By James Sunday, FCAI MNIIA
President Bola Ahmed Tinubu has urged African nations to take ownership of financing their mineral wealth and assert stronger control over global supply chains, stressing that the continent must break free from dependence on foreign capital if it is to fully benefit from its vast natural resources.
Speaking through Vice President Kashim Shettima at the Second Africa Minerals Strategy Group (AMSG) High-Level Roundtable on Critical Minerals Development in Africa, held on the sidelines of the 80th United Nations General Assembly (UNGA) in New York, Tinubu declared that Africa’s sovereignty depends on its ability to fund, manage, and industrialise its mineral economy.
“We must take the bull by the horns in financing our future. Never again shall we wait for capital to trickle in. With sovereign funds, blended vehicles, and innovation tools like the Africa Mineral Token, Africa shall finance Africa,” the President said.
He called for African unity in safeguarding critical resources such as cobalt, lithium, graphite, gold, and rare earth elements, positioning the continent as a bloc capable of influencing global supply chains.
A four- Point Roadmap for Africa’s Mineral Renaissance.
Tinubu outlined a four pronged strategy to unlock the continent’s mineral-driven prosperity:
Climbing the Value Chain
Ending the cycle of exporting raw minerals while importing finished products. Africa must focus on beneficiation and green manufacturing to build industries on its own soil.
Owning Geological Knowledge
Through initiatives such as the African Minerals and Energy Resource Classification (AMREC) and the Pan-African Resource Reporting Code (PARC), Africa must generate, standardise, and control its geological data.
Accelerating Exploration & Mapping
Governments must lead mineral exploration and geological surveys because, as Tinubu stressed, “without exploration, there is no sovereignty.”
Financing the Future
By harnessing sovereign wealth funds, innovative financial instruments, and partnerships, Africa can independently finance its mineral sector.
Tinubu also commended countries like Zimbabwe, Gabon, and Kenya for enforcing export restrictions on raw minerals to promote domestic processing, affirming that Nigeria is committed to similar reforms under the Renewed Hope Agenda.
Global Support and Partnerships
The roundtable highlighted the importance of partnerships. UN Assistant Secretary-General Ahunna Eziakonwa cautioned against unchecked exploitation of Africa’s resources, urging leaders to secure agreements that guarantee technology transfer, beneficiation, and job creation.
European Union Commissioner for International Partnerships, Jozef Stkela, referenced the EU’s Critical Raw Materials Act (2024) and ongoing collaborations with African states to diversify supply chains.
Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, who chairs the AMSG, emphasised that Africa’s mineral resources are “indispensable for global sustainable development” and remain central to the continent’s industrialisation drive.
Nigeria as a Beacon for Investors
Beyond the minerals agenda, Vice President Shettima used the UNGA platform to woo investors at a roundtable hosted by the Business Council for International Understanding (BCIU), in partnership with Flour Mills of Nigeria and other conglomerates.
He assured global investors that Nigeria, under President Tinubu’s sweeping economic reforms, has “turned the corner” and now offers one of the best environments for business. Shettima also met with Austrian Chancellor Christian Stocker to explore avenues for deeper bilateral ties.
A Call to Rewrite Africa’s Story
Concluding his remarks, Tinubu reaffirmed Nigeria’s commitment to the AMSG’s mission:
“As Chair of this Roundtable, I pledge Nigeria’s unflinching commitment to ensuring that AMSG fulfils its promise of catalysing a mineral-led renaissance. Let us rise from this dialogue with a communiqué of clarity, a framework for action, and a spirit of unity.”
The AMSG meeting signals Africa’s determination to transform its mineral wealth into a lever for economic sovereignty and global influence, a bold step towards rewriting the continent’s story from one of resource extraction to one of empowerment and shared prosperity.