African countries have been called to adopt an introspective approach by looking inwards and adjusting their domestic policies to focus more on intra-African trade, with little dependence on external forces.
The Minister for Solid Minerals Development, Dr Dele Alake, made this remark at the Fireside Chat session on Foreign Direct Investment titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets” during the 14th edition of the AIM Congress held in Abu Dhabi, United Arab Emirates.
In his contribution on the impact of the tariffs on Africa’s economic climate, Dr Alake said that the prevailing barrage of tariffs initiated by the United States of America may as well be a blessing in disguise for African countries.
Nigeria’s Solid Minerals Minister @Solid_Min_Dev, Dr Dele Alake @AlakeDele, says U.S. tariffs could be a blessing in disguise for Africa, urging nations to focus on intra-African trade and domestic value addition. #USATariffs #MineralPolicy #AMSG pic.twitter.com/wXTh0f8DsV
— Voice of Nigeria (@voiceofnigeria) April 14, 2025
“We need to organise our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves. The time is now,” Dr Alake emphasised.
Referring to the bane of African countries, whereby our rare mineral resources are carted offshore without value addition, he said the past approach of “pit to port, when our resources were extracted and syphoned outside of the continent, can no longer prevail.
“Interested investors who wish to come into Africa are welcome to set up their factories in Africa, add value to our mineral resources and create jobs here, rather than just shipping our wealth out of our shores,” he stated.
His position on protecting Africa’s mineral wealth has been adopted by many African countries, especially the mineral-producing countries, of which he serves as the pioneering chair of the African Minerals Strategic Group (AMSG). Nigeria’s policy on the minerals sector development is strictly geared toward value addition and boosting the local economy through job creation.
Other participants who spoke at the fireside chat included His Excellency Zaher Al Qatarneh, Secretary General of the Jordan Ministry of Investment; Goncalo Terenas, Co-founder of Diaspora Prime Portugal; and Vadim Tretyakov, Minister of Investment and Development of the Sverdlovsk Region.
During the Congress, Dr Alake toured the exhibition platform where Nigeria was ably represented by the Solid Minerals Development Ministry, Solid Minerals Development Fund (SMDF), and the Zamfara State government. He also visited the booths of the private business groups from Nigeria, such as the Women Enterprise Alliance and Ghana’s Jant’s Fashion Collection.
The AIM Congress welcomed thousands of top government leaders from around the world, including corporate leaders, technology innovators, sundry financial institutions and experts. The yearly congress aims to “ignite positive transformation by creating investment opportunities, upholding solidarity and developing economic relations among nations.”
Olusola Akintonde
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