Nigeria and the African Development Bank (AfDB) have called for greater African ownership and control of the continent’s vast mineral resources, stressing that stronger regional cooperation, data sovereignty and strategic investment are key to unlocking greater economic benefits for mineral-producing countries.
The call was made during the Ministerial Forum on Critical Minerals, Value Chain and Beneficiation held in Abidjan, Côte d’Ivoire, where ministers and industry stakeholders discussed strategies to maximise Africa’s mineral wealth.
Speaking at the forum, the Minister of Solid Minerals Development, Dele Alake, urged African nations to embrace regional collaboration instead of pursuing isolated approaches to mineral development.
The event brought together ministers responsible for mining, energy, natural resources, industry and the green economy, alongside representatives of financial institutions and international mining companies.
Alake said Africa’s abundant mineral resources could generate significantly higher economic returns if countries worked together to strengthen value addition, processing and industrial development across the continent.
He noted that African nations must move beyond exporting raw minerals and instead develop practical strategies that ensure they retain greater control and derive more value from their natural resources.
The minister also highlighted Nigeria’s leadership role through the Africa Mineral Strategy Group (AMSG), describing the initiative as a platform promoting value addition and stronger cooperation among mineral-producing countries.
Alake further emphasized the need for Africa to gain full control over the systems used to evaluate and report its mineral resources. He argued that the continent should adopt the Pan African Resource Reporting Code (PARC), describing it as a more suitable framework for Africa’s unique mineral landscape than existing foreign reporting standards.
According to him, adopting PARC would improve transparency, standardise reporting and strengthen confidence in Africa’s mining sector while ensuring the continent controls critical data relating to its mineral assets.
To address financing and infrastructure challenges, Alake proposed the establishment of a West African minerals processing corridor stretching from Lagos to Dakar. He explained that participating countries could specialize in processing different minerals, reducing costs, sharing investment risks and boosting regional trade.
He added that the initiative would support Nigeria’s ambition of becoming a regional hub for mineral processing and industrial growth.
Also speaking at the forum, AfDB President Dr. Sidi Ould Tah observed that despite Africa’s enormous mineral wealth, the continent continues to receive limited economic benefits. He noted that low foreign direct investment and inadequate financing remain major obstacles preventing Africa from fully harnessing its natural resources.
The forum concluded with a call for African countries to adopt coordinated policies on critical minerals, strengthen regional infrastructure, promote value-chain development and mobilize investment to transform the continent’s mineral sector.
