President Bola Ahmed Tinubu has cautioned against the dire consequences of Africa’s long-standing profile as a supplier of raw minerals to countries of other continents.
Extracting raw minerals in Africa, he said, has continued to keep the continent in a state of poverty, making it even more underdeveloped.
The Nigerian leader made the observation on Wednesday while delivering his keynote address during the African Minerals Strategy Group (AMSG) meeting on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.
President Tinubu pointed out that while Africa holds a significant portion of the world’s mineral reserves, including 92% of global platinum, 56% of cobalt, and 54% of manganese, these resources have been primarily extracted and exported to foreign countries for refining and manufacturing.
Represented by Vice-President Kashim Shettima, at the global event, the President highlighted the urgent need for the continent to break free from this dependency, stating that the extraction of raw minerals without local processing only deepens Africa’s underdevelopment and prolongs its economic challenges.
In his address titled, “Africa’s Natural Resources Shaping the Future”, President Tinubu explained that this has left the continent at the mercy of foreign markets, forcing it to repurchase finished products at much higher prices.
“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 stated.
The Nigerian leader called on African nations to adopt a new agenda that prioritizes local value addition, which he sees as essential to industrializing the continent and providing sustainable economic growth.
On the evolution of lithium-ion technology, President Tinubu noted that the development has enabled the swift production and manufacturing of portable consumer electronics such as laptops, computers, cellular phones, and electric cars.
He continued: “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.
“The global need for new battery technology has triggered a new scramble for Africa’s critical minerals. Africa possesses 92 percent of global reserves of platinum, 56 per cent of Cobalt, 54 per cent of Manganese and 36 per cent of Chromium. These are the minerals employed in the manufacturing of the new batteries. In short, the world needs Africa today more than ever”.
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