Alake stated this during the Fireside Chat session on Foreign Direct Investment, titled ‘The Alchemy of Foreign Direct Investment: Turning Policies into Prosperity for Emerging Global Markets in Abu Dhabi, United Arab Emirates.
In a statement by his Special Assistant on Media, Segun Tomori, on Sunday in Abuja, the minister’s remarks were part of his contribution to the discourse on the impact of the tariffs on Africa’s economic climate.
Tomori said the event was part of the the 14th edition of the Annual Investment Meeting (AIM) Congress.
The News Agency of Nigeria (NAN), reports that US President Donald Trump recently announced new tariffs on nearly all U.S. trading partners.
“The barrage of tariffs imposed carries wide-ranging implications for the global economy, U.S. trade relationships, and developing nations, including those in Africa,” he said.
The media aide also noted that Alake called on African countries to adopt an introspective approach by looking inward and adjusting their domestic policies to focus more on intra-African trade, with less dependence on external forces.
Tomori noted that the minister stressed the need need for African countries to organise economic imperatives to ensure a balance of trade and strengthen intra African trade among countries.
The minister highlighted the persistent challenge faced by African countries, where rare mineral resources were exported without any value addition.
According to him, the old ‘pit-to-port’ model, where resources are extracted and sent out of the continent can no longer be allowed to continue.
“Interested investors, who wish to come into Africa are welcome to set up their factories in the continent, add value to our mineral resources and create jobs here, rather than just shipping our wealth out of our shores”, he stated.
The minister said that his stance on protecting Africa’s mineral wealth has been adopted by many African countries, particularly mineral-producing nations, where he served as the pioneering chairman of the African Minerals Strategic Group (AMSG).
He reaffirmed that Nigeria’s policy on mineral sector development remained strictly focused on value addition and boosting the local economy through job creation.
NAN reports that the Annual AIM, was aimed at promoting international investment, support sustainable economic growth, encourage innovation, and foster partnerships between investors, governments, and businesses.
The AIM also serves as a platform for discussing investment trends in sectors such as digital economy, future finance, and sustainable development.
The 14th edition held from April 7 to 9 is with the theme ‘Mapping the Future of Global Investment: The New Wave of a Globalised Investment Landscape – Towards a New Balanced World Structure’.(NAN)
