Cape Town, South Africa – 13 February 2025: Africa’s mineral wealth holds the key to the continent’s industrial growth, economic development, and job creation, according to Mrs. Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at the African Export-Import Bank (Afreximbank). Speaking at the African Mining Indaba 2025, Awani addressed the critical role of value-added processing to unlock the full potential of Africa’s resources.
While Africa possesses about 30% of the world’s mineral reserves, Awani noted the continent has failed to benefit fully from these resources due to challenges like poor infrastructure, unclear policies, and a lack of investment. The export of raw minerals without substantial processing leaves Africa in a weak position within global value chains.
Awani called for increased investment in processing facilities and manufacturing to ensure that African countries can export finished or semi-finished goods, thereby boosting local economies. She argued that such investments would not only create jobs but also help build a skilled workforce and reduce Africa’s reliance on fluctuating global commodity prices.
Several African countries, including Botswana, South Africa, Ghana, and Namibia, are making strides in adding value to their minerals. Botswana has transitioned from exporting raw diamonds to cutting and polishing them locally, while Namibia has banned the export of lithium concentrate to promote domestic processing.
Afreximbank has been at the forefront of efforts to address Africa’s mining sector challenges. The bank has partnered with the African Continental Free Trade Area (AfCFTA) Secretariat to establish a US$10 billion AfCFTA Adjustment Fund. This fund, which includes US$1 billion from Afreximbank, aims to support trade-related infrastructure projects and help countries adjust to the AfCFTA agreement.
The bank has also committed US$500 million in concessional financing to help close the funding gap in Africa’s development goals. Additionally, Afreximbank is backing initiatives such as the DRC-Zambia Battery Precursor Manufacturing Special Economic Zones to position the DRC and Zambia as competitive players in the electric vehicle battery industry. In Nigeria, the bank is supporting the development of the country’s first indigenously owned floating liquefied natural gas facility to reduce reliance on crude oil exports.
Awani further highlighted Afreximbank’s commitment to improving Africa’s trade standards through the development of African Quality Assurance Centres (AQACs), which will help certify African minerals locally rather than relying on overseas certification.
