As demand for the minerals used in electric vehicles and renewable energy equipment is expected to soar, the Democratic Republic of Congo already produces more than 75% of the world’s cobalt and is the second-largest source of copper. Countries including Zimbabwe, Ghana and Mali plan to become significant producers of lithium.

The “boom bodes well for sub-Saharan Africa,” the IMF said, noting that the region will benefit more by investing in domestic processing capacity. However, the report also warned that fast-paced technological changes, especially in EV batteries, “could render certain minerals obsolete.”

Sub-Saharan Africa’s share of revenue from fossil fuel sales will be $625 billion over the same period, according to the IMF.