The life and times of late Ondo state governpr, Dr Olusegun Agagu resonated on Monday in Lagos as dignitaries from across different sectors gathered for the 13th memorial Lecture in honour of the former governor.
The event chaired by Former Nigerian President Goodluck Jonathan had speakers calling for Africa to retain more value from its vast natural resources.
The event was held at The Civic Centre, Victoria Island, Lagos.
The lecture was chaired by former Nigerian President Dr. Goodluck Ebele Jonathan, with Dr. Olubukola Verheijen (Special Adviser to the President on Energy) serving as a guest speaker.
The Chairman of the occasion, Dr. Goodluck Jonathan led tributes in honour of the late former Governor of Ondo State, who died in September 2013.
Jonathan while delivering his speech eulogised the great and outstanding virtues of Late Olusegun Agagu while commending the children, Board of the foundation for keeping his name alive
He urged political leaders, particularly governors and Presidents, not to focus only on the needs of the present generation, but to consider the impact of their policies on future generations.
The former President called for sustainable policies that can transform Nigeria’s economic fortunes, stressing that the country needed policies that would change its economic atmosphere rather than provide only temporary gains
Jonathan also advocated a shift from the export of raw materials to value addition, saying Africa’s abundant natural resources had failed to translate into corresponding prosperity because much of the processing and manufacturing took place outside the continent.
According to him, African countries must ensure that their natural resources generate industries, create jobs, enhance technology and expand opportunities, particularly for the continent’s young population
Delivering the keynote Address, Former President of Botswana, Mokgweetsi E.K Masisi stressed the need for value addition, resources governance and policy consistency to drive Africa’s prosperity.
“Africa is no longer seeking mere inclusion but rather positioning itself as an equal partner on the global stage.
According to him Africa had a massive share of global natural wealth including significant global reserves of minerals for the green energy transition, gold, chromium, and platinum”
His speech focused on the central theme: “Africa’s Resources, Africa’s Prosperity: Capturing More of the Value We Create.”
Former President Masisi emphasized the critical need for African nations to shift away from merely exporting raw materials and natural assets while highlighting the urgency of building domestic capacity to process, refine, and market these assets internally to ensure economic prosperity remains within the continent.
Drawing from his experience leading Botswana—a country widely recognized for its strategic management of natural diamond wealth, Masisi argued that deliberate institutional governance is the key to converting resource abundance into shared national wealth rather than conflict.
Masisi said Africa had a massive share of global natural wealth, including about 30 per cent of the world’s mineral reserves, significant quantities of critical minerals needed for the green energy transition, about 40 per cent of global gold and up to 90 per cent of chromium and platinum
He addressed the non-compete clause as a major barrier to African resource prosperity
Masisi emphasized that the non-compete clause traditionally prevented African nations from capturing more than a small fraction (around 15%) of the potential total value of their own natural assets.
He used the lecture to urge African nations to transition away from archaic agreements rooted in “imperialistic, neo-colonial” frameworks. Instead, he advocated for robust resource negotiations that focus heavily on local value addition, processing, and manufacturing to ensure true continental wealth.
The Guest Speaker and Special Adviser to President Bola Tinubu in Energy, Dr. Olubukola Verheijen spoke on the administration’s energy reforms and efforts to improve resource utilisation for national development.
Goodwill messages were delivered by Dr. Tunji Adeleke, Chairman of the Olusegun Agagu Foundation, and former Senator Ben Murray-Bruce.
The children of the late Agagu gave a brief presentation on the journey of the Foundation and its achievements in the last decade, highlighting interventions in education, health and community development.
The memorial lecture which began with a cocktail attracted political leaders, academics, business leaders and family members.
