Africa Urged to Take Charge of Its Mineral Resources
The federal government, in collaboration with the African Development Bank (AfDB), has called for enhanced control over Africa’s extensive mineral resources. Officials argue that the continent must halt the practice of exporting raw materials while relying on imports for finished products derived from those very resources.
This plea was articulated by Dele Arake, Minister of Solid Minerals Development, during the Ministerial Forum on Critical Minerals, Value Chains, and Benefits, hosted by the AfDB in Abidjan, Ivory Coast. The event gathered over 20 ministers from sectors including mining, energy, industry, natural resources, and the green economy, alongside representatives from development finance institutions and international mining companies.
During his address, Arake proposed the establishment of a West African mineral processing corridor, inspired by the Lobito Corridor in Central and Southern Africa. This corridor would extend from Lagos to Dakar, facilitating regional specialization in mineral processing while enabling countries to share infrastructure and mitigate investment risks.
Arake emphasized the need for African nations to move beyond fragmented national strategies. He advocated for a unified approach to manage and process mineral resources, which could lead to significantly greater economic benefits if infrastructure and regional value chains were developed collaboratively.
Arake pointed out the alarming level of intra-African trade, which stands at approximately 16%. In contrast, Asian countries experience about 60% intra-regional trade, while European countries reach about 70%. He highlighted that Africa’s insufficient trade among its nations hampers the continent’s industrial growth.
AfDB President Sidi Ould Tarr also noted the paradoxes surrounding Africa’s mineral wealth, citing a significant disparity between investment opportunities and the meager financing currently available. Both the AfDB and the Nigerian government concurred that Africa must advance beyond traditional raw material extraction to develop processing capacity, build local industries, and generate employment opportunities linked to mineral resources.
The forum concluded with the adoption of the Abidjan Declaration, which emphasizes financing as a crucial element for transforming Africa’s solid minerals sector. Under this declaration, the AfDB committed to supporting mineral-producing countries by leveraging its financial resources, technical expertise, and capital mobilization capabilities to attract investments in the sector and foster sustainable, competitive critical minerals value chains.
