When it comes to natural resources, Africa is far from lacking.
The continent produces about 40% of the world’s gold, supplies 12% of its oil and is home to 60% of the global uncultivated arable land.
However, most of Africa’s resources are traded unprocessed.
When comparing with the tremendous wealth the finished products generate, very little benefit is brought to the continent, with more than 30% of its people still living in extreme poverty.
The question then is; is it possible for African countries to add value locally and export finished products?
Since independence, African countries have been striving to climb up the value chain. But their efforts are yet to bear fruits, with many African economies still heavily reliant on the export of unprocessed raw materials, getting very little from the value they generate.