Our ambitions will be dead if we depend on external capital

Africa produces about 10 million barrels of oil per day but remains a net importer of petroleum products, costing around $90 billion annually. Crude oil production could generate over $500 billion if refined locally, representing a forgone income of $230 billion. With a population of 1.5 billion and a middle class of 300 to 350 million people, Africa must stop exporting raw materials and importing manufactured goods.