Nigeria, AfDB urge African nations to process minerals locally for economic growth
Nigeria and the African Development Bank (AfDB) have called for greater African control over the continent’s vast mineral resources, urging mineral-rich countries to prioritise local value addition, regional cooperation and strategic financing to unlock greater economic benefits from their natural assets.
The call was made at the Ministerial Forum on Critical Minerals, Value Chain and Beneficiation: Pathways for African Transformation, organised by the AfDB in Abidjan, Côte d’Ivoire.
Speaking at the forum, the Minister of Solid Minerals Development, Dele Alake, urged African countries to adopt a coordinated approach to developing their mineral resources instead of pursuing isolated national policies.
According to him, Africa’s abundant mineral wealth can generate significantly greater economic returns if countries collaborate on value addition and processing.
“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.
Alake, who chairs the Africa Mineral Strategy Group (AMSG), said the continent must also achieve sovereignty over the data and technical systems used to assess its mineral resources.
He criticised African countries’ continued reliance on the Australia-based Joint Ore Reserves Committee (JORC) reporting standard, describing it as outdated for the continent’s needs.
“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.
