President Bola Tinubu has criticized Africa’s underdevelopment due to its reliance on exporting raw minerals rather than processing them locally.
Africa holds a significant portion of the world’s mineral reserves, including 92% of global platinum, 56% of cobalt, and 54% of manganese. However, these resources are primarily extracted and exported to foreign countries for refining and manufacturing. Tinubu emphasized the need for Africa to break free from this dependency and adopt a new agenda prioritizing local value addition.
He called for a strategic shift to local processing and manufacturing, which is essential for the continent’s industrialization and sustainable economic growth. He highlighted the evolution of lithium-ion technology, used in portable consumer electronics and electric vehicles, as a major opportunity for Africa. Nigeria’s potential as a key player in the continent’s economic transformation was also highlighted.
