Mkpoikana Udoma
Port Harcourt — Nigeria has urged African nations to transition from exporting raw minerals to local processing and value addition, emphasizing the need for industrialization and sustainable economic growth.
Speaking at the African Minerals Strategy Group meeting on the sidelines of the 79th United Nations General Assembly, President Tinubu represented by Vice President Kashim Shettima, highlighted Africa’s vast mineral wealth, including significant global reserves of platinum, cobalt, and manganese.
Tinubu emphasized the urgent need for Africa to transition from being a supplier of raw minerals to a more self-sufficient model that includes local processing.
He noted that Africa’s enormous mineral wealth has not translated into economic prosperity, instead, the continent remains impoverished as it exports raw materials for foreign processing and then repurchases finished products at inflated prices.
He called for a new agenda prioritizing local value addition as essential for Africa’s industrialization and sustainable economic growth.
“Africa’s mineral riches have not translated into economic prosperity. We export raw materials, only to repurchase finished products at inflated prices. It’s time for a new agenda prioritizing local value addition,” Tinubu stressed.
The President emphasized the importance of regional integration, infrastructure development, transparency, and accountability in harnessing Africa’s mineral wealth.
