President Bola Tinubu has attributed Africa’s underdevelopment to its reliance on foreign countries for the refining and manufacturing of its mineral resources.

Speaking at the African Minerals Strategy Group (AMSG) meeting, held during the 79th Session of the United Nations General Assembly in New York, Tinubu, represented by Vice-President Kashim Shettima, highlighted the continent’s vast mineral wealth.

“Africa holds 92% of the world’s platinum, 56% of cobalt, and 54% of manganese, yet it remains underdeveloped due to its dependency on exporting raw minerals for processing abroad,” Tinubu said.

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.

Tinubu also called for Africa to break free from the historical cycle of exploitation, advocating for the localisation of the entire mineral value chain.

He assured of Nigeria’s commitment to this vision under the leadership of Dele Alake, Nigeria’s Minister of Solid Minerals Development.

The AMSG aims to transform Africa from a supplier of raw materials into a global mining industry player through industrialisation and local value addition.