President Bola Tinubu stated that Africa holds a large share of the world’s mineral reserves, including 92% of global platinum, 56% of cobalt, and 54% of manganese, yet the continent remains underdeveloped. He explained that this is because these resources are mostly extracted and exported abroad for processing and manufacturing.
Tinubu, represented by Vice President Kashim Shettima, made these remarks at the African Minerals Strategy Group (AMSG) meeting during the 79th United Nations General Assembly in New York. The President’s statement, shared by Vice President’s spokesperson, Stanley Nkwocha, highlighted that exporting raw minerals without local processing keeps Africa in poverty and worsens its economic struggles.
He emphasized the need for Africa to end its reliance on foreign markets, which forces it to buy back refined products at much higher prices, deepening its underdevelopment. Tinubu urged African countries to focus on local value addition to promote industrialization and economic growth.
Tinubu also discussed the global demand for lithium-ion batteries, used in electronics and electric vehicles, pointing out that Africa holds key mineral reserves needed for these technologies. He stressed that the world now depends on Africa more than ever and called for the entire mineral value chain to be developed locally in Africa to benefit its people.
He assured that his government is committed to adding value to Nigeria’s mineral resources, aligning with the vision of the Africa Minerals Strategy Group led by Nigeria’s Minister of Solid Minerals Development, Dele Alake.
Dele Alake, speaking as AMSG Chairman, criticized the traditional practice of exporting raw materials for processing abroad, which results in lost economic opportunities for Africa. He advocated for local processing of minerals to create jobs, increase economic independence, and boost the continent’s GDP. He acknowledged the challenges Africa faces but emphasized that its natural resources, if managed well, could lead to prosperity.
AMSG General Secretary, Moses Engadu, called for strong political will from African leaders to ensure that value addition is a key condition for granting mineral licenses to investors. The event was attended by investors, development partners, and major financial institutions.
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