A historic gathering in Abidjan has set the stage for Africa to reclaim control over its strategic mineral resources, valued at an estimated $29.5 trillion. Ministers from mineral-rich African nations and development partners convened to chart a new path—one where these resources drive economic transformation, industrialization, and inclusive growth across the continent.
The July conference brought together key stakeholders, including ministers of Mines, Energy, Industry, and Green Economy, alongside representatives from the African Union Commission, the African Continental Free Trade Area secretariat, UN Economic Commission for Africa, regional development banks, financial institutions, and international investors. The shared vision? To unlock Africa’s mineral potential and turn it into sustainable prosperity.
Abidjan’s bold vision for Africa’s mineral future
At the heart of the discussions is a call for a fundamental shift in how Africa manages its natural wealth. The president of the African Development Bank (AfDB), Sidi Ould Tah, emphasized the need for a new paradigm—one that prioritizes local value addition, resilient infrastructure, and industrial development over raw material exports.
« Africa must move beyond exporting unprocessed minerals, » he stated. « By refining and transforming these resources locally, we can generate far greater economic benefits and create jobs for our people. » He also highlighted the urgency of reforming development financing, noting that Africa’s 100+ financial institutions contribute just 1% of global development finance. « Consolidating and recapitalizing these institutions is essential to fund our industrialization agenda. »
Côte d’Ivoire’s mineral strategy: a model for the continent?
The Ivorian Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, underscored the importance of continental solidarity in maximizing mineral wealth. « No single country can achieve this alone, » he said. « We must collaborate to build regional value chains that ensure shared prosperity. »
Highlighting Côte d’Ivoire’s untapped potential, he revealed that nearly 75% of the country’s territory may hold critical minerals—lithium, manganese, and bauxite among them. This resource base is central to President Alassane Ouattara’s ambition to elevate Côte d’Ivoire to upper-middle-income status by 2030. To achieve this, Abidjan has unveiled a sweeping 2026–2040 mineral and energy strategy, with an estimated budget of 38 trillion West African CFA francs (88% privately funded).
Africa’s minerals: the world’s most sought-after treasures
Africa is a global powerhouse when it comes to critical minerals, holding approximately 30% of the world’s reserves of cobalt, lithium, graphite, rare earths, platinum-group metals, copper, manganese, and nickel. These resources are the backbone of the global energy transition, and their value—$29.5 trillion—dwarfs Africa’s annual GDP.
Yet, despite this immense wealth, around $8.6 trillion in mineral reserves remain untapped. Meanwhile, global demand 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 could expand from $7 trillion in 2030 to $59 trillion by 2050.
From raw exports to industrial might: Africa’s moment to act
The timing has never been better—or more urgent—for Africa to seize this opportunity. The continent stands at a crossroads: continue exporting raw materials at low margins or invest in local processing, infrastructure, and industrial ecosystems to capture greater value.
« This is Africa’s chance to write a new chapter in its economic history, » declared a senior delegate at the conference. « By leveraging our mineral wealth, we can fuel industrialization, create millions of jobs, and build a future where prosperity is shared by all. The question is no longer *if* we can do it—but *how quickly* we act. »
