The Federal Government said Nigeria’s economy could hit $1 trillion by 2030 if it achieves 30 percent value addition to all raw materials before export.
Minister of Innovation, Science and Technology, Dr Kingsley Tochukwu Udeh, stated this on Monday at the 2nd African Raw Materials Summit 2026 in Abuja.
“Africa holds 30 percent of global critical mineral reserves—a total mineral endowment valued at US8.6 trillion remaining undeveloped.
“We possess vast reserves of cobalt, lithium, manganese, bauxite, rare earths, immense agricultural output (cocoa, cashew, palm oil, cassava), and expansive renewable energy resources. Yet, Africa’s share of global manufacturing value-added remains in low single digits.
“The AfCFTA creates a single market of 1.3 billion people and US571 billion in income gains and creates 18 million jobs by 2035. Realising this requires eliminating non-tariff barriers, enforcing rules of origin, and driving private investment,” Dr Udeh said.
The minister said the amended bill for compulsory value addition to all raw materials before export is now back to the President for assent.
The Minister of State for Industry, Trade & Investment, John Owan Enoh, said if the bill on 30 percent value addition becomes law, it is going to completely transform Nigeria’s industrial landscape.
He added that the bill will make it mandatory that no raw material from this country gets exported without at least adding value to at least 30 percent. So I hope that we continue to work together to get that to happen.”
“What we are short of is our inability to transform those raw materials. What we continue to do is to continue to export jobs, export prosperity, and import all of it that has brought us to where we are,” he said.
The Sudanese Minister of Minerals, Dr Noureldaim Taha, in his address, highlighted four priorities for the continent to make the most from its raw materials, which include strengthening responsible mining, refining and transparent and reliable geological data.
He said Africa can process more of its minerals within the continent, adding that investment, processing and refining can create skilled jobs and support local businesses and retain greater value in our economy.
“Regional partnerships can help us to build commercially viable projects. Second, we can connect mining with reliable and affordable energy. Planning minerals and energy projects together can support industrial growth and extend electricity access to surrounding communities, including through renewable energies where suitable,” he said.
The Director General, Raw Materials Research and Development Council (RMRDC), Nnanyelugo Martin Ike-Muonso, said that the continent cannot build a future on unprocessed raw exports.
“In 2025 alone, Nigeria exported billions in raw cocoa, cashew, and sesame seeds, immense wealth left on foreign tables. The lesson is stark: the African Continental Free Trade Area (AfCFTA) gives us a 1.3-billion-person market, but without local manufacturing capacity, it is merely an invitation for foreign goods. Local value addition is the indispensable engine that converts AfCFTA’s promise into genuine African prosperity.
“The Nigeria Industrial Policy 2025 —a strategic framework targeting national competitiveness, job expansion, and local sourcing— supports this initiative and complements it with key resource controls, including a ban on raw shea nut exports to safeguard a $300 million market and support women-led rural processing hubs.
“Additionally, focused industrial funding mobilised more than N644.9 billion via the Bank of Industry in 2025, generating and securing roughly 1.7 million direct and indirect jobs across key sectors,” he said.
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