During the 79th Session of the United Nations General Assembly in New York, President Bola Tinubu, represented by Vice-President Kashim Shettima, linked Africa’s lack of development to its dependence on foreign nations for the processing and production of its mineral reserves.
Tinubu, speaking at the African Minerals Strategy Group (AMSG) gathering, underscored the significant mineral resources present across the continent.
Tinubu stated, “Africa holds 92% of the world’s platinum, 56% of cobalt, and 54% of manganese, yet it remains underdeveloped due to its dependency on exporting raw minerals for processing abroad.”
The Nigerian leader emphasized the importance of enhancing the value of these minerals locally, cautioning that the existing practice of buying back processed goods at marked-up rates sustains poverty.
He said, “This merely consolidates the foundations of our misery.”
Tinubu urged Africa to liberate itself from the recurring pattern of exploitation by endorsing the localization of the complete mineral value chain.
He pledged Nigeria’s dedication to this objective under the guidance of Dele Alake, the Minister of Solid Minerals Development.
The primary goal of the AMSG is to shift Africa from being solely a raw material provider to a significant participant in the global mining sector by promoting industrialization and enhancing local value addition.
