In a landmark gathering held in Abidjan, African nations abundant in critical minerals and their global development partners convened to chart a new course for the continent’s vast mineral wealth. The focus was on transforming raw resources into engines of economic, industrial, and social progress, with local value creation and sustainable development taking center stage.
The high-level ministerial conference brought together key stakeholders, including ministers responsible for Mines, Energy, Industry, Green Economy, and Natural Resources from across Africa. They were joined by representatives from the African Union Commission, the African Continental Free Trade Area (AfCFTA) secretariat, the United Nations Economic Commission for Africa, regional development banks, financial institutions, and international investors.
A new mining pact to reshape Africa’s economic future
The meeting underscored a shared ambition: ensuring that Africa’s critical minerals—cobalt, lithium, graphite, rare earths, platinum group metals, copper, manganese, and nickel—become catalysts for inclusive growth rather than mere commodities exported in raw form. The discussions centered on strengthening local processing, fostering regional value chains, and securing equitable financing to unlock the continent’s mineral potential.
Paradigm shift in mineral resource governance
Speaking at the opening session, the President of the African Development Bank (AfDB), Sidi Ould Tah, emphasized the urgency of a fundamental overhaul in how Africa manages its natural resources. He called for a new partnership model that prioritizes local transformation and direct benefits for African populations.
« Our goal is not just to extract minerals, but to build industries that process them, create jobs, and drive sustainable development, » he stated. He also highlighted the underutilization of Africa’s more than 100 development finance institutions, whose combined assets represent just 1% of global development finance. « We must recapitalize and consolidate these institutions to finance infrastructure, technology, and local industries, » he added.
Ould Tah stressed that resilient infrastructure and local industries are essential to maximizing the continent’s mineral wealth. « The time has come for Africa to move from being a raw material supplier to a global leader in mineral processing and clean energy technologies, » he said.
Côte d’Ivoire aims to lead with a bold mineral strategy
The Ivorian Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, echoed the call for continental solidarity. « The real challenge is transforming these minerals into sustainable wealth that benefits all Africans. No single country can achieve this alone, » he noted.
He revealed that nearly three-quarters of Côte d’Ivoire’s territory holds untapped critical mineral deposits, positioning the country as a future hub in Africa’s mining revolution. This vision aligns with President Alassane Ouattara’s goal to elevate Côte d’Ivoire to upper-middle-income status by 2030.
To achieve this, Abidjan is rolling out an integrated mineral and energy policy for 2026–2040, with an estimated budget of 38 trillion West African CFA francs. Notably, 88% of this funding is expected to come from the private sector, signaling a shift toward market-driven development.
An unprecedented opportunity amid surging global demand
Africa holds approximately 30% of the world’s critical mineral reserves, with an estimated total value of $29.5 trillion—more than eight times the continent’s annual GDP and nearly 20% of global mineral wealth. Yet, around $8.6 trillion of these reserves remain untapped. Meanwhile, global demand for minerals essential to the energy transition is skyrocketing. By 2040, platinum group metals demand could surge by over 1,000%, lithium by 842%, and copper by 88% compared to 2023 levels.
The electric vehicle and battery value chain alone is projected to grow from $7 trillion in 2030 to $59 trillion by 2050, offering Africa a historic chance to claim a significant share of this market. Leaders in Abidjan made it clear: the continent must seize this moment to break free from the cycle of exporting unprocessed raw materials and instead build robust, diversified industrial ecosystems.
The path forward: industrialization and shared prosperity
The conference concluded with a consensus on the need for coordinated action. African nations are now pushing for policies that encourage local processing, streamline cross-border trade through the AfCFTA, and attract investment in green and mineral-intensive industries. The goal is clear: turn mineral wealth into a foundation for industrialization, job creation, and long-term prosperity across the continent.
