Nigeria, AfDB Push African Control Of Mineral Resources, Local Value Addition

Nigeria and the African Development Bank (AfDB) have called for greater African control of the continent’s mineral resources, urging countries to embrace local value addition, regional cooperation and strategic financing to maximise the economic benefits of their vast natural wealth.

The call was made at the Ministerial Forum on Critical Minerals, Value Chain and Beneficiation: Pathways for African Transformation, held under the auspices of the African Development Bank in Abidjan, Côte d’Ivoire.

Speaking at the forum, the Minister of Solid Minerals Development, Dele Alake, urged African mineral-producing nations to work together rather than pursue isolated national strategies, stressing that regional collaboration would unlock greater value from the continent’s mineral resources.

According to a statement issued by the ministry, Alake said Africa must move beyond exporting raw minerals and adopt policies that promote local processing and greater ownership of its natural 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,” Alake said.

The minister, who also chairs the Africa Mineral Strategy Group (AMSG), said African countries must take control of the technical systems used to assess their mineral wealth, describing the continued reliance on the Australia-based Joint Ore Reserves Committee (JORC) reporting standard as outdated.

Read Also: Gov Ododo seeks AFDB support for key sectors at 2025 annual meeting in Abidjan

“For the overall interest of the continent, and to efficiently and effectively safeguard its resources, Africa should take charge of the coding mechanisms utilised to assess its mineral assets,” he said.

Alake advocated the adoption of the Pan African Resource Reporting Code (PARC), developed by the Africa Minerals Development Centre, saying it would promote transparency, consistency and ethical standards while reflecting the unique characteristics of Africa’s mineral resources.

He also proposed the establishment of a West African minerals processing hub stretching from Lagos to Dakar, modelled after the Lobito Corridor, to enable countries to share infrastructure, reduce costs and strengthen regional value chains.

According to the minister, such a corridor would allow participating countries to leverage their comparative advantages, lower financial burdens and create more opportunities for industrial development and employment.

Alake further lamented the low level of intra-African trade, noting that trade among African countries accounts for only about 16 per cent compared to approximately 60 per cent in Asia and 70 per cent in Europe.

Also speaking at the forum, President of the African Development Bank, Dr. Sidi Ould Tah, said Africa’s vast deposits of critical minerals had yet to translate into corresponding economic growth, despite the continent’s abundant natural resources.

He also highlighted inadequate financing and low levels of foreign direct investment as major obstacles to Africa’s mineral development.

The forum adopted the Abidjan Declaration, which places financing at the centre of efforts to transform Africa’s solid minerals sector.

Under the declaration, the African Development Bank pledged to deploy its financing instruments, capital mobilisation capacity and technical expertise to support mineral-producing countries, reduce investment risks, finance critical infrastructure and accelerate the development of sustainable mineral value chains.

Participants also called on African governments to strengthen national and regional capacities capable of attracting investment, supporting project financing and creating sustainable jobs through local mineral processing and value addition.

The forum brought together more than 20 ministers responsible for mining, energy, industry, natural resources and the green economy, alongside representatives of the African Development Bank, Afreximbank, the US Export-Import Bank and mining companies from Germany, Canada and the United States.