Renowned historian and public intellectual, Professor Toyin Falola, and Professor of Political Economy, Adelaja Odukoya, have called on African countries to transform their abundant natural resources into economic power through industrialisation, value addition and stronger domestic production.
The Guardian reports that the scholars made the call at the inaugural Adeleke University Toyin Falola Annual Lecture (AUTOFAL), held in Ede, Osun State, on Thursday. The event focused on Africa’s development prospects and its position in an increasingly uncertain global economic order.
The lecture, themed “History, Power and Accumulation: Reimagining Africa in the Globally Disorderly Order,” examined how the continent could overcome historical economic disadvantages and build productive systems capable of generating sustainable prosperity.
Delivering the guest lecture, Odukoya argued that natural resource abundance alone could not guarantee development unless African countries invested in the industrial and technological capacity required to process raw materials locally.
He stressed that Africa must move beyond exporting unprocessed resources and importing finished products by building industries that create jobs, retain wealth and strengthen domestic economies.
Odukoya warned that increased investment and export earnings would not necessarily translate into meaningful development unless they supported local industries, encouraged technology transfer and expanded productive capacity.
He also distinguished wealth accumulation from genuine development, arguing that economic growth must be supported by investments that improve productivity and create lasting benefits for citizens.
Falola similarly emphasised that Africa’s development depended on its ability to convert its natural resources into economic and political influence.
He examined how colonialism shaped the continent’s economic structure through the extraction of resources, labour and knowledge, contributing to Africa’s position in the global economic system.
However, Falola argued that understanding this history should encourage African countries to seek more equitable participation in the global economy rather than withdraw from international engagement.
He called for stronger institutions, increased investment in research and knowledge production, and closer collaboration between universities, governments and industries.
According to him, universities must generate relevant knowledge, governments must translate research into effective policies, and industries must apply innovation to process natural resources and produce higher-value goods.
The scholars maintained that Africa’s long-term development would depend on building strong domestic industries, improving technological capacity and ensuring that a greater share of the wealth generated from the continent’s resources remains within its economies.
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