President Bola Tinubu has stated that Africa has a large share of the world’s mineral resources, including 92% of platinum, 56% of cobalt, and 54% of manganese. Despite this wealth, the continent remains underdeveloped.
During a keynote speech at the African Minerals Strategy Group (AMSG) meeting, held alongside the 79th Session of the United Nations General Assembly in New York, Tinubu, represented by Vice-President Kashim Shettima, explained that much of Africa’s minerals are extracted and sent abroad for processing. This practice keeps the continent underdeveloped.
Tinubu pointed out that extracting raw minerals without local processing only worsens Africa’s economic struggles. He stressed the urgent need for African countries to reduce their reliance on foreign markets. “This dependency forces us to buy back finished products at much higher prices,” he said.
He described the current situation as one where Africa exports its raw minerals, which are then refined and sold back to the continent. This cycle deepens the region’s underdevelopment and economic challenges.
Tinubu called on African nations to adopt a new approach that focuses on adding value to their resources locally. This strategy is crucial for industrializing the continent and achieving sustainable economic growth.
He also highlighted the importance of lithium-ion technology, which is essential for producing portable electronics like laptops, phones, and electric cars. “We live in a time when lithium-powered batteries are vital, offering better energy efficiency and longer lifespans,” he explained.
The growing global demand for new battery technology has increased interest in Africa’s minerals. Tinubu noted that Africa holds 92% of the world’s platinum, 56% of cobalt, 54% of manganese, and 36% of chromium—key materials for new batteries. “The world needs Africa today more than ever,” he emphasized.
Finally, Tinubu reiterated Africa’s commitment to moving beyond the historical exploitation of its resources. He advocated for the complete localization of the mineral value chain, which would enable the continent to benefit fully from its rich mineral wealth.
