By Dennis Okechukwu
Nigeria and the African Development Bank (AfDB) have renewed calls for greater African control over the continent’s vast mineral resources, urging mineral-producing countries to prioritise local value addition, regional cooperation and strategic financing to unlock the full economic potential of Africa’s natural wealth.
The call was made at the Ministerial Forum on Critical Minerals, Value Chain and Beneficiation: Pathways for African Transformation, held in Abidjan, Côte d’Ivoire, under the auspices of the African Development Bank.
Speaking at the forum, Nigeria’s Minister of Solid Minerals Development, Dele Alake, called on African governments to adopt a coordinated approach to mineral development rather than pursuing isolated national strategies. He said closer regional collaboration would enable the continent to maximise the benefits of its abundant mineral resources.
Alake stressed that Africa must move beyond exporting raw minerals and instead focus on local processing and value addition to achieve 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,” he said.
The minister, who chairs the Africa Mineral Strategy Group (AMSG), also advocated data sovereignty for African countries, arguing that the continent should no longer depend on the Australia-based Joint Ore Reserves Committee (JORC) for mineral resource reporting.
Instead, he urged African nations to adopt the Pan African Resource Reporting Code (PARC), developed by the Africa Minerals Development Centre, describing it as a transparent and Africa-focused framework tailored to the continent’s unique geological and environmental conditions.
Alake also proposed the establishment of a West African minerals processing corridor stretching from Lagos to Dakar, modelled after the Lobito Corridor. He said the initiative would enable participating countries to specialise in processing different minerals, reduce infrastructure costs, promote intra-African trade and attract greater investment into the sector.
He noted that intra-African trade currently accounts for only about 16 per cent of the continent’s total trade, compared with around 60 per cent in Asia and 70 per cent in Europe, underscoring the need for stronger regional economic integration.
In his remarks, African Development Bank President Dr. Sidi Ould Tah described Africa’s mineral wealth as a paradox, noting that despite possessing vast deposits of critical minerals, the continent has yet to translate its resources into significant economic growth or attract sufficient foreign direct investment.
The forum concluded with the adoption of the Abidjan Declaration, which commits African countries to pursue coordinated policies on critical minerals, develop regional infrastructure and strengthen value chains across the continent.
Under the declaration, the AfDB pledged to deploy financing instruments, technical expertise and capital mobilisation to support strategic mining projects, reduce investment risks and accelerate the development of sustainable and competitive mineral value chains.
The declaration also urged mineral-producing countries to strengthen national and regional capacities to attract investment, create quality jobs and generate greater local value from Africa’s mineral resources.
The meeting brought together more than 20 ministers responsible for mining, energy, industry and natural resources, alongside representatives of the African Development Bank, Afreximbank, the US Export-Import Bank and international mining companies.
The outcome of the forum reinforces Nigeria’s growing role in championing a new African minerals agenda centred on local processing, data sovereignty, regional cooperation and increased African ownership of the continent’s mineral wealth.