By: Radio Nigeria

The African Extractive Minerals Development Bank, AEMBank, says Africa must retain more value from its vast mineral wealth instead of exporting raw materials abroad.

This is contained in a statement signed by a member of the board, Mr. Chris Frampton during a roadshow organized for investors in London.

According to the statement, the bank calls for an end to what it described as the “pit-to-port” mentality, urging African countries to process and manufacture more of their own mineral resources.

The statement says the continent holds an estimated three trillion US dollars’ worth of mineral reserves, including critical minerals vital for the global energy transition.

It promises to continue talks with investors to mobilise capital for projects aimed at driving Africa’s industrial growth and economic transformation.

“AEMBank’s work is supported by the African Minerals Strategy Group a coalition of mineral-rich nations currently chaired by Nigeria,” he stresses.

According to the statement, AEMBank, based in Nigeria, is a pan-African financial institution focused on financing and promoting responsible investment across the continent’s extractive and minerals sectors.

The statement adds that investors from Europe, the Middle East, and Africa attended the event, expressing confidence in the Bank’s governance framework and commitment to sustainable investment.