Africa to power global supply chains as DFC spotlights minerals, pharma potential
Africa is poised to become a central force in global economic growth and supply chains, driven by its vast reserves of critical minerals and expanding industrial capacity, the Chief Executive Officer of the U.S. International Development Finance Corporation, Ben Black, has said.
Speaking at the Atlantic Council’s “Investing in Africa Forum” held on the sidelines of the 2026 International Monetary Fund-World Bank Spring Meetings in Washington, D.C., Black said the continent holds a strategic advantage in shaping the future of global manufacturing and trade.
“The future of global growth and supply chains will run through Africa. In many ways, Africa is ground zero for our shared economic future,” he said.
Black pointed to Africa’s fast-growing population, expanding workforce and rising consumer markets as key drivers of its economic potential, alongside its abundant deposits of critical minerals such as cobalt, lithium, titanium and graphite-essential components for advanced technologies including batteries, semiconductors and aerospace systems.
He added that investments across sectors such as energy, infrastructure, technology, healthcare and logistics would be critical to unlocking the continent’s full economic value.
A major highlight of his address was the growing push for local production of Active Pharmaceutical Ingredients (API), which he said would strengthen Africa’s medical supply chains and reduce dependence on imports.
Black cited the multi-million-dollar API facility developed by Emzor Pharmaceuticals in Nigeria as a significant step toward building pharmaceutical self-sufficiency in West Africa, with the plant expected to produce up to 400 metric tonnes of essential medicines annually.
“Developing Africa’s stores of active pharmaceutical ingredients will help diversify critical medical supply chains,” he said.
The position aligns with Nigeria’s broader healthcare industrialisation drive under the Presidential Initiative for Unlocking the Healthcare Value Chain, which has prioritised local manufacturing of essential drugs to improve long-term medicine security.
National Coordinator of PVAC, Abdu Mukhtar, said initiatives such as Emzor’s API project are critical to reducing structural dependence on imported pharmaceutical inputs while boosting domestic capacity.
He noted that expanding local API production would enhance medicine availability and affordability, strengthen supply chain resilience and position Nigeria as a competitive health manufacturing hub within Africa, particularly under frameworks such as the African Continental Free Trade Area (AfCFTA).
Beyond healthcare, Black stressed the importance of scaling investments in energy and transmission infrastructure to support industrial growth, including refining and manufacturing activities across the continent.
He said the DFC is committed to fostering partnerships that drive long-term economic transformation, adding that Africa represents a vital frontier for global investment.
“It’s time to move from talking about Africa’s potential to delivering on its promise,” he said.
Analysts say growing policy support from governments — including tariff incentives, regulatory reforms and targeted industrial policies — is already boosting investor confidence, particularly in Nigeria’s pharmaceutical sector, where listed companies have recorded steady revenue growth.
The combined push from global financiers and domestic reforms is expected to accelerate foreign direct investment inflows, create jobs and strengthen economic resilience across the continent, reinforcing Africa’s emerging role as a critical hub in the global economy.