The Minister of Solid Minerals Development, Dr. Dele Alake, has called on African countries to see the recent wave of U.S. tariffs as an opportunity to strengthen their economies through policy reform and increased intra-continental trade.
Speaking during a Fireside Chat session on Foreign Direct Investment at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, United Arab Emirates, Alake addressed the potential implications of global tariff changes for developing nations.
The session, titled “The Alchemy of Foreign Direct Investment: Turning Policies into Prosperity for Emerging Global Markets”, focused on strategies for fostering sustainable investment in emerging economies.
According to a statement released on Sunday in Abuja by his Special Assistant on Media, Segun Tomori, the minister emphasized that while the tariffs—recently imposed by the United States on nearly all its trading partners—pose challenges, they also create opportunities for African economies to become more self-reliant and competitive.
Alake highlighted that African nations must shift away from traditional economic models that prioritize raw material exports without local value addition.
He criticized the long-standing ‘pit-to-port’ model, where Africa’s rich mineral resources are extracted and exported in raw form, arguing that such practices fail to generate sufficient economic returns or employment for the continent.
He urged investors to establish manufacturing and processing facilities within Africa, thereby adding value to mineral resources and contributing to local job creation. This approach, he said, is already gaining traction among several African countries, particularly those rich in mineral deposits.
Alake, who currently chairs the African Minerals Strategy Group (AMSG), noted that the group is advocating for policies that safeguard the continent’s mineral wealth while maximizing economic benefit.
The minister also underscored the importance of revising domestic policies to promote intra-African trade and reduce dependency on external markets.
He called for African governments to align their economic strategies toward creating a balanced trade environment within the continent.
The AIM Congress, held from April 7 to 9, brought together global leaders, investors, and policymakers under the theme “Mapping the Future of Global Investment: The New Wave of a Globalised Investment Landscape – Towards a New Balanced World Structure.”
The forum aimed to foster international partnerships, drive sustainable growth, and explore investment opportunities in key sectors including digital economy, future finance, and sustainable development.
NAN
