Business
Alake demanded improved intra-African trade amid US tariff hike
The recent tariff hike introduced by United States President, Donald Trump, may be a blessing in disguise if African countries take a more inward-looking approach by strengthening domestic policies and boosting intra-African trade.
This was the position of Minister of Solid Minerals Development, Dele Alake while speaking during a fireside chat session at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, United Arab Emirates (UAE).
According to a statement by Segun Tomori, Special Assistant on Media to the Minister, on Sunday, Alake spoke during the session, titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets,” focused on the shifting climate for investment and trade.
He said: “The prevailing barrage of tariffs initiated by the United States of America may well be a blessing in disguise for African countries,” the minister said.
“We need to organise our economic imperatives to ensure a balance of trade and strengthen intra-African trade among ourselves. The time is now.”
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Alake criticised the long-standing model of exporting unprocessed raw materials from Africa — a practice he described as “pit to port.”
“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.
According to the minister, Nigeria’s mineral development policy prioritises value addition and job creation, a stance that is gaining ground among mineral-producing African nations.
Alake chairs the African Minerals Strategy Group (AMSG), a coalition focused on protecting the continent’s mineral wealth.
Other speakers during the session included 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.
By: Babajide Okeowo
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