In a recent statement, Dr. Akinwumi Adesina, President of the African Development Bank Group, emphasized that the cost of building precursor facilities for lithium-ion batteries in Africa is three times lower than in other parts of the world.
Speaking at the African Union (AU) Industrialization Summit in Niamey, Niger Republic on December 1st, Dr. Adesina highlighted Africa’s potential to dominate the electric vehicle (EV) market, attributing it to the abundant deposits of rare mineral resources, including lithium-ion, cobalt, nickel, and copper.
He stated, “The future of electric cars in the world depends on Africa, given its vast deposits of rare mineral resources, including lithium-ion, cobalt, nickel and copper. The size of the electric vehicle market has been estimated at $7 trillion by 2030 and $46 trillion by 2050.”
President Paul Kagame of Rwanda echoed Dr. Adesina’s remarks, emphasizing the need for investment in infrastructure and energy to accelerate industrialization in Africa and achieve development goals under Agenda 2063.
According to the International Energy Agency (IEA) in its October 2022 World Energy Outlook, copper, silicon, lithium, and other rare earth minerals are crucial for the development of future global power systems, with lithium-ion batteries being the world’s fastest-growing storage technology.
The IEA urged policymakers to recognize the significance of these minerals for a safe and sustainable energy transition, emphasizing the warning signs posed by rising mineral prices and unstable supply chains affected by geopolitical events.
