Uneven Trade Terms Hampering Growth of African Countries, Says RMRDC
Oghenevwede Ohwovoriole in Abuja
The Director General of the Raw Material Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, has blamed the under-development of African countries on uneven trade terms.
He stated this during the launch of the council’s Quarterly Statistical Bulletin in Abuja yesterday.
The bulletin is a guide to investors on the availability and accessibility of raw materials in the Nigerian raw materials sector.
Prof. Ike-Muonso described the World Bank, International Monitoring Fund (IMF) and the World Trade Organisation (WTO) as economic trinity responsible for uneven trade terms between the West and African countries.
According to hi, “Economic trinity is the World Bank, IMF and the WTO; what we have today is what we call advanced forms of slave trade.
“The trinity is more like an advanced form of slavery and it is to sustain the interest of the developed West.”
He further said, “If you will not be colonised with the foreign powers in your soil you get colonised through trade so once they establish an uneven terms of trade they colonise you and the only way to establish an uneven trade is to encourage you to export your materials raw.
“So you can simply understand why the future of Africa, the future of this country, lies in that liberation.
“When you are encouraged to increase exports, please always tell them; let us increase exports of semi-processed goods, semi-processed raw materials.
“It doesn’t need to be fully processed. Any level of value addition creates employment and any level of value addition improves on the exchange rate. So, let the negotiation be on acceptability of our semi-processed form,” he said.
He noted that all developed countries used trade protectionism to grow their economies, adding: “All countries developed on earth, you can go and check them. They have had these forms of protectionism. You can only catch up when you protect yourself.”
The RMRDC boss argued that with such uneven trade terms, the rich countries would remain rich while the poor countries would remain poor.
According to him, “The Quarterly Statistical Bulletin is more than a publication; it is a transformative tool for national development.
“It provides comprehensive and meticulously analysed data on Nigeria’s foreign trade, raw materials processing, and utilisation meticulously analysed data on Nigeria’s foreign trade, raw materials processing, and utilisation rates. This data is critical for identifying trends, making informed decisions, and shaping the future of our industries.”
He stated that the publication equips government decision-makers with actionable insights to craft policies that promote local sourcing, industrial growth, and economic diversification. Investors will find invaluable information to identify high-potential areas within Nigeria’s resource-based industries.
