In the heart of Africa, a priceless treasure lies hidden beneath the continent’s fertile soils. Africa’s mineral reserves represent a significant portion of the world’s resources, comprising 92% of the world’s platinum, 56% of its cobalt, and 54% of its manganese. Yet, despite this subterranean wealth, Africa remains an underdeveloped and dependent continent.
President Bola Tinubu recently highlighted this paradox at a meeting of the Africa Mining Strategy Think Tank on the sidelines of the 79th Session of the United Nations General Assembly in New York. He noted that Africa continued to be in a state of poverty due to the extraction of raw minerals that were exported abroad for refining.
This practice, according to President Tinubu, keeps Africa in a state of economic dependency and deepens its underdevelopment. Raw minerals are extracted from African countries, exported, refined, and resold at much higher prices. This dynamic only consolidates the foundations of our misery and keeps us in the abyss of insufficient development.
To free ourselves from this dependency, Tinubu advocates for a new approach focused on the local valorization of mineral resources, essential for the industrialization of the continent and sustainable economic growth. He highlights the importance of adopting new technologies such as lithium batteries, which require minerals such as platinum, cobalt and manganese, resources abundantly present in Africa.
Tinubu underlines the need for Africa to move from a model of exploitation of its resources to a model of local valorization, thus creating jobs and economic opportunities on the continent. He emphasizes the importance of transforming Africa from a mere supplier of raw materials to a key player in the global mining industry.
Minister of Mines Dele Alake supports this vision by highlighting the importance of local value addition for Africa’s industrialization and economic growth. He criticizes the traditional model of exporting raw materials, stressing that this practice deprives the continent of economic opportunities and local jobs.
In conclusion, Africa has considerable mining potential which, if exploited judiciously and sustainably, could be the engine of shared prosperity for the continent. Local valorization of mineral resources is the key to freeing Africa from its economic dependence and positioning it as a major player on the global mining scene.