President Bola Tinubu has shed light on why Africa, despite being rich in essential minerals, remains underdeveloped. With 92% of the world’s platinum, 56% of cobalt, and 54% of manganese, the continent is a major supplier of critical resources. However, Tinubu emphasized that the export of raw materials without local processing is one of the primary reasons for Africa’s persistent underdevelopment.

Speaking via his Vice President, Kashim Shettima, at the African Minerals Strategy Group (AMSG) during the 79th United Nations General Assembly in New York, Tinubu pointed out that exporting raw minerals for refining abroad forces Africa to buy back finished products at significantly higher prices. This cycle of dependency, he noted, contributes to the continent’s economic struggles and hampers growth.

In a statement issued by his spokesperson, Mr. Stanley Nkwocha, Tinubu called for immediate action to shift toward local processing and value addition. He stressed that breaking free from dependence on foreign markets is key to Africa’s future. Tinubu urged African nations to embrace a new agenda focused on industrialization and sustainable development to enhance the continent’s prosperity.

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Referring to Africa’s role in lithium-ion technology, crucial for consumer electronics and electric vehicles, Tinubu said, “The global demand for new battery technology has sparked a renewed scramble for Africa’s critical minerals.” He highlighted the need for Africa to transition from being a supplier of raw materials to a major player in the global mining industry.

Tinubu also expressed his administration’s dedication to adding local value to Nigeria’s mineral wealth, aligning with AMSG’s broader goals. He cited Nigeria’s booming telecom market as an example of the country’s growth potential and emphasized the need to domesticate mineral value chains.

Nigeria’s Minister of Solid Minerals, Dele Alake, who also chairs the AMSG, echoed Tinubu’s call for local processing. He argued that Africa’s reliance on raw material exports limits its economic independence, stressing that value addition is crucial for long-term growth. AMSG General Secretary, Mr. Moses Engadu, added that African leaders should require local value addition as a condition for granting mineral licenses to investors.