President Bola Tinubu has called for a total rephase in the global financial architecture of Africa’s mineral resources, saying it was time for its nations to begin to not only finance its mineral sector but also assert their influence and power in the African products’ global supply chains.
The President stated that this had become necessary if African nations’ sovereignty is to be protected, just as he recommended collective action by development allies and partners, to bring Africa’s mineral economy to reality for the benefit of the continent.
President Tinubu, represented by Vice President Kashim Shettima, called for these decisive actions at the Second Africa Minerals Strategy Group (AMSG) High-Level Roundtable on Critical Minerals Development in Africa, held on the margins of the 80th Session of the United Nations General Assembly, New York City.
Vice President Kashim Shettima is representing President Bola Tinubu at the 80th UNGA in New York.
Tinubu’s position at the event position was made known in a statement on Tuesday by Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications.
“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. To safeguard this sovereignty, we must guard our cobalt, lithium, graphite, gold, and rare earths not as fragmented states but as one continental bloc, wielding collective power in global supply chains,” the President submitted.
Pledging Nigeria’s commitment towards catalyzing a mineral-led renaissance under the Renewed Hope Agenda, as exemplified back home, President Tinubu urged African leaders to end the “ignoble cycle” of importing finished goods through accelerated government-led mineral exploration.
To unlock Africa’s mineral economic future, the President said the objective will materialize based on four imperatives.
Vice President Kashim Shettima is representing President Bola Tinubu at the 80th UNGA in New York.
First, Tinubu urged African nations to climb the value chain, adding, “We must end the ignoble cycle of exporting rocks and importing finished goods. From beneficiation to green manufacturing, Africa must build industries on African soil.”
The President continued, “Second, I am proud to announce that with the African Minerals and Energy Resource Classification (AMREC), and the Pan-African Resource Reporting Code (PARC), we will no longer beg for geological knowledge of our own land. Africa’s data will be mapped, standardized, and owned by Africans.
“Third, data alone is not enough. We must accelerate government-led mineral exploration and national geological mapping.
“Without exploration, there is no sovereignty. Without mapping, there is no value. Every member state must prioritize country-wide surveys, strengthen geological agencies, and pool expertise through AMSG. For when Africa owns the map, Africa owns the future.”
Fourthly, President Tinubu urged African leaders to take the bull by the horns in financing Africa’s future. “With sovereign funds, blended vehicles, and innovative tools like the Africa Mineral Token, Africa shall finance Africa,” the President maintained.
The President demanded a collective demonstration of leadership while calling upon sovereign wealth funds, private partners, and development allies to join Africa in rewriting the story of Africa’s mineral economy.
Vice President Kashim Shettima is representing President Bola Tinubu at the 80th UNGA in New York.
“Nigeria, Uganda, Zimbabwe, Burkina Faso, Mali, Botswana, Gabon, and Ghana are already leading this new age of equal exchange, enforcing bans on the export of raw minerals to promote domestic beneficiation. Zimbabwe’s ban on raw lithium in 2022, Gabon’s decision to end manganese exports by 2029, and Kenya’s plan to restrict raw gold exports are historic acts of courage.Nigeria is accelerating similar reforms, for we know this is the road to jobs, to industries, and to prosperity,” the President said.
The President commended Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, who chairs the event, and the Secretary-General, H.E. Moses Michael Engadu of Uganda, for guiding Africa towards a path of productivity and pride.
The President concluded, “As Chair of this Roundtable, I pledge Nigeria’s unflinching commitment to ensuring that AMSG fulfils its promise of catalyzing a mineral-led renaissance. Let us rise from this dialogue with a communiqué of clarity, a framework for action, and a spirit of unity.”
Earlier, Dele Alake while welcoming stakeholders and partners to the event called for cohesion amongst African nations saying with determined focus and a reinvigorated sense of partnership and transparency in the minerals sector, Africa will harness in all ramifications the total benefits of a sustained, deepened and well harmonised mineral sector, adding that, “these resources are indispensable for global sustainable development and remain catalyst for Africa’s rapid industrialisation”.
Speaking at the event, UN’s Assistant Secretary General and Regional Director, Africa UNDP, Ahunna Eziakonwa, urged African leaders to be cautious in terms of how they position to make most of the African resources for the people rather than to be subjected to extreme exploitation which is already happening, and being extracted without appropriate value.
She also emphasised the need for leaders in the continent to ensure partnership that delivers technology transfer, beneficiation and create jobs, saying ” there is a scramble and a lot of interest in Africa’s minerals, people are coming to partner, Africa can shape the quantum of that partnership and determine what works from the partnership.
Also, Jozef Stkela, European Union Commissioner for International Partnership, said in the last few years, European Union structured its approach, boost, and secured its supply of critical raw materials.
He said that EU adopted Critical Raw Materials Act in 2024, to increase domestic production and diversity supply outside the European Union,saying “under this Act and our global gateways strategy, we have signed 14 strategic partnership with on raw materials value chain of which four are in Africa.”