African nations urged to add value to minerals, not just export raw materials

Nigeria's Minister of Solid Minerals Development, Dr. Dele Alake, has called on African countries to shift their focus from merely exporting raw minerals to embracing value addition and industrialization. Speaking at a press conference in Abuja ahead of the 5th African Natural Resources and Energy Investment Summit (AFNIS), Alake stressed the need for the continent to maximize the benefits of its vast natural resources.

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Africa must move from being merely a source of raw materials production to becoming a centre of value creation, industrialisation and shared prosperity.

"Africa must move from being merely a source of raw materials production to becoming a centre of value creation, industrialisation and shared prosperity," Alake stated, emphasizing that mineral wealth should act as a catalyst for economic transformation, job creation, technological advancement, and infrastructure development. The minister, represented by Martins Imonitie, Managing Director and CEO of Nigeria Solid Minerals Company, highlighted that the continent's resources must drive long-term wealth creation for its people.

The summit, themed "One Africa, One Resource Vision," is particularly timely given the rising global demand for critical minerals and the ongoing repositioning of nations to secure supply chains. Alake noted that the energy transition also presents new opportunities for resource-rich countries. The event is expected to convene government officials, investors, financiers, and industry experts from across Africa and beyond, including representatives from the Democratic Republic of Congo, Kenya, and Uganda.

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Our resources must become catalysts for economic transformation, job creation, technological advancement, infrastructure development and long-term wealth creation for African people.

Archibald Troko, Director of Strategy and Platform Development at Core International, revealed that AFNIS has successfully attracted over $600 million in investments over the last four years. He added that ongoing efforts are focused on attracting additional development partners to help de-risk investments in the mining and energy sectors, thereby encouraging greater participation from local investors. The summit aims to promote a coordinated approach to critical minerals, energy infrastructure, regional value chains, project financing, and technology transfer.

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We will continue to seek development partners to help de-risk the sector so that local investors can also begin to take their share.