Partnership rather than exploitation would henceforth be the new mode of relationship between Nigeria and other African nations in dealing with the developed nations of the world, President Bola Tinubu, said on Wednesday.
Tinubu, who served the notice to the global community during a meeting of the African Minerals Strategy Group (AMSG), on the sidelines of the United Nations General Assembly (UNGA), engagements in New York, in the US, warned of dire consequences of Africa’s long-standing profile as a supplier of raw minerals to countries of other continents.
Stressing that extracting raw minerals in Africa, had continued to keep the continent in a state of poverty, making it even more underdeveloped, Tinubu, who is being represented at the meeting by Kashim Shettima, Nigeria’s Vice President, argued that that while Africa held a significant portion of the world’s mineral reserves, including 92 per cent of global platinum, 56 per cent of cobalt, and 54 per cent of manganese, they had largely been extracted and exported to foreign countries for refining and manufacturing.
Highlighting the urgent need for the continent to break free from this dependency, he maintained that the extraction of raw minerals without local processing only deepened Africa’s underdevelopment and prolongs its economic challenges.
In an address titled: Africa’s Natural Resources Shaping the Future, Tinubu explained that the trend had left the continent at the mercy of foreign markets, forcing it to repurchase finished products at much higher prices.
Bemoaning the situation, he said: “A situation in which the raw minerals are extracted from our countries, exported, refined, and sold to us as finished products merely consolidates the foundations of our misery and pushes us further down the depths of underdevelopment.”
Stanley Nkwocha, presidential spokesman, who conveyed the details of the engagement, quoted the President as calling on African nations to adopt a new agenda that prioritizes local value addition, which he sees as essential to industrialising the continent and providing sustainable economic growth.
On the evolution of lithium-ion technology, President Tinubu noted that the development has enabled the swift production and manufacturing of portable consumer electronics such as laptops, computers, cellular phones, and electric cars.
His words: “We live in a world of electronic mobility in which lithium-powered batteries provide higher specific energy, higher energy density, higher energy efficiency, longer cycle life, and longer calendar life.
“The global need for new battery technology has triggered a new scramble for Africa’s critical minerals. Africa possesses 92 percent of global reserves of platinum, 56 per cent of Cobalt, 54 per cent of Manganese, and 36 per cent of Chromium. These are the minerals employed in the manufacturing of the new batteries. In short, the world needs Africa today more than ever.”
Dwelling on Africa’s determination to move beyond the historical exploitation of its resources and advocating the localisation of the entire mineral value chain within the continent, he assured of his administration’s commitment to adding local value to Nigeria’s mineral resources as part of the Africa Minerals Strategy Group’s (AMSG) vision chaired by Nigeria’s Minister of Solid Minerals Development, Dele Alake.
The President, who drew attention to Nigeria’s vast market of over 226 million people, citing the success of the country’s $10 billion telecoms market as proof of its growth potential “in the manufacturing of Lithium batteries, concentrates, and components to set up their business and domesticate the value chain from extraction to production in Nigeria.”
Stressing the need for Africa to employ its natural resources to develop itself at the event, which had in attendance, representatives from investors, development partners, multilateral institutions, and major financial institutions, he explained that AMSG remained focused on transforming Africa from a supplier of raw materials into a global mining industry stakeholder.