Nigeria and the African Development Bank (AfDB) have called on African countries to end the export of raw minerals and embrace local value addition, regional processing and stronger collaboration to unlock the continent’s vast mineral wealth for economic transformation.
The call was made at the Ministerial Forum on Critical Minerals, Value Chain and Beneficiation held in Abidjan, Côte d’Ivoire, where ministers from mineral-producing African countries agreed on a new roadmap to boost Africa’s mining sector.
Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, urged African nations to abandon fragmented approaches to mineral development and work together to build regional value chains that would promote industrialisation, create jobs and retain more wealth within the continent.
He said Africa must move beyond exporting raw materials if it hopes to achieve true economic independence.
“While the mantra of value addition has ushered in an era of economic independence for mineral-producing nations, we need concrete, actionable strategies to take charge and be in full control of our natural assets to ensure total economic freedom,” Alake said.
The minister, who also chairs the Africa Mineral Strategy Group (AMSG), challenged African countries to take ownership of how their mineral resources are evaluated and reported.
He criticised the continued use of the Australia-based Joint Ore Reserves Committee (JORC) reporting code and advocated the adoption of the Pan African Resource Reporting Code (PARC), developed by the Africa Minerals Development Centre (AMDC), describing it as an Africa-focused framework that would ensure transparency, credibility and investor confidence.
Alake also proposed the establishment of a West African Minerals Processing Corridor stretching from Lagos to Dakar, saying the initiative would enable countries in the sub-region to specialise in processing different minerals, reduce infrastructure costs, boost intra-African trade and attract more investments.
According to him, the proposal aligns with Nigeria’s vision of becoming a regional hub for mineral beneficiation and industrial development.
The minister expressed concern that Africa accounts for only about 16 per cent of intra-continental trade, compared to about 60 per cent in Asia and 70 per cent in Europe, stressing that stronger regional integration was critical to unlocking the continent’s economic potential.
President of the African Development Bank, Dr. Sidi Ould Tah, described Africa’s enormous deposits of critical minerals as a paradox, noting that despite its vast natural resources, the continent has struggled to translate them into sustainable economic growth and increased foreign direct investment.
He urged African countries to leverage their mineral resources to accelerate industrialisation and drive inclusive economic development.
The forum ended with the adoption of the Abidjan Declaration, committing African countries to deepen regional cooperation, develop integrated mineral value chains and mobilise financing for the mining sector.
Under the declaration, the African Development Bank pledged to deploy its financial instruments, technical expertise and capital mobilisation capacity to support strategic mining projects, de-risk investments and attract greater public and private sector participation.
The declaration also called for the development of national and regional capacities that would promote local value addition, create sustainable jobs and enhance Africa’s competitiveness in the global critical minerals market.
The forum attracted more than 20 African ministers responsible for mining, energy, industry and natural resources, alongside representatives of AfDB, Afreximbank, the US Export-Import Bank and leading international mining companies.
