New york city: President Bola Tinubu has called for a comprehensive reform of the global financial architecture governing Africa’s mineral resources. Represented by Vice-President Kashim Shettima, Tinubu delivered this message at the Second Africa Minerals Strategy Group (AMSG) High-Level Roundtable on Critical Minerals Development in Africa.
According to News Agency of Nigeria, the event took place on the margins of the 80th Session of the United Nations General Assembly in New York City. Tinubu emphasized the need for African nations to not only finance their own mineral sectors but also to gain greater influence and control over the global supply chains of their products, thereby safeguarding their sovereignty.
Tinubu urged a collective effort from development partners and allies to unlock the continent’s mineral economy for Africa’s benefit. He stated, “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.”
Highlighting the need for a united front, Tinubu called for African nations to safeguard their resources such as cobalt, lithium, graphite, gold, and rare earths as a continental bloc. He pledged Nigeria’s commitment to a mineral-led renaissance under the Renewed Hope Agenda, urging African leaders to end the cycle of importing finished goods by accelerating government-led mineral exploration.
Tinubu outlined four key imperatives for unlocking Africa’s mineral economic future, including moving up the value chain and announcing the African Minerals and Energy Resource Classification (AMREC) and the Pan-African Resource Reporting Code (PARC). He stressed the importance of government-led mineral exploration and national geological mapping to ensure sovereignty and value.
The President called for a collective demonstration of leadership, urging sovereign wealth funds, private partners, and development allies to support Africa in rewriting the narrative of its mineral economy. He praised countries like Nigeria, Uganda, Zimbabwe, Burkina Faso, Mali, Botswana, Gabon, and Ghana for enforcing bans on raw mineral exports to promote domestic beneficiation.
Tinubu commended Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, and Uganda’s Secretary-General Moses Michael Engadu for their leadership in guiding Africa towards productivity and pride. He pledged Nigeria’s commitment to ensuring AMSG fulfills its promise of catalyzing a mineral-led renaissance.
Earlier, Dr. Alake called for cohesion among African nations, emphasizing the need for partnership and transparency to harness the full benefits of the mineral sector. Ahunna Eziakonwa, UN Assistant Secretary General and Regional Director, Africa UNDP, urged African leaders to ensure partnerships that deliver technology transfer and job creation, rather than exploitation.
Jozef Stkela, European Union Commissioner for International Partnership, highlighted the EU’s efforts to secure its supply of critical raw materials, including partnerships with African nations.
In a related development, Vice-President Shettima held a roundtable with the Business Council for International Understanding and other conglomerates, discussing investment opportunities in Nigeria. He highlighted the economic reforms of President Tinubu’s administration, encouraging investors to take advantage of the improved business environment.
Shettima also met with Austria’s Chancellor, Christian Stocker, to discuss strengthening ties and exploring new areas of cooperation on the sidelines of the UN General Assembly.