The African Natural Resources and Energy Summit (AFNIS) has facilitated a landmark Memorandum of Understanding (MoU) between the Africans for Africa (AFA) Initiative and Steron International Resources Limited.
The agreement, which was signed at the end of the fifth edition of AFNIS, aims to accelerate the development of critical minerals in Nigeria, particularly lithium and rare earth elements.
The AFA Initiative was unveiled at AFNIS 2024 with the aim of breaking Africa’s resource extraction cycle through indigenous ownership, community benefits and economic circulation.
It emerged from the collaboration between Core International and Motimosé Metals to address the critical gap between Africa’s immense potential and the networks needed to unlock it.
The initiative aligns with AFNIS’ efforts to encourage value addition in Africa’s mineral sector and curb the export of raw minerals.
This comes as Africa continues to attract global attention for its vast deposits of critical minerals needed for energy transition.
The Co-founder of the initiative, Suleiman Zakari, said that the initiative was unveiled in 2024 to institutionalise African mineral wealth.
“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,” he said.
Mr Abubakar Sadiq, Managing Director of Steron International Resources Limited, said that the MoU would bolster Nigeria’s drive to develop its mining sector to international standards.
“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,” he said.
According to local media reports, the agreement follows weeks of discussions and a recent site visit by senior AFA officials to the project site on the sidelines of AFNIS 2026.
It added that the partnership marks a significant milestone for the Nigerian mining sector, officially designating Steron’s Lithium and Rare Earth Elements (REE) project in Wasa as a potential Official AFA Mining Fund Pipeline Project.
Under the framework, Steron will receive dedicated capital support and specialised technical optimisation to ensure that the project aligns with the highest international standards of bankability and sustainable mining.
Meanwhile, Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, was officially invested as Chairman of the African Minerals Strategy Group (AMSG).
AMSG was established in 2024 by African ministers responsible for minerals and mining to promote cooperation among African countries and ensure that the continent derives greater benefits from its vast mineral resources.
GIK/APA