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Africa holds the future of the global electric vehicles value chain which is estimated to increase from the current US$7 trillion to US$57 trillion by 2050, according to the African Development Bank Group.
Africa holds the future of the global electric vehicles value chain which is estimated to increase from the current US$7 trillion to US$57 trillion by 2050, according to the African Development Bank Group.
According to the AfDB’s President, Dr. Akinwumi Adesina the continent accounts for the largest source of green metals for the development of electric vehicles, including platinum (70 percent), cobalt (52 percent), manganese (46 percent), bauxite (25 percent), and graphite (21 percent). Dr Adesina was giving the keynote address at the 2023 Africa Investment Forum Market Days taking place in Marrakech, Morocco from November 8-10,2023.
He said that Africa holds the largest quantum of renewable energy sources in the world, including hydro and solar. He invited global investors to inject their money where the future is and to gain from that.
Taking part in the meeting, Tanzanian President Samia Suluhu Hassan said that her country was among the countries in Africa with rare mineral deposits such as nickel sulphide deposits in the world, Tanzania has currently developed it under the Kabanga Nickel Project in North-West Tanzania, she added. She further revealed that through the Ngualla Rare Earth Project, the country also contains one of the largest, highest grade, and lowest cost Neodymium Praseodymium (NdPr) rare earth deposits in the world.
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She stated that connectivity is one of the key problems in Africa and stressed the need for large-scale investment to tone up the infrastructure. The Tanzanian President noted that she recently had to travel via Paris from her country in East Africa to her destination in Dakar, West Africa.
President of Comoros, Azali Assoumani, pointed out that manufactured African exports account for just 1 percent of world exports. At the same time, he said that Africa exported minerals to developed countries and these countries re-export them back to African countries and sell them at ten times the price. There are enormous opportunities for the development of value chains in Africa, he added
The 2023 Market Days event in Morocco has the theme of Unlocking Africa’s value chains. The forum helps connect investors with bankable deals in several sectors including renewable energy, agribusiness, and the manufacture of lithium-ion batteries for electric vehicles.
