Africa pushes for local control of critical minerals worth $29.5 trillion

Ministers and development partners from Africa’s critical mineral-rich nations convened in Abidjan to chart a bold new course for the continent’s vast underground wealth. The gathering underscored a unified vision: turning strategic mineral resources into engines of economic transformation, industrial growth, and inclusive social progress. At the forefront of discussions were local value addition, sustainable financing mechanisms, and the development of robust regional supply chains to meet surging global demand.

Representatives from mineral-rich African countries and key development allies gathered for a high-level ministerial forum held in Abidjan earlier this month. The event aimed to redefine Africa’s role in the global economy of critical minerals, emphasizing equitable benefit-sharing and long-term industrialization.

Abidjan hosts landmark African mineral pact

The conference brought together ministers responsible for Mines, Energy, Industry, Green Economy, and Natural Resources, alongside delegates 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.

The shared goal is clear: ensure Africa maximizes its vast reserves of critical minerals and channels their benefits into sustainable, people-centered development.

«A paradigm shift» for Africa’s resource future

Addressing participants at the opening session, the President of the African Development Bank (AfDB), Sidi Ould Tah, called for a fundamental transformation in how Africa manages its natural wealth.

«This conference is about shifting the paradigm and forging a new partnership for Africa—one that empowers the continent to manage its resources wisely and deliver tangible benefits to its people,» he stated.

The AfDB leader emphasized the urgent need to prioritize local processing of raw materials to capture greater value within Africa. He also stressed the importance of reforming development financing structures across the continent.

«Africa hosts over 100 development finance institutions, yet their combined balance sheets represent just 1% of the global total. Consolidating and recapitalizing these institutions is not optional—it is essential,» he warned.

He further highlighted the need for resilient infrastructure and the development of local industries as critical to unlocking the full potential of Africa’s mineral wealth.

Côte d’Ivoire charts a strategic path forward

Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly, attended the conference and stressed the importance of continental solidarity in transforming mineral wealth into sustainable prosperity.

«The real challenge is converting these resources into lasting wealth and shared prosperity. While individual country pathways may vary, no nation can achieve its goals in isolation. We must work together to build regional value chains,» he said.

The minister highlighted Côte d’Ivoire’s significant mineral potential, noting that nearly three-quarters of the country’s territory holds promising deposits of critical minerals.

This potential is central to President Alassane Ouattara’s vision of elevating Côte d’Ivoire to upper-middle-income status by 2030. To achieve this, Abidjan is rolling out an integrated mineral and energy resource strategy for 2026–2040, backed by a 38 trillion CFA franc investment plan, with 88% of funding expected from the private sector.

Africa’s colossal reserves meet global demand surge

Africa holds approximately 30% of the world’s most critical minerals essential for the energy transition—including cobalt, lithium, graphite, rare earths, platinum group metals, copper, manganese, and nickel.

The estimated value of Africa’s mineral resources stands at nearly $29.5 trillion—more than eight times the continent’s annual GDP and close to 20% of global mineral wealth. Of this, some $8.6 trillion in reserves remain untapped.

Meanwhile, global demand for these minerals is projected to skyrocket by 2040. Demand for platinum group metals is expected to surge by over 1,000%, lithium by 842%, and copper by 88% compared to 2023 levels.

An historic opportunity for Africa

This moment aligns with a global industrial shift driven by the energy transition. The total value chain of electric vehicles and batteries alone could grow from $7 trillion in 2030 to $59 trillion by 2050.

In response, African leaders in Abidjan have committed to breaking away from the traditional model of exporting raw materials. Their shared ambition: harness critical minerals as a catalyst for industrialization, job creation, and sustainable prosperity across the continent.