As the global electric battery market surges towards a monumental $1,298.32 billion mark by 2027, African nations like the Democratic Republic of Congo (DRC) and Zambia have begun to explore the immense potential of this industry.
These eye-catching statistics were unveiled during the inaugural DRC-Africa Forum on battery metals, held from September 20 to 21, 2023, in Kinshasa.
Professor Jean-Baptiste Ngagoma Kushinganine, hailing from the Catholic University of Bukavu, shed light on these remarkable figures.
Professor Ngagoma emphasized that the electric vehicle market is a burgeoning $700 billion opportunity by 2030, and this figure is projected to climb to $46 billion by 2050.
For the DRC and Africa, the electric vehicle market represents a game-changing prospect. As the world’s leading producer of cobalt, the DRC is poised to play a pivotal role in the dynamic battery value chain, riding the transformative wave brought about by electric vehicle advancements.
Presently, the DRC largely operates as a raw material exporter, primarily contributing to the lower end of the global cobalt value chain, capturing a mere 3% of its potential value, which is anticipated to soar to a staggering $300 billion annually by 2030.
The DRC-Africa forum on battery metals is built around the theme of “creating wealth in the value chain of the battery metals industry in the DRC and Africa.”
This crucial gathering attracted a host of influential figures from diverse sectors, including political leaders, mining sector representatives, ambassadors, and industry pioneers.
The forum witnessed the active participation of the Republic of Zambia’s Minister of Mines, reinforcing the commitment of both Congolese and Zambian officials to collaborate closely in the pursuit of electric battery manufacturing.
The emphasis was placed on fostering regional cooperation, recognizing its paramount importance in driving progress within this transformative industry.
