Africa must take decisive action to control its resources, generate jobs, and establish industries that drive long-term prosperity, the African Export-Import Bank (Afreximbank) urged at the African Mining Indaba 2025 on Sunday. Addressing African leaders, policymakers, mining industry stakeholders, and global partners, Afreximbank underscored the need for a transformative approach to resource ownership and industrialization.
Delivering the keynote speech at the Indaba’s ministerial symposium, Mr. Denys Denya, Senior Executive Vice President of the Afreximbank Group, emphasized that Africa stands at a crucial juncture. He warned that the continent could either continue exporting raw materials with minimal value addition—remaining a marginal player in the global economy—or take bold steps to own its resources and build a thriving industrial sector.
“While the global mining industry generated approximately US$1.7 trillion in revenue in 2023, Africa’s share remains disproportionately low. Despite supplying essential raw materials that power global industries, the continent retains as little as 4% to 20% of the total value of its minerals due to limited local processing and downstream development,” Mr. Denya stated.
He called for a paradigm shift, urging stakeholders to transform Africa’s mining sector beyond extraction into one focused on value addition, innovation, and wealth creation. “The time to act is now. We must work together—governments, financial institutions, investors, and industry players—to build an Africa where mining catalyzes economic transformation,” he said.
To achieve this, Mr. Denya highlighted key steps, including: Implementing clear, enforceable regulations that mandate local value addition and create an attractive investment climate; encouraging private sector investment in refining, processing, and manufacturing to boost local production. Expanding regional collaboration to build strong mining value chains across the continent and leveraging the African Continental Free Trade Area (AfCFTA) to strengthen intra-African trade in mineral resources and manufacturing.
He stressed that Africa must invest in refining, smelting, and advanced manufacturing for key minerals such as bauxite, lithium, cobalt, and iron ore. Additionally, he noted that regional cooperation is critical, as no single country can develop a competitive mining value chain in isolation.
Mr. Denya concluded by emphasizing the need for investment in mining-related infrastructure, technology transfer, and skills development to ensure Africa benefits fully from its vast natural resources. “Africa has the resources, market potential, and policy frameworks to transition from a raw material exporter to an industrial powerhouse. The challenge now is for all stakeholders to act decisively,” he stated.
“Our mining policies must also prioritise environmental, social and governance standards, ensuring that mining benefits communities rather than displacing them,” he said, adding that the approach would create millions of skilled jobs for the youth and reduce reliance on volatile global markets while strengthening intra-African trade.
Reiterating Afreximbank’s commitment to supporting Africa’s mining sector and ensuring that mineral wealth drove economic growth rather than perpetuate resource dependency, Mr. Denya announced that, over the past three years, the Bank had approved more than US$1 billion in support of mining and mineral sector projects across the continent, including financing the development and construction of a bauxite processing plant in Guinea, supporting the expansion of a manganese processing plant in Gabon and providing working capital financing to a diamond company in Botswana.
Other major projects being supported by the Bank include a petrochemical fertilizer plant in Angola, a titanium dioxide pigment plant in South Africa and the feasibility study for the development of a limestone mine processing plant in Malawi, he added.
Mr. Denya said that the establishment of the US$10-billion AfCFTA Adjustment Fund, managed by FEDA, Afreximbank’s impact investment subsidiary, would provide critical financial support to countries and businesses transitioning to the new trade regime, including those in the mining sector, and that the Bank’s efforts to harmonise standards and implement the Africa Collaborative Transit Guarantee Scheme would also facilitate seamless movement of minerals and mining equipment across borders, reducing logistical bottlenecks.
Afreximbank was also leveraging digital platforms, such as the Africa Trade Gateway and the Pan-African Payment and Settlement System, to enable efficient transactions and market access, which would ensure that Africa’s vast mineral wealth was utilised to drive industrialisation, value addition and economic resilience across the continent, he added.
Mr. Denya also noted that Afreximbank, in collaboration with development partners, was driving the development and expansion of industrial parks and special economic zones (SEZs) to address infrastructure challenges that hinder industrial growth.
One of the most transformative initiatives under that pillar was the DRC/Zambia Electric Vehicle Battery Manufacturing Special Economic Zones - a project that positions Africa at the centre of the global energy transition by the implementation of battery precursor SEZs aimed at making the two countries globally competitive investment destinations for the battery electric vehicle value chain.
The African Mining Indaba 2025, taking place from 3 to 6 February, is the premier gathering where Africa policymakers, industry leaders and global partners work to shape the future of the African mining sector.
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