President Bola Tinubu warned that Africa’s continued role as a mere supplier of raw minerals is perpetuating poverty and underdevelopment across the continent.
Speaking at the African Minerals Strategy Group meeting, held alongside the 79th Session of the United Nations General Assembly in New York, Tinubu emphasised the urgent need for Africa to process its resources locally.
Represented by Vice President Kashim Shettima, Tinubu highlighted Africa’s vast mineral wealth, noting that the continent holds 92% of the world’s platinum, 56% of its cobalt, and 54% of its manganese reserves. Despite this, Africa has remained largely dependent on exporting unprocessed minerals to other continents, where they are refined and sold back at much higher prices.
In his keynote address titled “Africa’s Natural Resources: Shaping the Future,” Tinubu said, “A situation in which raw minerals are extracted from our countries, exported, refined, and sold back to us as finished products consolidates the foundations of our misery and deepens our underdevelopment.”
The Nigerian president urged African nations to prioritise local value addition, which he sees as essential to fostering industrial growth and economic independence.
He argued that processing minerals within Africa would create jobs, boost economies, and reduce reliance on foreign markets.
Tinubu also touched on the growing demand for minerals used in lithium-ion battery technology, which powers portable electronics and electric vehicles. He noted that this global need for critical minerals has sparked a new scramble for Africa’s resources.
“The world needs Africa today more than ever,” Tinubu stated, calling for Africa to control its own mineral value chain.
Highlighting Nigeria’s potential, Tinubu drew attention to the country’s vast market of over 226 million people and the success of its $10 billion telecoms market.
He urged businesses to seize opportunities in Nigeria’s lithium battery manufacturing sector, emphasising that his administration is committed to adding local value to the nation’s mineral resources.
He concluded by affirming that the African Minerals Strategy Group, chaired by Nigeria’s Minister of Solid Minerals Development, Dele Alake, is focused on transforming Africa from a raw material supplier into a global mining industry leader.
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