Abuja — Nigeria and other resource-rich African countries must take advantage of current favourable prices of commodities to industrialize and diversify their economies so as to improve their economies, according to a senior official at the UN Economic Commission for Africa (ECA). The advice was given on July 11 at the launch of this year's Economic Report on Africa in the Nigerian capital, Abuja.

If Africa's commodity producers are to grow their economies and create jobs for the millions of unemployed youths, massive industrialization based on commodities is imperative, possible and beneficial, said the senior economist at the ceremony attended by policy makers, economists and members of the public. According to him, youth employment is at the centre of this year's report and as such, the youth bulge on the continent should be turned to a demographic dividend through massive industrialization that will effectively link the primary commodities sector with the rest of the economy.

Nigeria has the capacity to add value to its crude oil and agricultural commodities such as cocoa, palm produce, cotton, rubber and groundnuts rather than just exporting them in their raw state, which results in exporting jobs. Nigeria, he said has the capacity to process its crude oil and cocoa into products that could be exported to the benefit of its economy and people if industrialization is encouraged.

Also speaking at the event, the Director General of the West African Institute for Financial and Economic Management (WAIFEM), Akpan Ekpo, praised the ECA for the excellent annual report. He called on African countries to ensure implementation of its recommendations to move the continent out of its current socio-economic condition.

Also, the Chief Executive Officer of the Nigerian Economic Summit Group, Mr. Frank Nweke Jr., blamed the problem of poor implementation on the quality of leadership on the continent. According to him, the report should be of great interest to Africa's heads of state, ministers of finance and planning and central bank governors to become effective in influencing Africa's economic development.

Speaking at the launch, Special Assistant to the Nigerian President on Job Creation Josephine Washima praised the ECA for the insightful report. She also enumerated President Goodluck Jonathan's resolve to create jobs for the teeming youths through the government's programme, aimed at transforming key sectors of the economy including agriculture, manufacturing as well as oil and gas.

This year's report focuses on making the most of Africa's commodities. It acknowledged that Nigeria recorded mixed blessings in its efforts to add value to its oil and gas. The business which accounted for about 97 percent of Nigeria's exports between 1980 and 2000 continues to be dominated by foreign multinational companies. Also, agricultural commodities that were the mainstay of the economy in the 1970s were neglected as crude oil became the chief commodity.