As the 5th African Natural Resources and Energy Investment Summit, AFNIS, came to a close in Abuja stakeholders unveiled major partnerships and renewed commitments aimed at accelerating Africa’s resource development, local value addition and sustainable mining practices.
One of the highlights of the summit was the signing of a strategic Memorandum of Understanding, MoU, between the Africans for Africa, AFA, Initiative and Steron International Resources Limited to advance the development of lithium and rare earth minerals in Nigeria.
The agreement, signed on the main stage of the summit and witnessed by key industry stakeholders, designates Steron’s Lithium and Rare Earth Elements, REE, project in Wasa as a potential “Official AFA Mining Fund I Pipeline Project.”
Under the partnership, Steron is expected to receive capital support and technical assistance to enhance project development, improve bankability and ensure compliance with international standards for sustainable mining.
A key component of the collaboration is the adoption of AFA’s 51 per cent Total African Benefit (TAB) Model, which seeks to ensure that at least 51 per cent of the economic value generated by the project remains within Africa through local processing, domestic supply chains and investments in host communities.
Speaking at the signing ceremony, Co-founder of the AFA Initiative, Suleiman Zakari, said the partnership reflects the organisation’s commitment to transforming Africa’s mineral wealth into tangible economic benefits for the continent.
He noted that the institutionalisation of the AFA Mining Fund marks a significant step towards supporting critical mineral projects capable of driving industrialisation and sustainable development across Africa.
Managing Director and Chief Executive Officer of Steron International Resources Limited, Mr. Abubakar Sadiq, described the agreement as a demonstration that Nigerian mining projects can meet global environmental, social and governance standards while delivering meaningful economic benefits to local communities.
Meanwhile, Governor Abdullahi Sule of Nasarawa State used the summit to showcase the state’s responsible mining framework, describing it as a tripartite arrangement that guarantees benefits for investors, government and host communities.
The governor said the state remains committed to creating an enabling environment for mining investments through effective regulation, environmental protection and transparent revenue management.
According to him, responsible mining ensures fair returns for investors, protects government revenues and safeguards the interests of host communities.
Sule said the state has established an Infrastructure Fund backed by law, with five per cent of its Internally Generated Revenue dedicated to supporting investments in strategic sectors, particularly mining and agriculture.
He explained that the fund is used to provide critical infrastructure such as access roads, electricity, security and other facilities needed to support business operations and attract investors.
The governor described AFNIS as an important platform for fostering partnerships and advancing discussions on sustainable resource development across Africa.
He urged investors, development finance institutions, technology providers and industrial partners to explore opportunities in Nigeria and Nasarawa State, citing the state’s abundant mineral resources, stable investment climate and investor-friendly policies.
Sule emphasised that Africa’s economic future depends on stronger collaboration among governments, investors, communities and development partners, stressing the need for the continent to move beyond exporting raw materials towards local processing and value addition.
The summit, themed “One Africa, One Resource Vision,” brought together policymakers, investors, industry leaders and development partners from fifteen African countries to explore strategies for harnessing Africa’s natural resources for sustainable economic growth and industrial transformation.
