Abuja: 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, signed at the conclusion of the fifth edition of AFNIS, seeks to accelerate the development of critical minerals in Nigeria, with a focus on lithium and rare earth elements.
According to News Agency of Nigeria, the AFA Initiative was unveiled at AFNIS 2024, aiming to break Africa’s resource extraction cycle through indigenous ownership, community benefits, and economic circulation. The initiative is a result of collaboration between Core International and Motimos© Metals, addressing the gap between Africa’s potential and the necessary networks to unlock it. It aligns with AFNIS’ efforts to encourage value addition in Africa’s mineral sector and reduce the export of raw minerals.
This development comes as Africa garners global attention for its deposits of critical minerals needed for energy transition. Suleiman Zakari, Co-founder of the initiative, noted that the AFA Mining Fund is institutionalised and nearing its first close, with the Steron partnership demonstrating a shift from vision to tangible, impactful reality. Abubakar Sadiq, Managing Director of Steron International Resources Limited, stated that the MoU supports Nigeria’s goal to develop its mining sector to international standards, ensuring projects meet global Environment, Social, and Governance (ESG) standards while delivering economic benefits to local communities.
NAN reports that the agreement follows weeks of discussions and a site visit by senior AFA officials to the project site during AFNIS 2026. The partnership marks a significant milestone for Nigeria’s mining sector, designating Steron’s Lithium and Rare Earth Elements project in Wasa as a potential Official AFA Mining Fund Pipeline Project. Steron will receive capital support and technical optimisation to align the project with international standards of bankability and sustainable mining.
In another development, Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, was invested as Chairman of the African Minerals Strategy Group (AMSG). AMSG, established in 2024 by African ministers responsible for minerals and mining, promotes cooperation among African countries to ensure greater benefits from the continent’s mineral resources. Alake was presented with instruments of ratification, including the organisation’s charter, to guide his duties. AMSG Secretary-General, Moses Engadu, highlighted that Alake is expected to champion initiatives for repositioning Africa’s mineral resources as catalysts for sustainable development and economic transformation.