Nigeria and the African Development Bank (AfDB) have called for stronger African ownership and control of the continent’s mineral resources, urging countries to prioritise data sovereignty, regional cooperation and strategic financing to ensure that mineral-rich nations derive 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 under the auspices of the AfDB in Abidjan, Côte d’Ivoire.
Nigeria’s Minister of Solid Minerals Development, Dele Alake, urged African mineral-producing countries to adopt a strategic approach to cooperation and interdependence, arguing that the continent’s vast mineral wealth could deliver greater value if nations worked together rather than pursuing isolated approaches.
Nigeria, which has increasingly positioned itself as a key player in efforts to promote mineral processing, value addition and greater African participation in the sector, called for a shift away from the traditional export of raw materials.
In his welcome address, the President of the AfDB, Dr Sidi Ould Tah, highlighted the contradictions surrounding Africa’s mineral wealth, noting that the continent’s abundant resources had not translated into corresponding economic gains.
He pointed to the gap between Africa’s significant deposits of critical minerals and its limited contribution to global economic influence, as well as the challenge of attracting sufficient foreign direct investment despite the opportunities presented by the sector.
Both leaders agreed that African countries must develop practical strategies to take greater control of their natural resources.
“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), highlighted the role of the organisation’s more than 30 member countries in promoting a common continental approach to mineral development based on value addition.
He also stressed the need for Africa to achieve greater control over the data and technical systems used to evaluate its mineral resources.
The minister criticised the continent’s reliance on the Australia-based Joint Ore Reserves Committee (JORC) standard for reporting mineral exploration results, describing it as outdated.
“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.
Alake advocated the adoption of the Pan African Resource Reporting Code (PARC), developed by the Africa Minerals Development Centre (AMDC), as a continental framework for reporting mineral and energy resources.
He said PARC would promote transparency, consistency and ethical certification practices in Africa’s mining and energy sectors while accounting for the continent’s unique geological and environmental conditions.
The minister also called for stronger regional cooperation to address the financial and infrastructure challenges involved in developing Africa’s mineral resources.
He proposed the creation of a West African minerals processing hub and corridor modelled on the Lobito Corridor, with a possible route stretching from Lagos to Dakar.
According to Alake, such a corridor would allow countries to use their comparative advantages, reduce the cost burden on individual states, encourage collaboration and enable nations to share both the risks and benefits of mineral development.
He also raised concerns about low levels of intra-African trade, noting that trade within Africa accounts for about 16 per cent, compared with approximately 60 per cent among Asian countries and 70 per cent among European nations.
The forum concluded with the adoption of the “Abidjan Declaration”, which identified financing as a key requirement for transforming Africa’s critical minerals sector.
Under the declaration, the AfDB pledged to use its financial instruments, capital mobilisation capacity and technical expertise to support mineral-producing countries and encourage public and private investment in the sector.
The declaration also committed to reducing investment risks, supporting critical infrastructure development, improving access to finance for viable projects and accelerating the creation of competitive, inclusive and sustainable mineral value chains.
It further urged mineral-producing countries to strengthen national and regional capacities to attract investment, create local economic opportunities and generate sustainable employment.
For Nigeria, the outcome of the forum reinforces its push for a new African minerals framework centred on greater control of mineral data, local processing, shared infrastructure, strategic financing and stronger cooperation among resource-rich countries.
The event brought together more than 20 ministers responsible for mining, energy, industry, natural resources and the green economy, alongside representatives from the AfDB, the African Export-Import Bank (Afreximbank), the US Export-Import Bank and mining companies from Germany, Canada and the United States.
Participants reaffirmed that stronger African cooperation and greater control over mineral resources were essential to ensuring that the continent’s natural wealth contributes to broad-based and sustainable economic transformation.
