Prioritising local value addition key to Africa’s industrialisation – Alake

The Minister of Solid Minerals Development, Dr Dele Alake, says prioritising local value addition is key to Africa’s industrialisation and sustainable economic growth.

Alake said this on the sidelines of the African Minerals Strategy Group (AMSG) meeting during the 79th UN General Assembly held recently.

A copy of the minister’s address was made available to the News Agency of Nigeria (NAN) by his media aide, Segun Tomori on Sunday in Ibadan.

He frowned at the current trend of exporting raw minerals for processing abroad, adding that it leads to economic losses and job shortages in Africa.

Alake said the meeting engaged in bilateral discussions with international investors to present various opportunities within his ministry and the country.

He said that follow-up meetings had been arranged and were scheduled to take place in Abuja in the coming weeks.

He called for a shift toward local manufacturing to increase employment, reduce reliance on imports, thereby boosting the continent’s Gross Domestic Product (GDP) .

The minister highlighted Africa’s various mineral wealth, including significant global reserves of platinum, cobalt and manganese, which were yet to be translated into economic prosperity.

He said instead the Continent remains impoverished as it exports raw materials for foreign processing and then repurchases finished products at inflated prices.