In Abidjan, African nations rich in critical minerals, alongside their development partners, declared a unified ambition: to harness the continent’s strategic resources as a powerful catalyst for economic, industrial, and social transformation. Central to their discussions were boosting local value creation, securing development financing, and establishing regional value chains to meet the rapidly expanding global demand.
On Friday, July 10, a ministerial conference convened in Abidjan, bringing together African countries endowed with critical minerals and various development partners. The assembly aimed to redefine Africa’s pivotal role within the global economy of strategic resources.
Abidjan hosts a new African mining compact
The gathering saw the participation of African ministers overseeing portfolios such as Mines, Energy, Industry, Green Economy, and Natural Resources. They were joined by delegates from the African Union Commission, the secretariat of the African Continental Free Trade Area (AfCFTA), the United Nations Economic Commission for Africa, regional development banks, financial institutions, and international investors.
The stated objective was unambiguous: to enable the continent to fully capitalize on its vast reserves of critical minerals, leveraging them for sustainable and inclusive development.
A “paradigm shift” for Africa’s resource management
During the opening session, Sidi Ould Tah, President of the African Development Bank (AfDB), advocated for a fundamental overhaul in the management of Africa’s natural resources.
“The purpose of this conference is to enact a paradigm shift and establish a renewed partnership for the African continent,” he stated, “so that it can more effectively manage its resources and ensure direct benefits for its people.”
He emphasized that priority must be placed on the local transformation of raw materials, aiming to generate greater added value within the continent. Furthermore, he called for a reform of development financing mechanisms.
“We estimate that Africa possesses over 100 development finance institutions; however, their combined balance sheet accounts for merely 1% of the global total for DFIs,” he highlighted. “It is crucial to consolidate and recapitalize these institutions.”
For the AfDB President, developing resilient infrastructure and fostering local industries are fundamental to achieving more profitable utilization of Africa’s mineral resources.
Côte d’Ivoire leverages its subsurface wealth
Mamadou Sangafowa-Coulibaly, the Ivorian Minister of Mines, Petroleum, and Energy, attending the conference, stressed the imperative for enhanced continental solidarity.
“The challenge lies in transforming these resources into sustainable wealth and shared prosperity,” he asserted. “While our countries’ paths may not be identical, it will be difficult for any nation to achieve its goals in isolation. We must collaborate to forge regional value chains.”
The Minister also underscored Côte d’Ivoire’s significant mining potential, disclosing that nearly three-quarters of the national territory likely contains critical minerals.
This abundant wealth forms a cornerstone of President Alassane Ouattara’s vision, which aims to elevate the country to upper-middle-income nation status by 2030.
To achieve this ambitious goal, Abidjan is banking on an integrated mineral and energy resources policy spanning 2026-2040. This comprehensive program, valued at 38,000 billion CFA francs, is projected to receive 88% of its funding from the private sector.
Colossal potential meets explosive global demand
The stakes are immense. Africa holds approximately 30% of the world’s most strategic mineral reserves vital for the energy transition, including cobalt, lithium, graphite, rare earth elements, platinum group metals, copper, manganese, and nickel.
The continent’s estimated mineral wealth is nearly 29,500 billion dollars, which surpasses eight times Africa’s annual GDP and represents close to 20% of global resources. Notably, around 8,600 billion dollars of these reserves remain untapped.
Concurrently, global demand is projected to experience dramatic growth by 2040. Requirements for platinum group metals are expected to surge by over 1,000%, lithium by 842%, and copper by 88% compared to their 2023 levels.
An unmissable historical opportunity
This momentum aligns with a profound global industrial transformation driven by the energy transition. The value chain for electric vehicles and batteries alone could expand from 7,000 billion dollars in 2030 to an astounding 59,000 billion dollars by 2050.
Confronted with this historic opportunity, African leaders assembled in Abidjan demonstrated a clear intent to move away from the traditional model of raw material export. Their overarching ambition is to transform critical minerals into a potent engine for industrialization, job creation, and lasting prosperity across the continent.