MTN Group chairman Mcebisi Jonas has called for an urgent reset of Africa’s economic model, warning that dependence on commodity exports without building local industries leaves the continent vulnerable to global shocks. He was speaking to journalists in South Africa on Tuesday.
Jonas, a former South African deputy finance minister, said most economies, including Nigeria, still operate a “pit-to-port” model, exporting raw materials without processing them locally. He argued that this has slowed industrialisation, job creation and long-term growth.
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He urged African governments to strengthen local value chains, develop industries that meet domestic demand, and reduce reliance on imports. He also welcomed projects such as the Dangote refinery in Nigeria, which he said could transform trade if properly managed.
Jonas also emphasised the role of media in promoting accountability and development, saying journalists must go beyond scandals to push ideas that strengthen democracy and economic progress.
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