Ministers from across Africa and international partners convened in Abidjan to chart a bold new course for the continent’s critical minerals, aiming to turn a $29.5 trillion resource into an engine for economic, industrial, and social transformation. The gathering focused on local value creation, sustainable financing, and the development of regional supply chains to meet surging global demand.
On July 10, policymakers from mineral-rich African nations and development partners gathered for a high-level ministerial conference in Abidjan. The event brought together leaders in mining, energy, green economy, and natural resources, alongside representatives from the African Union Commission, the African Continental Free Trade Area (AfCFTA) Secretariat, UNECA, regional development banks, financial institutions, and global investors.
Abidjan hosts landmark mineral pact to reshape Africa’s economic future
The initiative seeks to ensure Africa maximizes the benefits of its vast critical mineral reserves while fostering sustainable and inclusive growth across the continent.
“A turning point” for mineral governance in Africa
Addressing delegates, the President of the African Development Bank (AfDB), Sidi Ould Tah, stressed the need for a fundamental shift in how Africa manages its natural wealth. He framed the conference as an opportunity to redefine the continent’s role in the global resource economy.
“This gathering marks a turning point in Africa’s mineral governance,” he said. “Our shared goal is to build a new partnership that empowers Africans to extract greater value from our resources and deliver tangible benefits to our people.”
He underscored the urgency of local processing to increase value addition and called for reforming Africa’s development financing architecture. “Africa has over 100 development finance institutions, yet their combined balance sheet represents just 1% of global DFIs. Strengthening and recapitalizing these institutions is no longer optional—it’s essential.”
He also emphasized the need for resilient infrastructure and domestic industrialization as cornerstones for unlocking the full potential of Africa’s mineral wealth.
Côte d’Ivoire leverages underground riches for national growth
The Ivorian Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, highlighted the importance of continental solidarity in transforming mineral wealth into sustainable prosperity. He warned that no single country can achieve this alone.
“Diverse as our national pathways may be, none of us can succeed in isolation,” he said. “We must build regional value chains to share expertise, technology, and opportunities. Only then can we ensure these resources benefit all Africans.”
The minister spotlighted Côte d’Ivoire’s untapped mineral potential, noting that geologists estimate up to 75% of the country’s territory may hold critical minerals. This forms a key pillar 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 an integrated mineral and energy strategy for 2026–2040, backed by a $38 trillion CFA franc investment plan. The government aims to secure 88% of funding from the private sector, signaling a strong push toward public-private collaboration.
Africa holds 30% of global critical mineral reserves—can it seize the moment?
Africa is home to approximately 30% of the world’s reserves of key transition minerals, including cobalt, lithium, graphite, rare earths, platinum group metals, copper, manganese, and nickel. The combined value of these resources is estimated at nearly $29.5 trillion—more than eight times the continent’s annual GDP and close to 20% of global mineral wealth. Of this, some $8.6 trillion remains untapped.
Global demand is set to explode by 2040. Demand for platinum group metals is projected to surge by over 1,000%, lithium by 842%, and copper by 88% compared to 2023 levels.
From raw export to industrial powerhouse: Africa’s mineral moment
The global shift toward clean energy is reshaping industries worldwide. The electric vehicle and battery value chain alone could expand from $7 trillion in 2030 to $59 trillion by 2050—an unprecedented economic opportunity.
At Abidjan, African leaders committed to breaking free from the cycle of exporting raw materials. Their vision: to harness critical minerals not just as commodities, but as catalysts for industrialization, job creation, and lasting prosperity across the continent.
