President Bola Tinubu has highlighted the urgent need for Africa to transition from being a mere supplier of raw minerals to a continent that processes and adds value to its resources.
Speaking at the African Minerals Strategy Group (AMSG) meeting during the 79th Session of the United Nations General Assembly in New York, Tinubu warned that the current model of exporting unprocessed minerals has perpetuated poverty and underdevelopment across the continent.
Represented by Vice President Kashim Shettima, Tinubu pointed out that Africa holds significant global mineral reserves—92% of platinum, 56% of cobalt, and 54% of manganese. However, he emphasized that these resources are often extracted and sent abroad for refining, leaving African nations dependent on foreign markets for finished products, which they then repurchase at inflated prices.
“A situation in which the raw minerals are extracted from our countries, exported, refined, and sold to us as finished products merely consolidates the foundations of our misery and pushes us further down the depths of underdevelopment,” he stated.
Tinubu called for a new agenda focused on local value addition to foster industrialization and sustainable economic growth within Africa. He noted the growing demand for lithium-ion technology, which is essential for manufacturing portable electronics and electric vehicles. “The world needs Africa today more than ever,” he asserted, stressing that Africa must capitalize on its critical minerals to meet global demands.
He pledged his administration’s commitment to enhancing local value in Nigeria’s mineral resources, aligning with the AMSG’s vision. Emphasizing Nigeria’s large market of over 226 million people, Tinubu highlighted the country’s potential in developing its own lithium battery manufacturing industry.
The AMSG aims to transform Africa from a mere supplier of raw materials to a key stakeholder in the global mining industry.
The meeting included representatives from investors, development partners, and major financial institutions, all united in the goal of advancing Africa’s mineral value chain.
