Key points
- Africans for Africa (AFA) Initiative and Steron International Resources Limited signed an MoU to accelerate the development of lithium and rare earth projects in Nigeria.
- Steron’s Wasa lithium and rare earth project has been designated a potential pipeline project under the AFA Mining Fund.
- The partnership will provide capital support and technical assistance aimed at meeting international bankability and sustainability standards.
- Nigeria’s Minister of Solid Minerals Development, Dele Alake, was formally invested as Chairman of the African Minerals Strategy Group (AMSG).
- The developments reinforce efforts to promote value addition in Africa’s mineral sector and reduce dependence on raw mineral exports.
Main story
The fifth edition of the African Natural Resources and Energy Summit (AFNIS) concluded with a major agreement aimed at strengthening Nigeria’s position in the global critical minerals market.
At the close of the summit, the Africans for Africa (AFA) Initiative and Steron International Resources Limited signed a Memorandum of Understanding (MoU) to support the development of lithium and rare earth element projects in Nigeria. The agreement is expected to accelerate investment, technical development and sustainable mining practices in a sector that is attracting increasing global attention because of the growing demand for energy transition minerals.
According to the News Agency of Nigeria (NAN), the partnership follows weeks of engagements between both organisations, including a recent site visit by senior AFA officials to Steron’s mining project in Wasa. Under the arrangement, the project has been identified as a potential pipeline asset under the AFA Mining Fund, positioning it for financial and technical support.
The agreement is part of broader efforts to ensure that Africa captures greater value from its mineral resources through local ownership, processing and economic participation rather than relying primarily on raw mineral exports.
In a related development, Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, was formally invested as Chairman of the African Minerals Strategy Group (AMSG), a continental platform established to promote cooperation among African countries and maximise the benefits derived from the continent’s mineral wealth.
The investiture places Nigeria at the forefront of efforts to strengthen regional collaboration on mineral development, value addition and resource governance across Africa.
The issues
Africa holds some of the world’s largest deposits of critical minerals needed for electric vehicles, batteries and clean energy technologies, yet much of the continent continues to export raw materials with limited local processing.
Industry stakeholders argue that increasing local ownership, attracting investment and developing value chains within Africa are necessary to ensure mineral wealth translates into industrialisation, job creation and broader economic development.
The emergence of critical minerals as strategic global commodities has also intensified competition among countries seeking to secure supply chains for the energy transition.
What’s being said
“Today, with the AFA Mining Fund institutionalised and nearing its first close, this partnership with Steron demonstrates that our strategy is moving from vision to tangible, high-impact reality.” — Suleiman Zakari, Co-founder, AFA Initiative
“This MOU is a testament to our shared belief that Nigerian mining projects can and must meet global Environment, Social and Governance (ESG) standards while delivering transformative economic outcomes for our local communities.” — Abubakar Sadiq, Managing Director, Steron International Resources Limited
“The ceremony formally entrusted Alake with the responsibility of advancing initiatives that would foster unity, cooperation and prosperity across the continent.” — Moses Engadu, Secretary-General, African Minerals Strategy Group
What’s next
Steron’s Wasa project is expected to undergo further technical optimisation and funding assessments under the AFA Mining Fund framework. The partnership will focus on improving project bankability, ESG compliance and long-term sustainability.
Meanwhile, Alake is expected to lead AMSG initiatives aimed at strengthening continental cooperation, advancing mineral value addition strategies and promoting policies that enable African countries to derive greater benefits from their natural resources.
Bottom line
The MoU between AFA and Steron signals growing efforts to build African-owned critical mineral projects capable of competing globally, while Alake’s emergence as AMSG chairman highlights a wider continental push to convert Africa’s mineral wealth into industrial growth, investment and long-term economic value.
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