Africa seeks to harness $29.5 trillion mineral wealth for economic growth

African nations rich in critical minerals and their development partners convened in Abidjan with a shared vision: transforming the continent’s vast mineral resources into a powerful engine for economic, industrial, and social progress. Central to discussions were strategies to maximize local value creation, secure development financing, and build robust regional value chains capable of meeting surging global demand.

On July 10, ministers from mineral-rich African countries alongside development partners gathered for a high-level ministerial conference in Abidjan. The event aimed to redefine Africa’s role in the global strategic minerals economy, fostering collaboration among policymakers, financial institutions, and investors.

Abidjan hosts a landmark African mining pact

Attendees included ministers of Mines, Energy, Industry, Green Economy, and Natural Resources, alongside representatives from the African Union Commission, the African Continental Free Trade Area (AfCFTA) secretariat, the United Nations Economic Commission for Africa, regional development banks, financial institutions, and international investors. The overarching goal was to enable Africa to fully capitalize on its critical mineral reserves for sustainable and inclusive growth.

A paradigm shift for African resource governance

In his opening remarks, the President of the African Development Bank (AfDB), Sidi Ould Tah, emphasized the need for a fundamental overhaul in how Africa manages its natural resources.

“This conference marks a turning point in Africa’s economic trajectory,” he stated. “We must establish a new partnership model that empowers the continent to better steward its resources and ensure they directly benefit its people.” He underscored the urgency of local processing to boost value addition and called for reforms in development financing.

“Africa hosts over 100 development finance institutions, yet their combined balance sheets represent just 1% of global development finance. Strengthening and recapitalizing these institutions is not just important—it’s essential,” he declared. He also highlighted the need for resilient infrastructure and local industries to unlock the full potential of Africa’s mineral wealth.

Côte d’Ivoire’s bold strategy to unlock underground riches

The Ivorian Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, underscored the necessity of continental solidarity in this endeavor.

“Transforming these resources into sustainable wealth requires collaboration. While each country’s path may differ, none can achieve its goals in isolation. We must forge regional value chains to share prosperity,” he asserted. The minister also spotlighted Côte d’Ivoire’s vast mineral potential, noting that nearly three-quarters of the country’s territory holds untapped critical minerals.

This potential aligns with President Alassane Ouattara’s vision to elevate Côte d’Ivoire to upper-middle-income status by 2030. To achieve this, Abidjan is rolling out an integrated mineral and energy resource 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 wealth faces a once-in-a-generation opportunity

The stakes could not be higher. 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 estimated value of Africa’s mineral resources stands at nearly $29.5 trillion—more than eight times the continent’s annual GDP and nearly 20% of global reserves. Of this, approximately $8.6 trillion remains untapped.

Meanwhile, global demand is poised for explosive growth by 2040. Platinum group metals demand could surge by over 1,000%, lithium by 842%, and copper by 88% compared to 2023 levels.

Seizing the moment to build an industrialized future

This moment is framed by a sweeping global industrial shift toward clean energy. The value chain for electric vehicles and batteries alone could expand from $7 trillion in 2030 to $59 trillion by 2050.

In response, African leaders in Abidjan are determined to break free from the legacy of exporting raw materials. Their shared ambition is to leverage critical minerals as a catalyst for industrialization, job creation, and sustainable prosperity across the continent.