From Charity Nwakaudu, Abuja
Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, has suggested that US tariffs could benefit African economies by encouraging intra-African trade and local value addition.
Speaking at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, United Arab Emirates, during a Fireside Chat session titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets”, Alake urged African nations to focus inward.
“We need to organise our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves. The time is now,” he said, as quoted in a statement by his Special Assistant on Media, Segun Tomori.
Alake criticised the “pit-to-port” model, where African minerals are exported without processing, stating, “Interested investors who wish to come into Africa are welcome to set up their factories in Africa, add value to our mineral resources and create jobs here, rather than just shipping our wealth out of our shores.”
As chair of the African Minerals Strategic Group (AMSG), Alake noted that many mineral-producing African countries share Nigeria’s policy of prioritising job creation and local economic growth through value addition. Other speakers included Jordan’s Zaher Al Qatarneh, Portugal’s Goncalo Terenas, and Russia’s Vadim Tretyakov.
Alake toured Nigeria’s exhibition booths, represented by the Solid Minerals Development Ministry, Solid Minerals Development Fund, and Zamfara State, alongside private groups like the Women Enterprise Alliance and Ghana’s Jant’s Fashion Collection.
The AIM Congress, held at the Abu Dhabi National Exhibition Centre, aimed to foster global investment under the theme “Mapping the Future of Global Investment: The New Wave of a Globalized Investment Landscape – Towards a New Balanced World Structure”.