FG, AfDB seek greater African control of critical minerals

Nigeria and the African Development Bank (AfDB) are calling for a fundamental shift in how Africa manages its vast mineral wealth, urging for stronger African control over critical resources. The core message is that the continent must cease exporting raw materials only to import finished products derived from those same resources.

This call to action was articulated by Nigeria's Minister of Solid Minerals Development, Dele Alake, during a Ministerial Forum on Critical Minerals, Value Chain and Beneficiation in Abidjan, Côte d’Ivoire. Alake proposed the establishment of a West African minerals processing corridor, envisioned to stretch from Lagos to Dakar, modeled after the successful Lobito Corridor in Central and Southern Africa. This initiative aims to foster regional collaboration and enhance the economic value derived from Africa's mineral assets.

The forum convened over 20 ministers from various African nations, alongside representatives from development finance institutions, international banks, and mining companies. The gathering underscored the intensifying global competition for critical minerals essential for the energy transition, including those used in electric vehicles, renewable energy technologies, and semiconductors.

For Africa, the burgeoning demand for these minerals presents a dual opportunity: either leverage this wealth for industrialization or perpetuate the cycle of exporting raw materials. Nigeria, as a mineral-rich nation, is positioning itself at the forefront of promoting value addition, local processing, and increased African ownership in the mineral development agenda.

Minister Alake stressed the need for a coordinated strategy, moving beyond isolated national efforts. He argued that by developing shared infrastructure, regional value chains, and common standards, African countries can unlock significantly greater economic benefits from their mineral resources. "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," he stated.

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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.