“Sub-Saharan Africa Positioned for Economic Boom Over Global Transition to Clean Energy”

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The global shift towards clean energy, encompassing electric vehicles, solar panels, and emerging innovations, is expected to drive increased demand for critical minerals. According to the International Energy Agency, between 2022 and 2050, the demand for nickel will double, cobalt triple, and lithium rise tenfold.

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Sub-Saharan Africa, with approximately 30 percent of the world’s proven critical mineral reserves, is positioned to play a pivotal role in this transition, as highlighted in the latest Regional Economic Outlook.

Already a major player in global critical mineral production, countries like the Democratic Republic of Congo, South Africa, Gabon, and Ghana contribute significantly to the supply chain. However, there’s untapped potential in countries like Zimbabwe, Mali, and Guinea, which possess substantial but yet-to-be-explored deposits of lithium and other critical minerals.

The anticipated increase in demand for critical minerals could translate into substantial economic gains for the region. Global revenues from the extraction of key minerals such as copper, nickel, cobalt, and lithium are estimated to reach $16 trillion over the next 25 years. Sub-Saharan Africa stands to capture over 10 percent of these revenues, potentially boosting the region’s GDP by 12 percent or more by 2050.

To maximize these benefits, the region must not only export raw materials but also invest in local processing industries. Raw bauxite, for example, commands a much lower price compared to processed aluminum, highlighting the value of local processing.

To attract investment and develop processing industries, policymakers need to implement regionally coordinated policies. Collaboration across borders can create a larger market, attract foreign direct investment, and foster the development of regional value chains.

Additionally, domestic reforms are necessary to support mining and processing sectors. Structural reforms, improvements in financial markets, and transparent governance are essential for responsible resource management and sustainable development.

By leveraging its rich mineral resources and embracing clean energy technologies, Sub-Saharan Africa can position itself as a key player in the global transition to clean energy, driving economic growth and prosperity for its people.


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Bisi Adele
Bisi Adelehttps://naija247news.com/
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