Trump’s Tariff: Alake Woos Investors to Nigeria’s Solid Minerals Sector

Speaking during the Fireside Chat session on Foreign Direct Investment in Abu Dhabi, United Arab Emirates, the Minister called on African countries to adopt an introspective approach by looking inward and adjusting their domestic policies to focus more on intra-African trade, with less dependence on external forces.

In a statement by his Special Assistant on Media, Mr Segun Tomori, on Sunday in Abuja, it was stated that the Minister’s remarks were part of his contribution to the discourse on the impact of the tariffs on Africa’s economic climate.

“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 stressed the need need for African countries to organise economic imperatives to ensure a balance of trade and strengthen intra African trade among countries.

Mr Alake highlighted the persistent challenge faced by African countries, where rare mineral resources were exported without any value addition, noting that the old ‘pit-to-port’ model, where resources are extracted and sent out of the continent can no longer be allowed to continue.

“Interested investors, who wish to come into Africa are welcome to set up their factories in the continent, add value to our mineral resources and create jobs here, rather than just shipping our wealth out of our shores”, he stated.

The minister said that his stance on protecting Africa’s mineral wealth has been adopted by many African countries, particularly mineral-producing nations, where he served as the pioneering chairman of the African Minerals Strategic Group (AMSG).

He reaffirmed that Nigeria’s policy on mineral sector development remained strictly focused on value addition and boosting the local economy through job creation.