{"id":2522,"date":"2026-07-28T08:04:25","date_gmt":"2026-07-28T08:04:25","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=2522"},"modified":"2026-07-28T08:25:54","modified_gmt":"2026-07-28T08:25:54","slug":"nigeria-afdb-support-resource-control-economic-value-from-local-minerals-in-africa","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=2522","title":{"rendered":"Nigeria, AfDB support resource control, economic value from local minerals in Africa"},"content":{"rendered":"<p>*<strong><em>Nigeria and the African Development Bank, in in Abidjan, C\u00f4te d\u2019Ivoire, seek data sovereignty, regional collaboration, and strategic financing as essential ingredients to ensure that mineral-rich African countries derive greater economic value from their natural assets<\/em><\/strong><\/p>\n<p>Gbenga Kayode | ConsumerConnect<\/p>\n<p>Nigeria, and the African Development Bank (AfDB) have advocated stronger control over the continent\u2019s vast mineral resources.<\/p>\n<p><em>ConsumerConnect<\/em> reports the West African country and AfDB disclosed the move is part of their determination to herald a new lease of life for economies across the African continent.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"axFgjr4CVI\"><p><a href=\"https:\/\/consumerconnectng.com\/?p=2529\">Leo Stan Ekeh Foundation hosts seminar on character development, youth reorientation<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cLeo Stan Ekeh Foundation hosts seminar on character development, youth reorientation\u201d \u2014 Consumer Experience Is A Top Priority\" src=\"https:\/\/consumerconnectng.com\/?p=2529&amp;embed=true#?secret=XBLFhfvkkM#?secret=axFgjr4CVI\" data-secret=\"axFgjr4CVI\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Nigeria and the continental lender also advocated data sovereignty, regional collaboration, and strategic financing as essential to ensuring that mineral-rich countries in Africa derive greater economic value from their natural assets.<\/p>\n<p>Dr. Dele Alake, Nigeria&#8217;s Honourable Minister for Solid Minerals Development (MSMD) addressed the Ministerial Forum on &#8220;Critical Minerals, Value Chain and Beneficiation: Pathways for African Transformation&#8221;, held under the auspices of the African Development Bank , in Abidjan, C\u00f4te d\u2019Ivoire.<\/p>\n<p>Alake urged fellow Ministers from Africa\u2019s mineral-producing countries to adopt a strategic approach to interdependence and regional cooperation.<\/p>\n<p><strong>On national approaches to value addition, mineral wealth in Africa, by Alake<\/strong><\/p>\n<p>The Minister emphasised that the continent\u2019s vast mineral wealth could generate far greater benefits, if countries worked together rather than pursuing isolated national approaches to value addition.<\/p>\n<p>According to him, as one of Africa\u2019s mineral-rich countries, Nigeria has increasingly positioned itself at the forefront of efforts at promoting value addition, local processing, and greater African ownership of the continent\u2019s mineral development agenda.<\/p>\n<p>Earlier, in his welcome remarks, Dr. Sidi Ould Tah, President of AfDB, had highlighted the paradoxes confronting Africa despite its enormous mineral wealth.<\/p>\n<p>Dr. Tah observed the contradiction between Africa\u2019s vast size and resources, as well as its limited global influence.<\/p>\n<p>The AfDB Chief said the continent\u2019s substantial deposits of critical minerals had yet to translate into commensurate gains in Gross Domestic Product (GDP).<\/p>\n<p>He equally identified the paradox of opportunity without adequate finance, reflected in the low levels of Foreign Direct Investment (FDI) flowing into Africa.<\/p>\n<p>Both Alake and Tah agreed that African countries must move beyond the traditional extraction of raw minerals, and develop concrete strategies to take full control of their natural endowments.<\/p>\n<p>Lara Owoeye-Wise, Special Assistant to the Minister on Media, Sunday, July 26, 2026, stated Dr. Alake further said: \u201cWhile the mantra of value addition has ushered in an era of economic independence for mineral-producing nations, we need concrete actionable strategies to take charge and be in full control of our natural assets to ensure total economic freedom.&#8221;<\/p>\n<p><strong>Data sovereignty in maximising common approach to minerals development <\/strong><\/p>\n<p>The Nigerian Minister for MSMD, who doubles as the pioneering Chair of the Africa Mineral Strategy Group (AMSG) highlighted Nigeria\u2019s role in advancing a common continental approach to mineral development.<\/p>\n<p>He equally acknowledged the contributions of over 30-member countries of AMSG, especially in repositioning African mineral-producing countries regarding the principle of value addition in the continent.<\/p>\n<p>He, however, emphasised that African countries must also achieve sovereignty over the data and technical systems used to assess their mineral wealth.<\/p>\n<p>Alake as well described the longstanding reliance of African countries on the Australia-based Joint Ore Reserves Committee (JORC) as the standard for estimating, and publicly reporting mineral exploration results as outdated.<\/p>\n<p>The Minister stated: \u201cFor the overall interest of the continent, and to efficiently and effectively safeguard its resources, Africa should take charge of the coding mechanisms utilised to assess its mineral assets.&#8221;<\/p>\n<p>The Chair of the Africa Mineral Strategy Group further advocated the adoption of the Pan African Resource Reporting Code (PARC), a home-grown framework established by the Africa Minerals Development Centre (AMDC) for the public reporting of mineral and energy resources.<\/p>\n<p>According to him, PARC offers a framework that promotes transparency, consistency and ethical competency certification across Africa\u2019s mining and energy sectors.<\/p>\n<p>The Minister as well explained the peculiarities, qualities, environmental conditions and characteristics of the continent\u2019s mineral resources.<\/p>\n<p><strong>Of West African minerals processing hub, Lobito corridor<\/strong><\/p>\n<p>He noted that for Nigeria, the push for a continental reporting system is particularly significant as the country seeks to better define, document and develop its mineral assets while strengthening its position in the global critical minerals economy.<\/p>\n<p>Alake advocated stronger regional cooperation to address the enormous financial and infrastructural requirements of developing Africa\u2019s mineral resources through the creation of a West African minerals processing hub and corridor modelled on the Lobito Corridor.<\/p>\n<p>The Minister for Solid Minerals Development said the proposed corridor would stretch from Lagos to Dakar, in Senegal with countries leveraging their comparative advantages to serve as processing hubs for specific minerals.<\/p>\n<p>The statement noted Alake explained that such an arrangement would reduce the financial burden on individual countries, lower costs, facilitate collaborative trading, and enable participating countries to share both the risks and rewards of mineral development.<\/p>\n<p>It is equally observed that the proposal is in line with Nigeria\u2019s broader strategic interest in positioning itself as a major regional centre for mineral processing, industrial development, and value addition.<\/p>\n<p>Highlighting the challenge of trade fragmentation, Alake disclosed that intra-African trade accounts for only about 16 percent, compared with approximately 60 percent among Asian countries and 70 percent among European countries.<\/p>\n<p>Owoeye-Wise stated that the Ministerial forum resolved that African countries must adopt a concerted and results-oriented approach to critical minerals policy and governance while pursuing integrated regional infrastructure organised around corridors, value-chain development and capital mobilisation.<\/p>\n<p>He said the commitments were captured in the Abidjan Declaration, which placed financing at the centre of efforts at transforming Africa\u2019s solid minerals sector on the continent.<\/p>\n<p>According to MSMD, under the Declaration, the African Development Bank pledged to deploy its financial instruments, capital-structuring and mobilisation capacity, as well as technical expertise, to support mineral-producing countries and catalyse public and private investment in Africa\u2019s minerals sector.<\/p>\n<p>The Declaration further committed to addressing the shortage of funding for the sector by reducing risks associated with strategic projects, enabling the financing of critical infrastructure, supporting the development of bankable projects and accelerating the creation of competitive, inclusive and sustainable value chains in critical minerals.<\/p>\n<p>The statement also noted the Federal Government urged mineral-producing countries to develop national and regional capacities capable of creating opportunities for project financing and generating sustainable, high-quality local value and employment.<\/p>\n<p>For Nigeria, the outcome of the Abidjan forum reinforces the country\u2019s emerging role as a leading voice in the push for a new African minerals architecture\u2014one built on greater control of mineral data, domestic and regional value addition, shared infrastructure, strategic financing and stronger cooperation among mineral-rich countries.<\/p>\n<p>The Minister affirmed the forum attracted over 20 Ministers responsible for mining, energy, industry, natural resources, and the green economy.<\/p>\n<p>These also include representatives of the African Development Bank, the African Export-Import Bank (Afreximbank), the US Export-Import Bank and mining companies from Germany, Canada and the United States (US), among others.<\/p>\n<p>Following the deliberations, participants reaffirmed the need for stronger African cooperation and greater control over the continent\u2019s mineral resources as essential pathways to ensuring that Africa\u2019s mineral wealth delivers broad-based and sustainable economic transformation, the Ministerial media aide.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*Nigeria and the African Development Bank, in in Abidjan, C\u00f4te d\u2019Ivoire, seek data sovereignty, regional collaboration, and strategic financing as essential ingredients to ensure that&hellip;<\/p>\n","protected":false},"author":2,"featured_media":2526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_FSMCFIC_featured_image_caption":"Dr. Dele Alake, Nigeria\u2019s Minister of Solid Minerals Development; and Dr.\u00a0 Sidi Ould Tah, President of AfDB at the 'Ministerial Forum on Critical Minerals, Value Chain and Beneficiation: Pathways for African Transformation held in Abidjan, C\u00f4te d\u2019Ivoire'\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Photo: State 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href=\"https:\/\/consumerconnectng.com\/?cat=20\" rel=\"category\">Highlights<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=4\" rel=\"category\">Markets<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=8\" rel=\"category\">Regulators<\/a>","tag_info":"Regulators","comment_count":"0","_links":{"self":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2522"}],"version-history":[{"count":2,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2522\/revisions"}],"predecessor-version":[{"id":2536,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/2522\/revisions\/2536"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/media\/2526"}],"wp:attachment":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}