Nigeria’s Minister for Solid Minerals Development, Dr. Dele Alake, has suggested that the ongoing trade tensions between the US and other countries could be a blessing in disguise for African nations.
Speaking at the 14th edition of the AIM Congress in Abu Dhabi, United Arab Emirates, Alake urged African countries to focus on intra-African trade and reduce their dependence on external forces.
“The time is now for us to organize our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves,” Alake said.
He emphasised the need for Africa to move away from the “pit to port” approach, where raw materials are extracted and exported without adding value locally.
Instead, Alake invited investors to set up factories in Africa, add value to the continent’s mineral resources, and create jobs.
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This approach, he said, would help Africa protect its mineral wealth and boost local economies. Nigeria, for instance, is focused on value addition and job creation in its minerals sector development.
Alake’s stance has been adopted by many African countries, particularly those producing minerals, as the chair of the African Minerals Strategic Group (AMSG).
The AIM Congress, which drew thousands of government leaders, corporate executives, and experts, aimed to foster investment opportunities and economic cooperation among nations.
The key takeaways from Alake’s speech include the need to focus on intra-African trade to reduce dependence on external forces, encouraging investors to set up factories in Africa to add value to mineral resources and create jobs, prioritising job creation and local economy growth through minerals sector development, and promoting sustainable development through the African Minerals Strategic Group initiative.
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