Minister of Solid Minerals Development, Dele Alake, has said that the recent tariffs imposed by the United States on Nigerian exports could become a blessing in disguise for African economies.
Speaking at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, UAE, Alake urged African nations to turn inward, strengthen local policies, and promote intra-African trade in response to the shifting global trade environment.
A statement by his aide, Segun Tomori, said the minister was part of a session titled “The Alchemy of Foreign Direct Investment – Turning Policies into Prosperity for Emerging Global Markets,” which focused on the evolving trade and investment climate.
Recently, the U.S. introduced a 14% tariff on Nigerian exports under former President Donald Trump’s trade policy, threatening key sectors like oil and agriculture and risking over $10 billion in annual exports. Though the policy has been paused for 90 days, it has already triggered economic disruptions.
Alake argued that the situation presents African nations with an opportunity to reduce dependence on external markets and instead add value to local resources.
“The current wave of U.S. tariffs could push us to restructure our economies and boost trade within Africa,” he said. “It’s time we stop exporting raw materials and start processing them locally to create jobs and wealth.”
He criticized the longstanding practice of exporting raw minerals—a model he labeled “pit to port”—and called on investors to build factories in Africa and create jobs, rather than simply extract resources.
Nigeria’s solid minerals policy, he noted, prioritizes value addition and job creation, a stance echoed across mineral-rich African nations. Alake also chairs the African Minerals Strategy Group, which aims to protect and develop the continent’s mineral wealth.
During the congress, Alake toured exhibition booths featuring Nigerian and African businesses, including the Solid Minerals Development Ministry, Zamfara State government, and Nigerian private sector groups like the Women Enterprise Alliance.
The AIM Congress, held at the Abu Dhabi National Exhibition Centre, brought together thousands of government and business leaders from around the world under the theme: “Mapping the Future of Global Investment: The New Wave of a Globalized Investment Landscape – Towards a New Balanced World Structure.”