President Bola Tinubu has urged African nations to take control of their mineral resources by financing their own sectors and influencing global supply chains.
Represented by Vice President Kashim Shettima at the 80th Session of the United Nations General Assembly (UNGA80), Tinubu called for a complete transformation of the financial system governing Africa’s mineral wealth.
Speaking at the Second Africa Minerals Strategy Group (AMSG) High-Level Roundtable, the President stated, “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.”
He stressed the need for a unified African front to safeguard minerals like cobalt, lithium, and gold. : Under his “Renewed Hope Agenda”, Tinubu outlined four key principles to unlock Africa’s mineral potential.
He urged African nations to climb the value chain by ending the export of raw materials and developing industries on the continent. According to him, the ignoble cycle of exporting rocks and importing finished goods must come to an end.
He stressed the need for Africa to own its data, announcing that new initiatives such as the African Minerals and Energy Resource Classification (AMREC) and the Pan-African Resource Reporting Code (PARC) would enable the continent to standardise and take control of its geological information.
The President also called for accelerated exploration through government-led mineral exploration and national geological mapping, insisting that without exploration, there could be no sovereignty.
He reiterated that Africa must finance its future by taking the lead through sovereign funds and innovative financial tools.
Tinubu highlighted the “courageous acts” of countries like Zimbabwe, Gabon, and Kenya which have enforced bans on raw mineral exports to promote domestic beneficiation. He pledged Nigeria’s commitment to similar reforms.
Dele Alake, Nigeria’s Minister of Solid Minerals Development, welcomed the call for cohesion among African nations. He stated that a unified and transparent approach would allow the continent to fully benefit from its resources.
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Ahunna Eziakonwa, UN Assistant Secretary-General and Regional Director for Africa UNDP, cautioned African leaders to be strategic in their partnerships to prevent “extreme exploitation.”
In a related development, Shettima also participated in a roundtable hosted by the Business Council for International Understanding (BCIU).
He assured investors that President Tinubu’s administration is implementing reforms that have stabilised the economy and created a favourable environment for investment.
Shettima also held a bilateral meeting with Austrian Chancellor Christian Stocker, where they discussed strengthening ties between the two nations.
