African industrialisation and sustainable economic growth depend heavily on local value addition, according to Minister of Solid Minerals Development Dr. Dele Alake.
During the 79th UN General Assembly, Alake spoke at the African Minerals Strategy Group (AMSG) meeting and criticised the present tendency of exporting raw minerals for processing elsewhere, which causes economic losses and a shortage of jobs in Africa.
He advocated for a move towards domestic manufacturing to raise GDP on the continent, create jobs, and lessen dependency on imports.
Alake emphasised the mineral richness of Africa, which has yet to be converted into economic success.
These deposits include substantial global quantities of manganese, cobalt, and platinum. Rather, the continent continues to live in poverty as a result of exporting raw materials for processing elsewhere and buying back completed goods at exorbitant costs.
