The Africans for Africa (AFA) Initiative and Steron International Resources Limited, on Thursday, signed a strategic Memorandum of Understanding (MoU) to accelerate the development of lithium and rare earth minerals for sustainable mining across the continent.

 

Under the partnership, Steron’s Lithium and Rare Earth Elements (REE) Project in Wasa has been designated as a potential “Official AFA Mining Fund I Pipeline Project,” making it eligible for dedicated capital support and technical optimization designed to align the project with international standards of bankability, environmental sustainability and operational excellence.

 

The agreement was signed at the African Natural Resources and Energy Investment Summit (AFNIS 2026) in Abuja, in the presence of government officials, investors, development partners and stakeholders in the mining sector.

 

Speaking during the signing ceremony, the Managing Director and Chief Executive Officer of Steron International Resources Limited, Engr. Abubakar Sadiq Omar, described the partnership as a significant endorsement of Nigeria’s growing mining industry.

 

Omar said that the partnership underscored the possibility of building globally competitive mining projects in Nigeria while delivering tangible benefits to local communities.

 

He said: “This MOU is a testament to our shared belief that Nigerian mining projects can and must meet global ESG standards while delivering transformative economic outcomes for our local communities. Our objective is to demonstrate that responsible mining and economic development can go hand in hand.

 

“Investors increasingly demand sustainability, and communities increasingly demand inclusion. We believe both objectives can be achieved simultaneously.”

 

He said that the partnership reflected a new generation of African entrepreneurs determined to take control of the continent’s natural resources and drive industrial development.

 

He stressed that the long-term objective goes beyond mining and focuses on building the expertise required to process minerals into finished products within Nigeria and across Africa.

 

He added, “Our generation has given birth to a category of Africans who are taking charge of our resources. We did not place ourselves here; God did. It is now our responsibility to develop these resources for the benefit of humanity, beginning with the host communities and host countries where these resources are found.

 

“We are prioritising rare earth elements because these minerals are increasingly becoming the backbone of modern technology. Around the world, people are only beginning to understand these elements and their importance.

 

“However, we are not new to the products they create. Every one of us uses them daily. They are found in inverter systems, electronics, electrical appliances, renewable energy technologies, electric vehicles and virtually every technology that will define the future economy.

 

“What we have committed ourselves to doing is establishing the quality and quantity of these deposits and ensuring that we harness them in a manner that benefits our people. The opportunities are enormous. As long as these deposits exist, the possibilities remain limitless.”

 

The Steron boss disclosed that the company had identified three major rare earth element deposits in Nigeria’s Middle Belt and intends to dedicate substantial resources to developing them.

 

He also praised the Federal Government’s ongoing reforms in the solid minerals sector, particularly the efforts of the Minister of Solid Minerals Development, Dele Alake.

 

“It could not have come at a better time. The leadership of the ministry coincided with a period when the world is rapidly transitioning towards cleaner energy systems. We understand that global demand for critical minerals will continue to grow as countries seek to achieve their energy transition goals by 2030 and beyond,” he added.

 

A key component of the collaboration is the adoption of AFA’s 51 per cent Total African Benefit (TAB) Model, which seeks to ensure that a minimum of 51 per cent of the economic and commercial value generated by the project remains within Africa through local processing, domestic supply chain participation and direct investments in host communities.

 

Also speaking at the event, Co-founder of the AFA Initiative, Suleiman Zakari, said the agreement demonstrates the progress being made in transforming Africa’s mineral wealth into tangible economic value.

 

Zakari said: “Two years ago, we launched the AFA Initiative on this very stage with a vision to institutionalize 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.”

 

According to the parties, the agreement follows weeks of engagements and recent site visits by senior AFA officials to the Wasa project on the sidelines of AFNIS 2026.

 

Delivering remarks at the event, the Governor of Nasarawa State, Engr Abdullahi Audu Sule, commended the Federal Ministry of Solid Minerals Development, led by Dr. Dele Alake, for championing policies that encourage local value addition in the mining sector.

 

Sule said: “We must commend the Federal Ministry of Solid Minerals Development, especially my dear brother and senior colleague, the Honourable Minister, Dr. Dele Alake, as well as the organizers of this event, development partners, investors and stakeholders whose commitment has brought us to where we are today.”

 

The governor, whose state hosts some of Nigeria’s most significant lithium deposits, said Nasarawa had consistently pursued a policy requiring mining companies to undertake at least the first stage of mineral processing within the state rather than exporting raw materials.

 

According to him, the policy initially faced resistance but gained momentum following the inauguration of President Bola Ahmed Tinubu’s administration and the appointment of Alake as Minister of Solid Minerals Development.

 

Sule disclosed that Nasarawa State is currently home to Nigeria’s largest and second-largest lithium processing plants, describing the development as evidence that local beneficiation can attract investment while creating jobs and economic opportunities.

 

He praised mining firm Avatar New Energy for establishing the country’s largest lithium processing facility and challenged investors to expand processing capacity further within the state.

 

The governor also highlighted reforms undertaken by his administration to improve investor confidence, including strengthened collaboration with the Federal Ministry of Solid Minerals Development, support for responsible mining practices and the establishment of an Infrastructure Fund backed by five per cent of the state’s Internally Generated Revenue (IGR).

 

The signing coincided with renewed calls for greater beneficiation and local processing of Africa’s mineral resources, a theme that dominated discussions at the summit.