Nigeria’s Solid Minerals Minister Dele Alake has argued that tariffs from the U.S. could boost Africa’s economy if nations act strategically.
Alake made the remarks during a Fireside Chat on Foreign Direct Investment in Abu Dhabi, United Arab Emirates.
A statement issued by his Special Assistant on Media, Segun Tomori, highlighted the minister’s position on the global economic shifts triggered by U.S. tariffs.
United States President Donald Trump had recently announced a sweeping set of new tariffs on nearly all U.S. trading partners, drawing global attention and concern.
Alake described the tariffs as a potential turning point for Africa. “The barrage of tariffs imposed carries wide-ranging implications for the global economy, U.S. trade relationships, and developing nations, including those in Africa,” he said.
He called on African leaders to adopt an introspective approach by reassessing their domestic economic policies and strengthening regional trade networks.
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“There is a need to focus more on intra-African trade and reduce dependence on external forces,” he said, urging for policies that balance trade and drive collaboration among African nations.
The minister also highlighted the long-standing issue of raw mineral exports without value addition. He argued that the outdated “pit-to-port” model has significantly undermined the continent’s growth.
“The old model, where resources are extracted and sent out of the continent, can no longer be allowed to continue,” Alake stated.
He encouraged foreign investors to consider setting up processing and manufacturing plants within Africa. By doing so, he said, they would not only add value to local resources but also help create jobs and strengthen economies.
Reaffirming Nigeria’s commitment, Alake said the country’s mineral development strategy remains cantered on value addition and job creation.
He urged other African nations to follow suit, emphasizing that the time had come for the continent to take ownership of its wealth and development.
Reported by The Conclave
