By Mercy Gadia Adi
Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko, has once again made a passionate case for Africa’s industrialization and economic independence, insisting that the continent must move beyond exporting raw materials and embrace local manufacturing.
Speaking during a committee meeting held today in Abuja, Senator Nwoko emphasized the need to utilize local currencies, particularly the naira, in international trade to strengthen national economies and promote global recognition of African currencies.
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“Africa is not industrialized. That is a major setback,” he said. “We cannot continue to export raw materials and then import finished products at high costs. I’ve long advocated that our focus should shift to exploring, processing, and manufacturing our natural resources right here.”
Nwoko, who has championed the use of local currencies in trade, said Nigeria must lead by example by selling crude oil in naira instead of the US dollar. According to him, such a move would not only strengthen the naira but also help position it for global trading.
“Why can’t we sell our crude oil in naira? That’s the only way our currency can begin to gain global acceptance,” he stated. “When foreigners arrive at our airports, they should be exchanging their dollars or euros for naira, just like we do when we travel.”
He commended President Bola Tinubu for aligning with some of these economic ideas, particularly efforts aimed at currency reform and support for local production. However, he stressed that real transformation requires more than policy statements.
“It’s not just about what government says, it’s about what all of us do. This will require a long-term national plan and the collective support of the people, the private sector, and every stakeholder,” he added.
The Senate Committee on Reparations and Repatriation, inaugurated in July 2024, continues to explore ways Nigeria and Africa can seek redress for historical injustices while repositioning the continent for sustainable economic growth.