President Bola Ahmed Tinubu Wednesday, September 25, warned that Africa\u2019s long-standing role as a supplier of raw minerals to other continents is deepening the continent\u2019s poverty and underdevelopment.<\/p>\n\n\n\n
Extracting raw minerals in Africa, he said, has continued to keep the continent in a state of poverty, making it even more underdeveloped.<\/p>\n\n\n\n
The Nigerian leader made the observation while delivering his keynote address during the African Minerals Strategy Group (AMSG) meeting on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.<\/p>\n\n\n\n
President Tinubu pointed out that while Africa holds a significant portion of the world\u2019s mineral reserves, including 92% of global platinum, 56% of cobalt, and 54% of manganese, these resources have been primarily extracted and exported to foreign countries for refining and manufacturing.<\/p>\n\n\n\n
Represented by his deputy, Vice President Kashim Shettima, at the global event, the President highlighted the urgent need for the continent to break free from this dependency, stating that the extraction of raw minerals without local processing only deepens Africa\u2019s underdevelopment and prolongs its economic challenges.<\/p>\n\n\n\n
This was contained in a statement issued by his Senior Special Assistant on Media and Communications, Office of the Vice President, Stanley Nkwocha.<\/p>\n\n\n\n
In his address titled, \u201cAfrica\u2019s Natural Resources Shaping the Future\u201d, President Tinubu explained that this has left the continent at the mercy of foreign markets, forcing it to repurchase finished products at much higher prices.<\/p>\n\n\n\n
\u201cA situation in which the raw minerals are extracted from our countries, exported, refined, and sold to us as finished products merely consolidates the foundations of our misery and pushes us further down the depths of underdevelopment,\u201d he stated.<\/p>\n\n\n\n
The Nigerian leader called on African nations to adopt a new agenda that prioritizes local value addition, which he sees as essential to industrializing the continent and providing sustainable economic growth.<\/p>\n\n\n\n
On the evolution of lithium-ion technology, President Tinubu noted that the development has enabled the swift production and manufacturing of portable consumer electronics such as laptops, computers, cellular phones, and electric cars.<\/p>\n\n\n\n
He continued: \u201cWe live in a world of electronic mobility in which lithium-powered batteries provide higher specific energy, higher energy density, higher energy efficiency, longer cycle life, and longer calendar life.<\/p>\n\n\n\n
\u201cThe global need for new battery technology has triggered a new scramble for Africa\u2019s critical minerals. Africa possesses 92 percent of global reserves of platinum, 56 per cent of Cobalt, 54 per cent of Manganese and 36 per cent of Chromium. These are the minerals employed in the manufacturing of the new batteries. In short, the world needs Africa today more than ever\u201d.<\/p>\n\n\n\n
President Tinubu further emphasised Africa\u2019s determination to move beyond the historical exploitation of its resources, advocating the localization of the entire mineral value chain within the continent.<\/p>\n\n\n\n
He also assured of his administration\u2019s commitment to adding local value to Nigeria\u2019s mineral resources as part of the Africa Minerals Strategy Group\u2019s (AMSG) vision chaired by Nigeria\u2019s Minister of Solid Minerals Development, Mr. Dele Alake.<\/p>\n\n\n\n
The president, who drew attention to Nigeria\u2019s vast market of over 226 million people, said the success of the country\u2019s $10 billion telecoms market is proof of its growth potential \u201cin the manufacturing of Lithium batteries, concentrates, and components to set up their business and domesticate the value chain from extraction to production in Nigeria.\u201d<\/p>\n\n\n\n
He affirmed that the AMSG is focused on transforming Africa from a supplier of raw materials into a global mining industry stakeholder.<\/p>\n\n\n\n
On his part, Nigeria\u2019s Minister of Solid Minerals, Dele Alake, who also spoke at the event in his capacity as the Chairman of the Africa Minerals Strategy Group, laid out the group\u2019s vision to transform Africa\u2019s mining industry through local value addition and industrialization.<\/p>\n\n\n\n
In his remarks, the minister criticised the traditional model of mineral extraction in Africa where raw materials are exported for processing abroad, resulting in lost economic opportunities and jobs on the continent.<\/p>\n\n\n\n
He maintained that this pattern of trade has left African nations vulnerable, as they are forced to import finished goods at inflated prices.<\/p>\n\n\n\n
The Minister also proposed a shift towards local value addition\u2014processing raw minerals into finished goods within Africa\u2014as a strategy for enhancing the continent\u2019s economic independence and contributing more significantly to its GDP.<\/p>\n\n\n\n
\u201cWe are moving from commercialisation to industrialisation. By processing and manufacturing raw minerals into finished goods, we can increase employment, reduce our reliance on imports, and ultimately raise the contribution of the solid minerals sector to our GDP,\u201d Alake said.<\/p>\n\n\n\n
He acknowledged that although the continent faces significant developmental challenges, Africa\u2019s natural wealth provides a pathway to prosperity if leveraged correctly.<\/p>\n\n\n\n
While setting the mood for the important conversation on how Africa\u2019s natural resources should benefit the people, reduce poverty, and create wealth for the people of the continent, General Secretary of AMSG, Mr. Moses Michael Engadu, called for a new vision and political will among African leaders to ensure value addition becomes a sacrosanct condition to granting mineral license to any investor.<\/p>\n\n\n\n
The roundtable had representatives from investors, development partners, multilateral institutions, and major financial institutions in attendance.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Bola Ahmed Tinubu Wednesday, September 25, warned that Africa\u2019s long-standing role as a supplier of raw minerals to other continents is deepening the continent\u2019s poverty and underdevelopment. Extracting raw<\/p>\n","protected":false},"author":1,"featured_media":12221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":320},"categories":[31],"tags":[],"class_list":["post-12220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","yoast_head":"\n