The accelerating shift toward electric mobility and renewable energy is triggering unprecedented demand for critical minerals. The International Energy Agency forecasts that by 2040, manufacturers of clean energy technologies will require forty times more lithium, twenty-five times more graphite, and roughly twenty times more nickel and cobalt than in 2020. This surge is reshaping industrial strategies in mineral-rich regions, particularly across Africa.
In 2021, the Democratic Republic of Congo (DRC) joined forces with the United Nations Economic Commission for Africa, Afreximbank, the African Development Bank, Africa Finance Corporation, and other partners to explore how the continent could capture more value from its mineral wealth. The initiative targets the lithium-ion battery, electric vehicle, and clean energy sectors, aiming to move African economies up the value chain rather than remaining primarily exporters of raw materials.
The DRC holds 51% of the world’s cobalt reserves and possesses significant hydroelectric potential, offering a rare combination of abundant feedstock and low-carbon energy for processing. Alongside Zambia, it is also one of Africa’s largest copper producers, supplying a metal essential for wiring, motors, and other electrical systems. According to the African Development Bank’s report *Strengthening Africa’s Role in the Battery and Electric Vehicle Value Chain*, these factors position the DRC as a potential low-cost, low-emissions producer of battery precursor materials and cells.
A BloombergNEF feasibility study examined the establishment of Special Economic Zones (SEZs) in the DRC and Zambia to manufacture battery precursors. The analysis concluded that such a project would be technically and financially viable, with a projected cost of $2.7 billion. Mrs. Oluranti Doherty, Afreximbank’s Director for Export Development, stated, “According to the BloombergNEF report, a precursor facility in the DRC would be three times cheaper than it would cost for a similar plant in the USA as a result of cost competitiveness and proximity to raw materials.” Afreximbank has since engaged ARISE Integrated Industrial Platform to conduct a pre-feasibility study for the SEZs.
If implemented, the project could advance UN Sustainable Development Goals 8 and 9, generate over 40,000 direct jobs and 160,000 indirect jobs, and foster technology transfer and skills development. The minerals underpinning this opportunity—cobalt, lithium, manganese, nickel, graphite—are found in abundance not only in the DRC and Zambia but also in South Africa, Madagascar, Mozambique, Tanzania, and Gabon. The DRC alone is estimated to hold several million tonnes of lithium reserves, with exploration still in early stages across much of the continent.
International interest is growing. In December 2022, during the U.S.-Africa Leaders’ Summit in Washington, the United States signed a memorandum of understanding with the DRC and Zambia to develop an integrated EV battery value chain. Lithium-ion batteries, which account for about 49% of the global rechargeable battery market, are central not only to electric vehicles but also to stationary energy storage, helping to mitigate the intermittency of wind, solar, and hydropower generation.
The broader EV market is projected to reach as much as $57 trillion through 2050. For Africa to secure a meaningful share, substantial investment in supply chain infrastructure will be essential. This includes creating conditions attractive to private sector players with the expertise and logistics capacity to scale manufacturing while ensuring competitive returns.
Some African nations are already moving forward. In June 2023, Morocco signed a $6.4 billion agreement with Chinese battery manufacturer Gotion High-Tech Co. to build an EV battery plant in the Rabat-Salé-Kénitra region, with an annual capacity of 100 gigawatts. Gotion, among the world’s ten largest battery makers, counts Volkswagen among its shareholders and is listed on both the Shenzhen and Zurich stock exchanges.
The Africa Investment Forum, a partnership of eight development finance institutions including Africa50, Afreximbank, and the African Development Bank, is working to accelerate such projects. Its annual Market Days event convenes investors, governments, and deal sponsors to advance transactions. The 2023 edition in Marrakech, Morocco, from 8–10 November, is prioritising green battery manufacturing alongside renewable energy, agribusiness, and other sectors where Africa holds comparative advantages.