Africa’s critical minerals summit: unlocking $29.5 trillion in untapped wealth

Ministers from Africa’s mineral-rich nations and international development partners gathered in Abidjan to chart a bold new path for the continent’s critical minerals, aiming to turn its geological wealth into a cornerstone of sustainable economic growth. The focus: local value creation, strategic financing, and the rise of intra-African supply chains poised to meet surging global demand.

On July 10, policymakers from across the continent convened in Côte d’Ivoire’s economic hub for a high-level ministerial conference. The agenda centered on redefining Africa’s role in the global minerals market—moving beyond raw material exports to build integrated, high-value industries that benefit local communities.

Abidjan hosts landmark African minerals pact

The gathering brought together ministers responsible for Mining, Energy, Industry, Green Economy, and Natural Resources, alongside officials from the African Union Commission, the African Continental Free Trade Area (AfCFTA) secretariat, the United Nations Economic Commission for Africa, regional development banks, financial institutions, and global investors.

The shared vision is unequivocal: harness Africa’s vast mineral reserves to fuel inclusive, sustainable development while ensuring communities directly benefit from their natural wealth.

“A paradigm shift” for Africa’s resource future

At the opening session, the President of the African Development Bank (AfDB), Sidi Ould Tah, underscored the urgency of a fundamental overhaul in how Africa manages its natural resources.

“This conference is about reshaping the narrative—establishing a new partnership model that empowers Africa to steward its minerals wisely and translate them into tangible prosperity for its people,” he stated. Tah emphasized local processing as a priority, arguing that refining raw materials within Africa would unlock far greater economic value. He also called for urgent reforms to strengthen the continent’s development financing ecosystem, noting that while Africa hosts over 100 such institutions, their combined balance sheets represent just 1% of the global total.

“Consolidating and recapitalizing these institutions is not optional—it’s essential to unlocking Africa’s mineral potential,” he asserted. He further highlighted the need for resilient infrastructure and homegrown industries to maximize returns from mineral extraction.

Côte d’Ivoire charts a mineral-driven growth trajectory

The Ivorian Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly, echoed the call for continental solidarity. “The real challenge isn’t just extracting minerals—it’s transforming them into lasting prosperity that is shared across nations. No single country can achieve this alone. We must build regional value chains together,” he said.

Sangafowa-Coulibaly spotlighted Côte d’Ivoire’s vast potential, revealing that nearly 75% of the country’s territory holds untapped critical minerals. This resource base forms a key pillar of President Alassane Ouattara’s vision to elevate Côte d’Ivoire to upper-middle-income status by 2030.

To achieve this goal, Abidjan is rolling out a comprehensive mineral and energy strategy spanning 2026 to 2040, with an estimated budget of 38 trillion West African CFA francs. Notably, 88% of the funding is expected to come from private sector investment, signaling strong market confidence in the country’s mineral-led growth model.

A $29.5 trillion opportunity amid global demand surge

Africa holds approximately 30% of the world’s reserves of minerals critical to the energy transition, including cobalt, lithium, graphite, rare earths, platinum group metals, copper, manganese, and nickel. The total estimated value of Africa’s mineral resources stands at nearly $29.5 trillion—over eight times its annual GDP and nearly 20% of global mineral wealth. Of this, about $8.6 trillion remains untapped.

Meanwhile, global demand for these minerals is expected to skyrocket by 2040. Platinum group metals are projected to see a 1,000%+ increase in demand, lithium by 842%, and copper by 88% compared to 2023 levels.

Seizing a once-in-a-generation moment

This transformative shift aligns with a global industrial realignment driven by the energy transition. The economic value of electric vehicle and battery value chains alone is projected to leap from $7 trillion in 2030 to $59 trillion by 2050.

In response, African leaders in Abidjan have made it clear: the continent will no longer settle for exporting raw materials. Their resolve is to harness critical minerals as a catalyst for industrialization, job creation, and enduring prosperity across Africa.