Nigeria’s Minister of Solid Minerals Development, Dele Alake, has described the wave of protectionist tariffs introduced by the United States as a potential turning point for Africa, urging the continent to rethink its economic strategy and prioritize internal trade and industrialisation.
Speaking during a high-level fireside chat on foreign direct investment at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, Alake said the challenges brought on by global economic realignments offer African countries a rare opportunity to focus inward and drive prosperity through self-reliance and collaboration.
“We must reorganize our economic priorities to strengthen intra-African trade and reduce dependence on external markets. The time is now,” Alake said during the session titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets.”
He criticized Africa’s long-standing “pit-to-port” model where mineral resources are extracted and exported with little to no local processing stressing that such practices no longer serve the continent’s interest. Instead, he called on prospective foreign investors to establish processing plants within Africa, to ensure that value is added locally and jobs are created on the continent.
“Investors are welcome, but they must set up factories on African soil and help us turn our raw materials into finished products. Shipping our wealth offshore without local benefit must end,” the minister asserted.
Championing Continental Reform
Alake’s views reflect Nigeria’s new policy direction in the minerals sector, which prioritizes value addition, job creation, and economic empowerment. As Chair of the African Minerals Strategy Group (AMSG), he noted that several African nations are aligning with this new vision to retain more economic benefits from their natural resources.
The fireside session also featured investment leaders from around the world, including Zaher Al Qatarneh, Secretary General of Jordan’s Ministry of Investment; Goncalo Terenas, Co-founder of Diaspora Prime Portugal; and Vadim Tretyakov, Minister of Investment and Development for Russia’s Sverdlovsk Region.
Nigeria’s Strong Presence at AIM 2025
Nigeria maintained a strong presence at the global summit, with representation from the Ministry of Solid Minerals Development, the Solid Minerals Development Fund (SMDF), and Zamfara State Government. Dr. Alake also toured various exhibition stands, including those hosted by Nigerian private sector players such as the Women Enterprise Alliance, and Ghanaian brand Jant’s Fashion Collection.
The AIM Congress 2025, held at the Abu Dhabi National Exhibition Centre, brought together thousands of global government and business leaders, finance experts, and innovators. The event’s theme, “Mapping the Future of Global Investment: The New Wave of a Globalized Investment Landscape – Towards a New Balanced World Structure,” echoed the sentiment of creating a fairer, more diversified global economy.
Organizers said the congress aims to spark positive transformation by building new investment pathways, fostering economic cooperation, and reinforcing cross-border partnerships.
