Equatorial Guinea president urges Africa to transform raw materials locally
Obiang Nguema Mbasogo stated at the Russia-Africa summit that Africa must move beyond exporting raw materials and develop its own industries.
President Obiang Nguema Mbasogo of Equatorial Guinea stated at the Third Russia-Africa Summit in Moscow that African nations should not be content with merely supplying raw materials to other continents. He emphasized that Africa can and should transform these resources locally to build its own economies.
Speaking at the Kremlin, Mbasogo argued that true economic independence for Africa lies in responsible exploitation, local transformation, and the creation of value chains within the continent. He presented Equatorial Guinea's National Development Agenda Horizon 2035 as an example of diversifying growth beyond natural resources.
The president called for concrete, viable, and sustainable projects with Russian partners, combining human capital, technology, and local business participation. This initiative aims to industrialize Africa using its own resources and capabilities.
Why it mattersPresident Obiang Nguema Mbasogo's call for economic transformation directly affects Equatorial Guinea's economic strategy and its role in international trade.