AfDB boss tells African leaders to carefully negotiate engagements in the global geopolitical rush for critical minerals

The President of the African Development Bank (AfDB) Group, Akinwumi Adesina, has emphasised the importance of adding value and processing natural resources, explaining that this is the key to Africa’s future prosperity.

He also cautioned that Africa must carefully negotiate its engagement in the global geopolitical rush for critical minerals and rare earth elements.

“Africa can be competitive in these global value chains. It must move away from exporting raw minerals and move into processing and value addition to benefit from the high returns at the top of global value chains,” Adesina said last Friday in Abuja at the 14th Convocation Ceremony of the National Open University of Nigeria (NOUN), where he delivered a thought-provoking lecture.

He called for greater value addition to everything Africa produces, from oil to gas, minerals, metals, rare earths, and agricultural products.

The African Development Bank is working with the African Union and the Economic Commission for Africa to develop the African Green Minerals Strategy. The strategy will support countries in embracing strong corporate governance, transparency, environmental protection, and sound mineral stewardship, including social responsibility and protection of communities’ lands and rights.

“Africa must end the exports of its raw materials,” Adesina warned.  “The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth. And Africa is tired of being poor.”

The lecture also addressed the importance of investments in youth education and entrepreneurship. With Africa’s population projected to reach 2.4 billion by 2050 and 75% under 35, Adesina stressed the need for quality education and skills development aligned with the digital economy.

As he approaches the end of his second five-year term as president of the African Development Bank Group in September, Adesina reflected on his legacy of strengthening and transforming the institution. Under his leadership, the Bank’s general capital increased from $93 billion in 2014 to $318 billion today, while achieving recognition as the Most Transparent Financial Institution in the world for two consecutive years.

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