Lagos, April 14, 2025 – The current wave of tariffs from the United States may change into silver lining for African economies.
Dele Alake, the Minister of Solid Minerals Development, made the observation while speaking at the Fireside Chat on Foreign Direct Investment during the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi.
He urged African nations to seize the opportunity being offered by the deluge of tariffs from the US for stronger intra-African trade.
Alake said African countries must change their long-standing practice of exporting Africa’s rare mineral resources without value addition.
“In light of shifting global dynamics, we must reorient our economic priorities to reduce dependency on external forces and enhance trade within the continent. The time is now.
“Investors who are truly interested in Africa must be ready to invest on the continent by setting up factories here, processing our minerals locally, and creating jobs for our people. Exporting raw wealth without value addition is no longer acceptable,” he said.
His stance on safeguarding Africa’s mineral wealth gained widespread support across the continent, especially among mineral-rich nations.
According to a statement by his Special Assistant on Media, Segun Tomori, Alake currently chairs the newly formed African Minerals Strategy Group (AMSG), which aims to align the continent’s mining policies for greater economic impact.
He also highlighted Nigeria’s firm commitment to value addition in the solid minerals sector, noting that government policy is focused on boosting the local economy through job creation and sustainable development.
During the AIM Congress, Dr. Alake toured the exhibition area, where Nigeria was well represented by the Solid Minerals Development Ministry, the Solid Minerals Development Fund (SMDF), the Zamfara State Government, and private sector players including the Women Enterprise Alliance and Ghana’s Jant’s Fashion Collection.
Other speakers at the session included H.E. Zaher Al Qatarneh, Secretary General of Jordan’s Ministry of Investment; Goncalo Terenas, Co-founder of Diaspora Prime Portugal; and Vadim Tretyakov, Minister of Investment and Development for Russia’s Sverdlovsk Region.
The AIM Congress, held at the Abu Dhabi National Exhibition Centre, drew thousands of top government officials, corporate leaders, tech innovators, and financial experts from across the globe. (GBN)
