Nigeria and the African Development Bank (AfDB) have called for greater African control over the continent’s vast mineral resources, urging countries to embrace local value addition, data sovereignty, regional cooperation and strategic financing to unlock greater economic benefits from the sector.
Speaking at the Ministerial Forum on Critical Minerals, Value Chain and Beneficiation in Abidjan, Côte d’Ivoire, Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, said African nations must move beyond exporting raw minerals and work together to build a competitive, value-driven mining industry.
According to a statement by the Minister’s Special Assistant on Media, Lara Owoeye-Wise, Alake urged mineral-producing countries to adopt a coordinated continental strategy, stressing that Africa’s vast mineral wealth would generate greater prosperity through regional collaboration rather than isolated national approaches.
“While the mantra of value addition has ushered in an era of economic independence for mineral-producing nations, we need concrete, actionable strategies to take charge and be in full control of our natural assets to ensure total economic freedom,” he said.
The minister, who chairs the Africa Mineral Strategy Group (AMSG), also called for Africa to take ownership of the systems used to evaluate its mineral resources.
He advocated replacing reliance on the Australia-based Joint Ore Reserves Committee (JORC), reporting standard with the Pan African Resource Reporting Code (PARC), developed by the Africa Minerals Development Centre (AMDC).
According to Alake, PARC provides a transparent and Africa-specific framework for reporting mineral and energy resources while reflecting the continent’s environmental and geological realities.
He also proposed the creation of a West African minerals processing corridor stretching from Lagos to Dakar, modelled after the Lobito Corridor, to enable countries to specialise in processing specific minerals, reduce investment costs and strengthen regional trade.
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Alake noted that intra-African trade remains at about 16 per cent, far below Asia’s 60 per cent and Europe’s 70 per cent, underscoring the need for stronger regional integration.
AfDB President, Dr. Sidi Ould Tah, described it as a paradox that Africa possesses vast critical mineral deposits but continues to record limited GDP gains and low foreign direct investment.
He said the continent must transform its mineral wealth into economic growth through stronger financing mechanisms and industrial development.
The forum concluded with the adoption of the Abidjan Declaration, which commits African countries to coordinated critical minerals policies, regional infrastructure development, value-chain expansion and capital mobilisation.
Under the declaration, the AfDB pledged to deploy its financial instruments, technical expertise and capital mobilisation capacity to support mineral-producing countries, reduce investment risks, finance critical infrastructure and accelerate sustainable mineral value chains.
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The meeting brought together more than 20 African ministers responsible for mining, energy, industry and natural resources, alongside representatives of AfDB, Afreximbank, the U.S. Export-Import Bank and international mining companies.
Participants reaffirmed that stronger regional cooperation, local value addition and African ownership of mineral resources are essential to driving the continent’s long-term economic transformation.
