Maritime Bank Chief urges Africa to Tackle Mining Sector Barriers

The president of the Regional Maritime Development Bank (RMDB), Mr. Adeniran Aderogba, has called on African nations to dismantle deep-rooted structural and financial barriers hindering the continent’s mining sector.

Speaking at the African Development Bank’s (AfDB) Annual Meetings in Abidjan, Côte d’Ivoire, Aderogba identified a lack of early-stage capital, poor geological data, weak development activity, and inadequate infrastructure as key constraints preventing Africa from unlocking its vast mineral wealth.

“Africa’s challenge isn’t resource scarcity; it’s converting our mineral potential into economic productivity,” he said. He warned that without bold financial reforms and early-stage support, the continent risks remaining a mere exporter of raw materials.

He proposed mining bonds, mineral royalty securitisation, and blended finance models to reduce risk and attract investment. He also called for greater public-private collaboration, better project preparation, and stronger policy support from finance ministries and central banks.

With global demand for energy transition minerals like copper, cobalt, and lithium surging, Aderogba stressed that Africa holds a strategic position, home to over 60 per cent of global cobalt reserves and significant shares of lithium and manganese.

He warned that unless African countries develop value-added industries and stop exporting raw ores, they risk repeating patterns of underdevelopment. “The true wealth lies in local processing, manufacturing, and the jobs and industries they create,” he said.

Aderogba also underscored the importance of maritime infrastructure in moving value-added products across African borders, urging a shift from resource extraction to regional industrialisation.