ABU DHABI, UAE – Dele Alake, Nigeria’s Minister of Solid Minerals Development, has suggested that the recent wave of tariffs introduced by the United States may, in fact, offer an unexpected opportunity for African economies.
Speaking at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, United Arab Emirates (UAE) on Sunday, April 13, 2025, Alake highlighted the potential for African countries to strengthen their economies in response to the US-led trade measures.
In a statement shared by Segun Tomori, Alake’s special assistant on media, the minister spoke during a session titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets,” which focused on evolving investment and trade climates.
Alake encouraged African nations to adopt a more inward-looking approach, shifting focus towards strengthening domestic policies and boosting intra-African trade.
“The prevailing barrage of tariffs initiated by the United States of America may well be a blessing in disguise for African countries,” Alake remarked.
“We need to organise our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves. The time is now.”
Alake also criticised the traditional African model of exporting raw, unprocessed materials, which he referred to as the “pit to port” approach.
He argued that this practice must end, emphasising the need for foreign investors to invest in value-added industries within Africa, creating jobs and boosting economic development on the continent.
“That era can no longer continue. Investors are welcome, but they must come in, set up factories, add value to our mineral resources and create jobs on the continent — not just ship out raw wealth,” he said.
The minister reaffirmed that Nigeria’s mineral development policy prioritises value addition and job creation, a position that is increasingly gaining traction among other mineral-producing African nations.
Alake chairs the African Minerals Strategy Group (AMSG), a coalition dedicated to protecting the continent’s mineral resources and promoting sustainable development.
The session at the AIM Congress also featured other notable speakers, including Zaher Al Qatarneh, Secretary-General of Jordan’s Ministry of Investment, Goncalo Terenas, co-founder of Diaspora Prime Portugal, and Vadim Tretyakov, Investment Minister of Russia’s Sverdlovsk region.
