The Chairman of the Senate Committee on Ethics, Privileges and Public Petitions, Senator Neda Imasuen, has faulted the global economic system that allows Nigeria to export raw materials such as cocoa and import finished products, including chocolate, at significantly higher prices.
Imasuen warned that the imbalance deprives resource-rich developing countries of the benefits of their natural resources, contributing to unemployment, poverty and migration.
The senator, who represents Edo South Senatorial District, spoke while delivering an address on Thursday as an Honorary Guest Speaker at the Golden Rule Summit Roma 2026 in Italy.
His media aide, Moshood Karim, disclosed this in a statement made available to journalists in Abuja.
Speaking on “The Golden Rule as a Principle from a Legal and Legislative Perspective: Advancing Development for Underserved Communities,” Imasuen argued that the principle of treating others as one would wish to be treated should extend beyond personal relationships to international trade, economic policies and legislation.
Using Nigeria’s cocoa industry as an example, he questioned why a country that produces the agricultural commodity in commercial quantities must export it to developed economies for processing and subsequently buy chocolate and other finished products at much higher prices.
“Establishing more processing and manufacturing industries in Nigeria would enable the country to retain greater value from its agricultural produce, create jobs and improve living standards.
“If chocolate factories were established in an industrial state or an agricultural state, would the development reduce economic imbalances, lower unemployment and ultimately curb irregular migration and human trafficking?” he queried.
The lawmaker stressed that his criticism of the international economic system was not intended to absolve Nigerian leaders of responsibility for domestic economic challenges.
Rather, he said, the structure of international trade should be examined to determine whether it delivered equitable benefits to countries producing valuable agricultural commodities and natural resources.
Imasuen maintained that “developing countries should be able to process more of their raw materials locally instead of depending on wealthier economies for finished products derived from their own resources.”
On measures to address economic challenges at home, the senator highlighted legislative initiatives aimed at expanding access to education, supporting businesses and creating opportunities for Nigerians.
He cited the Student Loan Fund, which provides financial assistance to eligible students for their education and upkeep, with repayment tied to graduation and subsequent gainful employment.
He also pointed to tax reforms designed to support small and medium-sized enterprises, noting that qualifying businesses could benefit from tax relief and exemptions under certain provisions.
According to him, such measures could ease the financial burden on businesses, encourage entrepreneurship and enable more Nigerians to participate in economic development.
The senator further cited efforts to improve the business environment and attract industrial investment, identifying the Dangote Refinery as an example of a major industrial enterprise established in Nigeria.
On migration, Imasuen said tackling illegal migration and human trafficking required more than enforcement measures, stressing the need to address the economic conditions that push people to seek better opportunities abroad.
He called for greater investment in skills development, industrialisation and job creation to enable Nigerians to earn a living and build better lives at home.
Beyond economic policies, the lawmaker urged legislators and policymakers to ensure that laws respected human rights and protected human dignity.
Imasuen also called for stronger international cooperation, fairer trade agreements, ethical governance and legislation that prioritised underserved communities.
He said inclusive development required both responsible governance at home and a fairer international economic system that enabled developing countries to derive greater benefits from their resources.
The Golden Rule Summit Roma 2026 brought together diplomatic representatives, religious leaders, humanitarian advocates and policymakers to discuss human dignity, peacebuilding, interfaith understanding and inclusive development.
Other participants included Ghana’s Ambassador to Italy, Mona-Helen Kabuki Quartey; Indonesia’s Ambassador to Italy, Junimart Girsang; and former Afghan Deputy Speaker, Fawzia Koofi.