By 
Afreximbank Senior Executive Vice President, Denys Denya, has stressed the urgent need for Africa to move beyond the export of raw materials and embrace industrialization, value addition, and stronger financial systems to transform the continent’s economy.
Speaking on the sidelines of the Intra-African Trade Fair in Algiers on Friday, Denya emphasized that the continent cannot achieve sustainable development if it continues to rely on exporting unprocessed commodities.
He recalled earlier initiatives such as the African Cocoa project, which sought to expand processing capacity, making Africa home to some of the world’s largest cocoa grinding facilities.
“We must stop being mere exporters of raw materials and start adding value at every stage of the production process. The case for industrialization is a no-brainer,”Denya said.
He noted that while progress has been made in extending such initiatives to other sectors, Africa’s industrial ambitions face critical hurdles, particularly inadequate financing and infrastructure.
To bridge the financing gap, Afreximbank has accessed international capital markets by issuing bonds in Japan, China, and the United States, enabling the bank to mobilize long-term financing for African projects.
In addition, he said Afreximbank has supported African financial institutions to strengthen their capital base and increase their ability to fund local businesses.
“We invested in building stronger African banks because industrialization requires readily available financing. Without strong financial institutions, our entrepreneurs cannot thrive,” he added.
Denya also highlighted the importance of harmonizing standards across Africa to make intra-African trade seamless, citing examples in the pharmaceutical sector where uniform regulations would enable producers in one country to sell across borders without repeated testing requirements.
He revealed that Afreximbank has developed digital platforms to provide trade information, created border facilitation projects in partnership with regional economic communities, and is supporting initiatives to harmonize customs processes.
“Infrastructure remains one of the biggest priorities—reliable power, efficient ports, railways, and roads are all needed to unlock Africa’s industrial potential,” Denya stated.
He further underscored the role of trade finance and the importance of enabling African countries to trade in local currencies rather than relying heavily on the US dollar or euro.
Afreximbank, he said, has created a platform to settle cross-border transactions in national currencies, easing trade flows and reducing foreign exchange constraints.
Denya added that Africa must also focus on emerging industries such as battery production, where the continent has significant deposits of lithium and graphite but continues to export raw materials instead of producing finished products.
“Investing in value addition within Africa is not only good for the environment but also for creating jobs, technology transfer, and sustainable growth,” he said.
While acknowledging that multiple challenges remain, he insisted that Africa must act simultaneously on industrialization, infrastructure, financing, and standards to accelerate its transformation.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments