African countries have renewed their commitment to speeding up industrial development, promoting local processing of natural resources and removing trade barriers as part of efforts to build stronger and more competitive economies.
The commitment was reached during the joint meetings of the 9th Session of the African Union (AU) Specialized Technical Committee (STC) on Finance, Monetary Affairs, Economic Planning and Integration and the 5th Session of the STC on Trade, Tourism, Industry and Minerals, held in Abidjan, Côte d’Ivoire.
The ministers agreed to prioritise financing for industries that use Africa’s own resources, particularly minerals, while increasing intra-African trade and reducing dependence on external financing.
Tanzania’s Deputy Minister for Finance, Mshamu Ali Munde, said the continent must make better use of its natural wealth and growing youth population by investing in skills, technology and industrial capacity.
He said African countries need to move away from exporting raw materials and instead focus on value addition to create jobs, increase government revenues and strengthen economic independence.
“The focus should be on increasing investment in industries that add value to Africa’s resources, strengthening regional trade and reducing reliance on external support,” Mr Munde said.
Contributing to discussions at the meeting, Tanzania’s Deputy Minister for Minerals, Dr Steven Kiruswa, stressed the need for African countries to work together to develop mineral processing industries within the continent.
He said Africa’s rich deposits of strategic and critical minerals provide a major opportunity to support modern technology, clean energy production and industrial growth globally.
Dr Kiruswa said exporting minerals in raw form limits the economic benefits that African countries can gain from their natural resources.
“Through cooperation, African countries can increase employment opportunities, raise revenues, promote technology transfer and position the continent as a centre for mineral-based industrial development,” he said.
Meanwhile, Deputy Minister for Industry and Trade Dennis Londo said Africa’s economic transformation would depend on stronger financial systems, improved infrastructure and removing barriers that limit the movement of goods and services across borders.
He said strengthening the implementation of the African Continental Free Trade Area (AfCFTA) would help African producers access wider markets and improve the competitiveness of locally produced goods.
The two-day meeting, held under the theme “Financing Africa’s Industrialization for Sustainable Development,” focused on strategies to accelerate industrialisation based on Africa’s resources, promote value addition and deepen economic cooperation among AU member states.
For Tanzania, the discussions align with ongoing efforts to expand local processing of minerals and increase the contribution of natural resources to economic growth, employment creation and industrial development.
