A gathering of African nations and global partners in Abidjan has set a bold agenda: turning the continent’s critical mineral reserves into engines of economic, industrial, and social transformation. Discussions centered on local value creation, sustainable financing, and the development of regional value chains to meet surging global demand for strategic resources.
Ministers from African countries rich in critical minerals convened 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 for a ministerial conference on July 10.
Abidjan as the launchpad for a new African mining pact
The meeting brought together key stakeholders in Mining, Energy, Green Economy, and Natural Resources, all aligned around a single vision: harnessing Africa’s vast mineral wealth to drive inclusive and sustainable growth.
Shifting the narrative: a paradigm shift for Africa
Opening the conference, the President of the African Development Bank (AfDB), Sidi Ould Tah, called for a fundamental overhaul in how Africa manages its natural resources.
“This gathering marks a turning point—one that will redefine Africa’s role in the global economy,” he stated. “Our goal is to establish a new partnership framework that ensures Africa not only controls its resources but also benefits directly from their exploitation.”
He emphasized local processing as a priority, stressing that Africa must move beyond raw material exports to capture higher value. He also highlighted the urgent need to reform development financing, noting that while Africa hosts over 100 development finance institutions, their combined impact accounts for just 1% of global development finance. “Strengthening and recapitalizing these institutions is no longer optional—it’s essential,” he warned.
Sidi Ould Tah further underscored the importance of resilient infrastructure and locally anchored industries to maximize the continent’s mineral potential.
Côte d’Ivoire charts its course to mineral-driven growth
The Ivorian Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, echoed the call for continental solidarity, arguing that no single nation can achieve sustainable resource wealth alone.
“Our challenge is to convert these minerals into lasting prosperity that is shared across society,” he said. “While each country’s path may differ, collaboration is the only way to build robust regional value chains.”
He spotlighted Côte d’Ivoire’s vast untapped mineral potential, revealing that nearly three-quarters of the country’s territory may contain critical minerals. This forms a cornerstone of President Alassane Ouattara’s ambition to elevate Côte d’Ivoire to upper-middle-income status by 2030.
To achieve this, Abidjan is rolling out a comprehensive mineral and energy strategy for 2026–2040, with an estimated budget of 38 trillion West African CFA francs, 88% of which is expected to come from private sector investment.
Africa’s mineral boom: 29.5 trillion-dollar opportunity
Africa holds roughly 30% of the world’s most critical minerals for the energy transition—including cobalt, lithium, graphite, rare earths, platinum group metals, copper, manganese, and nickel. The total estimated value of these resources exceeds $29.5 trillion—over eight times the continent’s annual GDP and nearly 20% of global mineral wealth. Yet, about $8.6 trillion of this potential remains untapped.
Meanwhile, global demand is set to explode by 2040: platinum group metals could see a 1,000% surge, lithium 842%, and copper 88% compared to 2023 levels.
A pivotal moment for Africa’s industrial future
This transformation is being driven by a global shift toward clean energy. The electric vehicle and battery value chain alone could grow from $7 trillion in 2030 to $59 trillion by 2050.
In response, African leaders in Abidjan have committed to breaking free from the outdated model of exporting raw minerals. Their shared vision: leveraging critical minerals to fuel industrialization, job creation, and long-term prosperity across the continent.
