How Deals Past and Present Still Drain Nigeria’s Wealth

For over a century, Africa has lost its wealth through technical deals framed as aid or investment. Colonial concessions built railways and ports to serve extraction, not local economies. Independence did not change this pattern. Opaque agreements still favour foreign interests. In the DRC, “minerals for security” ties cobalt and copper access to US aid, risking local rights. South Africa’s Eskom sells secret power discounts to smelters, costing billions and hurting households. In Guinea, Rio Tinto’s Simandou deal locks in decades of tax cuts, slashing state revenue. To break this cycle, Africa must reclaim resource sovereignty. Regional bargaining power and local processing can add value at home. Strengthening regional economies will end outdated extractive models.

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