The African continent is poised to take center stage in the global mineral economy, with a focus on creating value locally and reducing dependence on external financing.

At a recent conference in Abidjan, Côte d’Ivoire, representatives from African countries and development partners emphasized the need for a new partnership to harness the continent’s mineral resources more effectively.

The conference aimed to redefine Africa’s place in the global economy of critical minerals, with a focus on creating local value chains and reducing external financing reliance.

Transforming Mineral Resources into Sustainable Wealth

African countries are rich in critical minerals, including cobalt, lithium, and nickel, which are essential for the transition to renewable energy.

The conference highlighted the need to transform these mineral resources into sustainable wealth, rather than simply extracting them for export.

President of the African Development Bank (BAD), Sidi Ould Tah, emphasized the importance of creating local value chains and promoting industrialization to drive economic growth and job creation.

Regional Cooperation Key to Unlocking Mineral Potential

The Côte d’Ivoire is rich in mineral resources, including nickel, cobalt, and iron ore, which could help drive its economic growth and development.

The country’s president, Alassane Ouattara, has set a goal of achieving middle-income status by 2030, with the assistance of a comprehensive mining sector strategy.

Africa’s Colossal Mineral Potential

Africa is home to approximately 30% of the world’s critical mineral reserves, including cobalt, lithium, and nickel, which are essential for the transition to renewable energy.

The value of Africa’s mineral resources is estimated at over $29,500 billion, which is more than eight times the continent’s annual GDP and nearly 20% of global mineral reserves.