In a landmark gathering, African nations rich in critical minerals joined forces with global development partners to chart a bold new path for their vast underground treasures. Their shared vision? Transforming these strategic resources into pillars of economic, industrial, and social progress across the continent.
On July 10, ministers from mineral-rich African countries converged in Abidjan for a high-level ministerial conference. The event aimed to redefine Africa’s role in the global critical minerals economy, focusing on local value creation, sustainable financing, and the development of regional value chains to meet surging worldwide demand.
Abidjan hosts historic mineral pact negotiations
The conference brought together ministers of Mines, Energy, Industry, Green Economy, and Natural Resources from across Africa. They were joined by representatives from the African Union Commission, the African Continental Free Trade Area secretariat, the United Nations Economic Commission for Africa, regional development banks, financial institutions, and international investors.
The central goal? Ensuring Africa maximizes the benefits of its vast critical mineral reserves while driving sustainable and inclusive growth.
Paradigm shift: managing Africa’s natural wealth differently
Opening the sessions, the President of the African Development Bank (AfDB), Sidi Ould Tah, called for a fundamental overhaul in how Africa manages its natural resources.
« This conference is about shifting the paradigm. We need a new partnership model that empowers Africa to manage its own resources and channel their benefits directly to its people, » he stated.
He emphasized the urgent need for local processing of raw materials to increase value addition on the continent. He also highlighted the necessity of reforming development financing structures.
« Africa boasts over 100 development finance institutions, yet their combined balance sheet represents just 1% of global DFIs. Strengthening and recapitalizing these institutions is essential, » he noted.
For the AfDB leader, building resilient infrastructure and fostering local industries are pivotal to unlocking the full potential of Africa’s mineral wealth.
Côte d’Ivoire stakes its claim in the critical minerals race
Côte d’Ivoire’s Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, underscored the importance of continental solidarity in this new economic frontier.
« The challenge is to convert these resources into sustainable wealth and shared prosperity. While each country’s path may differ, none can achieve its goals alone. Collaboration is key to building regional value chains, » he asserted.
The minister highlighted Côte d’Ivoire’s untapped potential, revealing that nearly three-quarters of the country’s territory may hold critical minerals. This resource base is central to President Alassane Ouattara’s vision of elevating Côte d’Ivoire to upper-middle-income status by 2030.
To achieve this, Abidjan has unveiled an integrated mineral and energy strategy for 2026–2040, valued at 38 trillion West African CFA francs. The plan aims to secure 88% of its funding from the private sector.
From raw exports to industrial powerhouse: the stakes could not be higher
Africa holds approximately 30% of the world’s reserves of minerals critical for the energy transition, including cobalt, lithium, graphite, rare earths, platinum group metals, copper, manganese, and nickel.
The estimated value of Africa’s mineral resources stands at nearly $29.5 trillion—more than eight times the continent’s annual GDP and nearly 20% of global resources. Of this, about $8.6 trillion remains untapped.
Meanwhile, global demand is poised for explosive growth by 2040. Platinum group metals needs are projected to surge by over 1,000%, lithium by 842%, and copper by 88% compared to 2023 levels.
Seizing a once-in-a-lifetime opportunity
This moment aligns with a sweeping global industrial shift driven by the energy transition. The economic value of electric vehicle and battery value chains alone could leap from $7 trillion in 2030 to $59 trillion by 2050.
Against this backdrop, African leaders in Abidjan have vowed to break free from the traditional model of exporting raw materials. Their aim? Leveraging critical minerals to fuel industrialization, job creation, and lasting prosperity across the continent.