domestic and regional value chains.
The Oando chief executive has consistently advocated greater African participation in the continent’s energy and broader economic value chains, with emphasis on investment, industrialisation and the development of local capacity.
The ‘Unstoppable Africa’ gathering brought together African business leaders, policymakers, investors and other stakeholders to discuss strategies for accelerating the continent’s economic development and strengthening its position in the global economy.
