The Minister of Solid Minerals Development, Dele Alake, says Africa’s vast mineral wealth will only translate into prosperity when countries move beyond exporting raw materials and embrace industrialisation, local processing and value addition.
The Minister stated this at the 5th African Natural Resources and Energy Investment Summit (AFNIS) in Abuja.
Addressing government officials, investors and industry leaders from across the continent, Alake said Africa must abandon the old economic model that ships raw minerals abroad while importing finished products at higher costs.
According to him, the continent’s future lies in refining, processing and manufacturing mineral products locally to create jobs, attract investment, transfer technology and strengthen economies.
“Resource ownership must give way to resource strategy,” Alake said, stressing that countries that combine mineral wealth with technology, infrastructure, credible regulations and industrial capacity are the ones achieving sustainable growth.
The minister credited President Bola Ahmed Tinubu’s economic reforms and support for the mining sector for Nigeria’s growing attractiveness to investors, noting that the country is already witnessing major investments in mineral processing.
He disclosed that Nigeria has secured an $800 million mineral processing project, a $600 million lithium battery manufacturing investment in Nasarawa State, and a $50 million lithium processing factory, describing them as evidence of the country’s transition from a mining economy to an industrial minerals hub.
Alake, who was recently re-elected Chairman of the Africa Minerals Strategy Group (AMSG), urged African countries to work together to secure a stronger position in global supply chains for critical minerals essential for clean energy technologies, advanced manufacturing and industrial development.
The call for industrialisation was echoed by the Chairman of the Senate Committee on Solid Minerals, Senator Ekong Samson, who said Africa must seize the opportunity presented by rising global demand for critical minerals.
“The moment is now. The world is looking up to Africa,” he said, reaffirming the Senate’s support for policies that promote value addition and industrial growth.
Permanent Secretary of the Ministry of Solid Minerals Development, Faruk Yusuf Yabo, warned that the global economy is increasingly being shaped by nations that control critical minerals used in technology, defence and energy security.
He argued that true wealth creation would depend not on mineral deposits alone but on the continent’s ability to transform resources into finished products through mining, smelting and manufacturing industries.
“Our future will be measured not by the resources we possess, but by our ability to transform them into products and prosperity,” Yabo said.
Also speaking, Secretary-General of the Africa Minerals Strategy Group (AMSG), Moses Michael Engadu, challenged African leaders to break the cycle of exporting raw materials and instead drive economic transformation through strategic investments and industrial development.
He urged participants to ensure the summit delivers practical outcomes capable of advancing Africa’s self-reliance and shared prosperity.
The Minister of Mining of South Sudan, Losuba Ludoru Wongo, called for stronger regional cooperation, warning that Africa risks losing opportunities if countries continue to act individually.
According to him, the continent must work together to process, refine and manufacture mineral products before exporting them to global markets.
“A divided Africa is a failed Africa,” Wongo said, adding that mineral wealth should be used to create jobs, improve infrastructure and raise living standards across the continent.
Similarly, Chairman of the Board of Directors of the Liberia Petroleum Regulatory Authority, Jacob T. Kabakole, urged African nations to harmonise policies, strengthen regional infrastructure and build investor confidence to unlock the continent’s enormous energy and mineral potential.
Kabakole highlighted reforms in Liberia’s petroleum sector that have attracted fresh investments and positioned the country as an emerging frontier destination for energy exploration.
The summit, themed “One Africa, One Resource Vision”, brought together policymakers, investors and development partners to discuss strategies for transforming Africa’s natural resources into a foundation for industrialisation, economic growth and shared prosperity across the continent.
