US tariffs could propel intra-African trade, mineral value addition – Minister Alake
The Minister for Solid Minerals Development, Dr. Dele Alake, has described the wave of tariffs imposed by the United States as a potential turning point for African economies, urging the continent to look inward and strengthen intra-African trade.
Dr. Alake made this assertion during a fireside chat session at the 14th edition of the Annual Investment Meeting (AIM) Congress in Abu Dhabi, United Arab Emirates. The session, titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets,” brought together global leaders to discuss investment strategies in emerging economies.
Speaking on the impact of U.S. tariffs on Africa’s economic climate, the Minister called for a shift in focus from external reliance to internal collaboration. “We need to organize our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves. The time is now,” he said.
Dr. Alake also emphasized the need for value addition to Africa’s vast mineral resources, criticizing the long-standing practice of exporting raw minerals without processing. “The past approach of ‘pit to port,’ where our resources were siphoned outside of the continent, can no longer prevail,” he said. “Interested investors are welcome to set up factories in Africa, add value to our mineral resources, and create jobs here, rather than just shipping our wealth offshore.”
His call to protect Africa’s mineral wealth aligns with the stance of other mineral-rich African countries. Dr. Alake currently chairs the African Minerals Strategic Group (AMSG), a coalition aimed at advancing sustainable mineral development across the continent. He noted that Nigeria’s mineral policy is focused on value addition and job creation to boost the local economy.
Other speakers at the session included 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.
During the congress, Dr. Alake visited the Nigerian exhibition pavilion, which featured the Solid Minerals Development Ministry, the Solid Minerals Development Fund (SMDF), and the Zamfara State government. He also met with private sector representatives, including the Women Enterprise Alliance and Ghana’s Jant’s Fashion Collection.
The AIM Congress, held at the Abu Dhabi National Exhibition Centre, drew thousands of participants, including top government officials, business leaders, technology innovators, and financial experts. This year’s theme was “Mapping the Future of Global Investment: The New Wave of a Globalized Investment Landscape – Towards a New Balanced World Structure.”
