Africa's Reliance On Raw Mineral Exports Keeps Continent In Poverty, Warns Tinubu

President Bola Tinubu has warned other African leaders about the consequences of Africa's long history as a supplier of raw minerals to other regions, noting that extractions keeps the continent in poverty and hinders its development.

During his keynote address at the African Minerals Strategy Group (AMSG) meeting Wednesday, which took place alongside the 79th Session of the United Nations General Assembly in New York, he noted that Africa held a large share of the world's mineral reserves, including 92% of global platinum, 56% of cobalt, and 54% of manganese.

However, Tinubu -- represented by Vice President Kashim Shettima -- noted that these resources were mainly extracted and sent to other countries for refining and manufacturing.

"A 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," he said, as per official X (formerly known as Twitter) statement.

Tinubu urged African nations to adopt a new agenda focusing on locally adding value. The president further said this was crucial for industrializing the continent and achieving sustainable economic growth.

Regarding lithium-ion technology, Tinubu pointed out that this advancement has made it possible to quickly produce and manufacture portable consumer electronics like laptops, computers, cell phones and electric cars.

"We 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," he said.

"The global need for new battery technology has triggered a new scramble for Africa's critical minerals. Africa possesses 92% of global reserves of platinum, 56% of Cobalt, 54% of Manganese and 36% of Chromium."

Chairman of the Africa Minerals Strategy Group Dele Alake shared the group's vision to change Africa's mining industry by focusing on local value addition and industrialization.

The minister criticized the old model of mineral extraction in Africa, where raw materials were sent abroad for processing. He pointed out this practice led to lost economic opportunities and jobs within the continent.

He also recognized that while Africa faces many development challenges, the continent's natural wealth can lead to prosperity if used properly.