President Bola Tinubu has cited Africa’s dependence on foreign nations to refine and manufacture its mineral wealth as a key factor behind the continent’s underdevelopment.
Speaking through Vice President Kashim Shettima at the African Minerals Strategy Group (AMSG) meeting during the 79th UN General Assembly in New York, Tinubu pointed out Africa’s vast mineral reserves, including 92% of the world's platinum, 56% of cobalt, and 54% of manganese.
He emphasized that exporting raw minerals for processing abroad has hindered Africa’s growth, despite its resource-rich potential.
The Nigerian leader stressed the need for local value addition to these minerals, warning that the current practice of repurchasing finished products at inflated prices perpetuates poverty.
“This merely consolidates the foundations of our misery,” he stated.
He assured of Nigeria’s commitment to this vision under the leadership of Dele Alake, Nigeria’s Minister of Solid Minerals Development.