Africa seeks to harness $29.5 trillion mineral wealth with local transformation
Ministers and development partners from African nations rich in critical minerals convened in Abidjan to chart a bold new course for the continent’s vast underground resources. The goal? To turn these strategic assets into engines of economic, industrial, and social progress—fueling local value creation, sustainable financing, and integrated regional value chains aligned with surging global demand.
On July 10, decision-makers from across Africa gathered in the Ivorian capital for a high-level ministerial conference. The meeting brought together ministers in charge of Mines, Energy, Industry, Green Economy, and Natural Resources, alongside 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.
Abidjan hosts historic mineral pact to redefine Africa’s role in global markets
The gathering emphasized one overriding priority: enabling Africa to fully capitalize on its immense reserves of critical minerals and harness them for inclusive, long-term development.
A paradigm shift in resource governance
At the opening session, the President of the African Development Bank (AfDB), Sidi Ould Tah, called for a fundamental overhaul in how Africa manages its natural wealth.
“This conference marks a turning point. We must forge a new partnership for Africa—one that empowers the continent to better steward its resources and translate them into tangible benefits for its people,” he stated. He underscored the urgent need to prioritize local processing of raw materials to maximize value addition on the continent. He also stressed the necessity of reforming development financing structures.
“Africa hosts over 100 development finance institutions, yet their combined balance sheet represents just 1% of global DFIs. Consolidating and recapitalizing these institutions is not optional—it’s essential,” he warned. He further emphasized that resilient infrastructure and domestic industrialization are critical to unlocking the full potential of Africa’s mineral wealth.
Ivory Coast leverages mineral wealth to accelerate development
The Ivorian Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, echoed the call for stronger continental solidarity. “Our challenge is to convert mineral wealth into lasting prosperity for all. While each country’s path may differ, none can succeed in isolation. We must build regional value chains together,” he declared.
He highlighted Ivory Coast’s vast mineral potential, noting that nearly three-quarters of the national territory may hold critical minerals. This resource base is central to President Alassane Ouattara’s ambition to elevate the country to upper-middle-income status by 2030. To achieve this, Abidjan is rolling out a comprehensive mineral and energy policy for 2026–2040, backed by a CFA 38 trillion investment plan, with 88% of funding expected from the private sector.
Africa’s mineral wealth meets rising global demand
Africa holds approximately 30% of the world’s reserves of minerals vital to 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—over eight times the continent’s annual GDP and close to 20% of global resources. Of this, about $8.6 trillion remains untapped.
Global demand for these minerals is projected to surge by 2040. Demand for platinum group metals could rise by over 1,000%, lithium by 842%, and copper by 88% compared to 2023 levels.
Seizing a once-in-a-lifetime opportunity
This shift aligns with a sweeping global industrial transformation driven by the energy transition. The economic value of electric vehicle and battery supply chains alone could expand from $7 trillion in 2030 to $59 trillion by 2050.
In response, African leaders in Abidjan have pledged to break away from the traditional model of exporting raw materials. Instead, they aim to position critical minerals as a catalyst for industrialization, job creation, and sustainable prosperity across the continent.
