…seeks end to raw resource exports
The Federal Government has called for a fundamental shift in Africa’s mineral development strategy, urging countries across the continent to stop exporting raw mineral resources and instead prioritise local processing, value addition and industrialisation to drive economic growth and create jobs.
Minister of Solid Minerals Development, Dele Alake, made the call at the closing ceremony of the 5th African Natural Resources and Energy Investment Summit (AFNIS 2026) in Abuja, where he said Africa possesses the human and natural resources needed to transform its economies if governments adopt policies that retain more value from the continent’s mineral wealth.
Alake said while there may be different approaches to achieving Africa’s development aspirations, there is a broad consensus that the continent must end the cycle of exporting its wealth while poverty persists at home.
According to the minister, discussions throughout the summit focused on advancing Africa’s solid minerals sector through efficient exploration, responsible extraction and effective utilisation of mineral resources for the benefit of its people.
He stressed that Africa must move away from outdated models of resource exploitation by embracing policies that promote value addition, industrialisation and sustainable development.
Alake said the continent’s development challenges should be viewed as opportunities for innovation and problem-solving, urging African leaders and stakeholders to translate ideas from the summit into concrete actions capable of attracting investment, accelerating industrial growth and improving living standards.
He also commended investors, development partners and participants for fostering productive dialogue and partnerships, expressing confidence that commitments made during AFNIS 2026 would translate into tangible development outcomes.
Earlier, Vice President and Chief Economist of the African Development Bank, Kevin Urama, echoed the call for a new resource development model, urging African governments to ensure minerals are processed within the continent before export.
Presenting Africa’s Economic Outlook, Urama said many of Africa’s infrastructure corridors remain designed to facilitate the export of raw materials rather than support industrialisation and regional value chains.
He advocated investment in integrated resource corridors linking mines, farms, industries and markets, arguing that such infrastructure would boost productivity and strengthen intra-African trade.
Urama also highlighted Africa’s vast energy resources, noting that the continent holds about 60 per cent of global solar resources in addition to significant hydro, oil and gas reserves capable of powering industrial growth.
He urged governments to replace conventional mining concession agreements with mineral development agreements requiring investors to process minerals locally before export, saying the policy would create jobs, encourage technology transfer, reduce carbon emissions and position Africa as a global manufacturing hub.
The AfDB chief economist also called for stronger local content policies, improved natural resource governance, greater investment in geospatial mapping and natural capital accounting, as well as policy certainty, regional cooperation and stronger domestic resource mobilisation.
The summit ended with the presentation of the ceremonial gavel to Alake following his appointment as chairman of the African Mineral Strategy Group, a recognition organisers said reflects confidence in his leadership and commitment to promoting responsible mining, value addition and greater economic benefits from Africa’s mineral resources.