Why Africa is not processing its raw materials?

How much Africa is losing by not #processing its raw materials? According to the Guardian, the President of the African Development Bank (AfFB) stressed that Africa exporting its #raw materials had only led to vulnerabilities, adding that no nation or region had succeeded by simply exporting raw #materials. Africa’s development trajectory has been based on the #export of raw materials and #natural resources. The continent has abundant natural resources, #oil, #gas, #minerals, metals, #agricultural and forest products, and the blue #economy. Estimated at 30 trillion dollars in potential wealth, Africa’s natural #resources are enough to make it one of the wealthiest places on earth (Craig Arnold, 2019). The reason is simple: a dependency on the export of raw commodities, with very little or no value addition. African countries export natural resources and #import manufactured #products. Wealthy nations export value-added #manufactured products, while poor or low-income nations export commodities with little or no value addition. There should be massive investments in variable #energy mixes, including gas, #hydropower resources and large-scale #solar #systems to ensure stable base load power for #industries to direct #power preferentially to industries, and to support industrial mini-grids to concentrate power in industrial zones. In addition, Africa should develop more efficient #utilities, reducing technical and non-technical losses in power #generation, #transmission and distribution systems. #development #investments #bank #InvestInAfrica #AfricaMining #AfricaConsultant #HarCheBusinessSolutions #FDI #PartnerWithAfrica #Africa2021 #AfricaBusiness