Africa seeks mineral sovereignty to drive industrialisation

African leaders and experts are calling for a shift in how the continent manages its critical minerals, such as lithium, cobalt, and rare earth elements, to avoid repeating the economic pitfalls of the crude oil era.

Former president Joyce Banda has urged for stronger legal frameworks to regulate mineral exploitation and deeper regional integration to prevent illicit financial flows, which she estimates cost Africa more than $150 billion annually. She emphasized that resource wealth must translate into improved livelihoods and addressed the contrast between vast mineral deposits and widespread poverty.

Bala Wunti, a former Nigerian oil sector executive, warned that Africa must transition from being a mere exporter of raw materials to a processing partner. He argued that economic advantage will increasingly stem from processing capacity rather than raw deposits. This movement toward local beneficiation aims to build industrial ecosystems that provide value addition, job creation, and regional value chains, though challenges remain regarding infrastructure, energy, and capital.