Priotising Africa's value chains

The Vice President for Private Sector, Infrastructure and Industrialisation at the African Development Bank, Solomon Quaynor, believes that it is crucial for Africa to prioritize value chains where it is competitive to unlock significant prospects in the near to medium term. Quaynor highlighted the importance of value addition beyond raw commodity trades while speaking with CNBC Africa at the Intra-African Trade Fair. The event, organized by AfriExim and sponsored by the African Development Bank, provides a platform for African entrepreneurs to engage in cross-border trade and investment. Quaynor emphasized the need to move beyond mere commodity trading and focus on value addition trades within the continent, especially in the context of the African Continental Free Trade Agreement (AfCFTA). The conversation at the Intra-African Trade Fair centered on driving industrialization and enhancing trade relations among African countries. Quaynor pointed out key sectors that present opportunities for value addition and increased competitiveness for Africa. He emphasized the potential in agri-processing, given Africa's vast arable land resources, as well as the textile and garment industry which could benefit from converting raw materials like cotton into finished products for export markets such as the U.S. Quaynor also highlighted the untapped potential in critical minerals like lithium and cobalt, urging for local processing instead of raw commodity exports. Additionally, he underscored the importance of strengthening the pharmaceutical sector to ensure self-sufficiency in manufacturing essential products and vaccines, especially in light of the challenges faced during the COVID-19 pandemic. Quaynor also advocated for leveraging technology and the fourth industrial revolution to empower Africa's dynamic youth and drive industrial growth. Quaynor stressed the need for political commitment and enhanced trade facilitation to support the development of value chains and promote industrialization across the continent. By prioritizing sectors where Africa has a competitive advantage, Quaynor believes that the continent can achieve sustainable economic growth and improve its global export competitiveness. He emphasized the importance of regional cooperation and alignment of trade and industrialization strategies to maximize the benefits of initiatives like the AfCFTA. Quaynor's vision for Africa's economic future revolves around a collaborative approach that focuses on value addition and leverages the continent's strengths to drive industrial growth and expand trade opportunities. In summary, Quaynor's insights underscore the critical importance of prioritizing value chains and industrialization to unlock Africa's economic potential. By focusing on sectors where Africa has a competitive edge and promoting value addition, the continent can enhance its trade relations, drive industrial growth, and secure its position in the global market.