The African countries blessed with abundant critical minerals and their development partners convened in Abidjan with a shared ambition: turning the continent’s strategic resources into an engine for economic, industrial, and social transformation. At the heart of discussions were local value creation, development financing, and the emergence of regional value chains to meet the surging global demand.
On Friday, July 10, ministers in charge of Mines, Energy, Industry, Green Economy, and Natural Resources from across Africa gathered 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. Their goal? To redefine Africa’s role in the global economy of strategic resources.
Abidjan hosts bold new African mining pact
The conference served as a platform for African leaders to deliberate on how to fully capitalize on the continent’s vast reserves of critical minerals while ensuring sustainable and inclusive development.
«A paradigm shift» for Africa’s mineral wealth
In his opening remarks, the President of the African Development Bank (AfDB), Sidi Ould Tah, emphasized the need for a fundamental overhaul in the management of Africa’s natural resources.
«This gathering aims to drive a paradigm shift and forge a new partnership for the African continent—one that empowers it to better manage its resources and translate them into direct benefits for its people,» he stated. He underscored the urgency of prioritizing local processing of raw materials to maximize value addition on the continent. Additionally, he called for reforms in development financing, noting, «Africa hosts over 100 development finance institutions, yet their combined balance sheet accounts for merely 1% of the global total. Consolidating and recapitalizing these institutions is imperative.»
The AfDB President also stressed that resilient infrastructure development and the creation of local industries are pivotal to unlocking the full potential of Africa’s mineral resources.
Côte d’Ivoire leverages its underground riches
Attending the conference, Côte d’Ivoire‘s Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, highlighted the need for stronger continental solidarity.
«The challenge lies in transforming these resources into sustainable wealth and shared prosperity. While individual countries may pursue unique paths, achieving our goals alone will be exceedingly difficult. Collaboration is essential to build regional value chains,» he asserted. The minister also spotlighted Côte d’Ivoire‘s mining potential, revealing that nearly three-quarters of the national territory could harbor critical minerals—resources that align with President Alassane Ouattara‘s vision of elevating the country to upper-middle-income status by 2030.
To realize this ambition, Abidjan is rolling out an integrated mineral and energy resources policy spanning 2026 to 2040, with an estimated budget of 38,000 billion CFA francs. Notably, 88% of this funding is expected to come from the private sector.
Colossal potential amid surging global demand
The stakes are monumental. Africa holds approximately 30% of the world’s reserves of the 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, surpassing the continent’s annual GDP by over eightfold and representing nearly 20% of global resources. Of this, around $8.6 trillion worth of reserves remain untapped. Meanwhile, global demand is poised for explosive growth by 2040: platinum group metals are projected to surge by over 1,000%, lithium by 842%, and copper by 88% compared to 2023 levels.
A historic opportunity not to be missed
This momentum aligns with a sweeping global industrial shift driven by the energy transition. The value chain for electric vehicles and batteries alone is projected to leap from $7 trillion in 2030 to $59 trillion by 2050.
In response to this historic opportunity, African leaders in Abidjan have pledged to break away from the traditional model of exporting raw materials. Their shared vision? To harness critical minerals as a powerful catalyst for industrialization, job creation, and sustainable prosperity across the continent.
