Ministers and development partners from African nations rich in critical minerals convened in Abidjan to chart a bold new course for the continent’s resource wealth. Their shared mission: transforming these strategic assets into engines of economic growth, industrial progress, and social uplift.
On July 10, policymakers from mineral-rich African countries gathered alongside representatives from the African Union Commission, the African Continental Free Trade Area secretariat, the UN Economic Commission for Africa, regional development banks, financial institutions, and global investors. The gathering aimed to redefine Africa’s role in the global minerals economy.
Abidjan hosts a new African mining compact
The conference brought together ministers responsible for Mining, Energy, Industry, Green Economy, and Natural Resources. Their discussions centered on maximizing the continent’s vast mineral reserves to fuel sustainable and inclusive development.
Shifting from extraction to transformation
The President of the African Development Bank (AfDB), Sidi Ould Tah, opened the event with a call for a fundamental overhaul in how Africa manages its natural resources.
“This conference isn’t just about discussing minerals—it’s about redefining Africa’s place in the global economy,” he stated. “Our goal is to shift the narrative from raw material exporter to value-added producer, ensuring these resources uplift our people directly.”
He emphasized the urgent need for local processing to extract greater value from Africa’s minerals. “With over 100 development finance institutions across Africa, their combined balance sheets account for just 1% of global DFIs. We must consolidate and recapitalize these institutions to drive meaningful change,” he added.
Strengthening resilient infrastructure and fostering local industries were highlighted as essential steps to harness the continent’s mineral wealth more effectively.
Côte d’Ivoire’s bold mineral strategy
Côte d’Ivoire’s Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, underscored the importance of continental solidarity in turning mineral wealth into lasting prosperity.
“While each country’s path may differ, no nation can achieve its goals in isolation,” he said. “We must collaborate to build regional value chains that share benefits equitably.”
The Minister highlighted Côte d’Ivoire’s vast mineral potential, noting that nearly three-quarters of the country’s territory could hold critical minerals. This resource base aligns with President Alassane Ouattara’s vision to elevate the nation to upper-middle-income status by 2030.
To achieve this, Abidjan is rolling out an integrated mineral and energy strategy spanning 2026 to 2040, with an estimated budget of 38,000 billion West African CFA francs. Private sector investment is expected to fund 88% of the initiative.
A continent sitting on a mineral goldmine
Africa holds approximately 30% of the world’s reserves of minerals critical to the energy transition, including cobalt, lithium, graphite, rare earths, platinum group metals, copper, manganese, and nickel. The estimated value of these resources exceeds $29.5 trillion—more than eight times Africa’s annual GDP and nearly 20% of global mineral wealth. Of this, around $8.6 trillion remains untapped.
Global demand for these minerals is projected to surge by 2040. Platinum group metals could see a 1,000% increase, lithium by 842%, and copper by 88% compared to 2023 levels.
Seizing a once-in-a-generation opportunity
This moment aligns with a global industrial shift driven by the energy transition. The value chain for electric vehicles and batteries alone could expand from $7 trillion in 2030 to $59 trillion by 2050.
African leaders in Abidjan are determined to break free from the cycle of exporting raw materials. Their vision is clear: leverage critical minerals to drive industrialization, create jobs, and foster sustainable prosperity across the continent.