A high-profile panel discussion sponsored by the Japanese government and the Fund for African Private Sector Assistance (FAPA) brought together African and Asian investors, entrepreneurs, and industrialists to address the burgeoning demand for Africa’s critical minerals. The event, held as part of broader efforts to align with the global green energy transition, focused on transforming Africa’s resource sector from raw exports to high-value in-country manufacturing.
Tatsushi Amano, Managing Executive Officer at the Japan Bank for International Cooperation (JBIC), described evolving trends in financing for resource projects. “Many Export Credit Agencies (ECAs) are shifting towards development finance,” Amano explained, highlighting JBIC’s focus on supporting projects essential to Japanese industry. While funding remains accessible, he noted that expertise across various domains is critical to ensuring long-term success.
Dr Kodjo Busia, Executive Director of Green Africa Minerals, criticised the legacy of exporting raw materials, a trend perpetuated by colonial-era policies and structural adjustment programmes. He highlighted the transformative potential of the 2008 Africa Mining Vision, developed by the African Mineral Development Centre in Ethiopia. The strategy seeks to incentivise value addition, develop skills, and foster regional value chains to boost industrialisation.
Catherine Zhang, Vice Chairman of the China Africa Business Council and President of Rockcheck Group, emphasised the significant trade relationship between China and Africa, with bilateral trade reaching $282 billion in 2023. Zhang detailed Rockcheck’s efforts in green innovation, including hydrogen-powered logistics systems driven by solar energy. The company has diversified into automobile manufacturing and commodity trading across 63 countries, showcasing the potential for sustainable industrialisation partnerships.
Samuel Olu Faleye, founder of Lagos-based SAGLEV Inc, highlighted the growing need for electric vehicles (EVs) in Africa’s transport sector. He noted that over 6,000 ride-hailing drivers in Lagos require EVs, underscoring financing challenges in meeting this demand. Faleye advocated for blended financing models and public-private partnerships to expand charging infrastructure and industrial clusters to optimise resource sharing.
Catherine Kim, Director of Corporate Relations at the South African Chamber of Commerce in Korea, discussed South Korea’s heavy reliance on global trade, which constitutes 87% of its production. She pointed to Korean companies like Samsung and LG investing in Zambia’s mineral sector as examples of efforts to secure supply chain resilience through strategic African partnerships.
Dr Akinwumi Adesina, President of the African Development Bank Group, outlined Africa’s leading role in the energy transition. He cited its dominance in critical minerals, including 95% of chromium, 90% of platinum group metals, two-thirds of cobalt, 30% of lithium and manganese, and 20% of graphite. Adesina also noted that establishing lithium-ion battery plants in the Democratic Republic of Congo would cost a third of similar facilities in the United States, underscoring Africa’s competitive edge in global supply chains.
Solomon Quaynor, Vice President of the African Development Bank Group, concluded the session by reiterating Africa’s commitment to green industrialisation. He called on Asian investors to partner with African institutions to drive transformation and position the continent as a key player in the global green energy transition. Quaynor cited Morocco’s infrastructure and policies as evidence of Africa’s readiness to climb the value chain in critical mineral processing and manufacturing.
This collaborative effort highlights the potential for Africa-Asia partnerships to create sustainable economic growth while meeting the rising demand for green energy solutions globally.
