President Bola Tinubu has raised complaints against the consequences of Africa’s sole profile of supplier of raw materials to countries of other continents, a position he says remains detrimental to the region.
He raised this position on Wednesday during the African Minerals Strategy Group (AMSG) meeting happening during the ongoing 79th United Nations General Assembly in York, United States.
According to him, extracting raw minerals in Africa has continued to keep the continent in a state of poverty, making it even more underdeveloped.
President Tinubu also pointed out that while Africa holds a significant portion of the world’s mineral reserves, including 92% of global platinum, 56% of cobalt, and 54% of manganese, these resources have been primarily extracted and exported to foreign countries for refining and manufacturing.
While represented by his deputy, Vice President Kashim Shettima, at the global event, the President noted the urgent need for the continent to break free from this dependency as the extraction of raw minerals without local processing only deepens Africa’s underdevelopment and prolongs its economic challenges.
In his address titled, “Africa’s Natural Resources Shaping the Future”, President Tinubu explained that this has left the continent at the mercy of foreign markets, forcing it to repurchase finished products at much higher prices.
The Nigerian leader called on African nations to adopt a new agenda that prioritizes local value production, which he sees as essential to industrializing the continent and providing sustainable economic growth.
Highlighting the evolution of lithium-ion technology, President Tinubu noted that the development has enabled the swift production and manufacturing of portable consumer electronics such as laptops, computers, cellular phones, and electric cars.
He mentioned the need for higher specific energy which is efficient, with a longer life cycle and higher density and that has triggered a new scramble for Africa’s minerals. He therefore emphasised the need for determination to move beyond exploitation of resources while advocating for localization of production.
He also assured of his administration’s commitment to adding local value to Nigeria’s mineral resources as part of the Africa Minerals Strategy Group’s (AMSG) vision chaired by Nigeria’s Minister of Solid Minerals Development, Mr. Dele Alake.
The President also drew attention to the vast Nigerian market which has seen other industries thrive as proof of its potential in the growth of local production of lithium batteries and concentrates. He affirmed that the AMSG is focused on transforming Africa from a supplier of raw materials into a global mining industry stakeholder.
The roundtable had representatives from investors, development partners, multilateral institutions, and major financial institutions in attendance.
