President Bola Tinubu has called for a fundamental reform of the global financial systems governing Africa’s mineral resources.
Speaking at the Second Africa Minerals Strategy Group (AMSG) High-Level Roundtable in New York, on the sidelines of the 80th United Nations General Assembly, Tinubu, represented by Vice President Kashim Shettima, urged African nations to take charge of their mineral assets and secure their influence in global supply chains.
“We must take the bull by the horns in financing our future,” he stated.
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Tinubu emphasised that African nations should no longer wait for foreign capital to trickle in.
Instead, he recommended using sovereign funds, blended finance models, and innovative tools like the Africa Mineral Token to enable Africa to “finance Africa.”
To protect their collective sovereignty, Tinubu urged African countries to act as a single bloc when it comes to controlling critical minerals like cobalt, lithium, and gold.
Under his “Renewed Hope Agenda”, Tinubu pledged Nigeria’s commitment to a mineral-led renaissance and unveiled a four-point plan to unlock Africa’s mineral economic future.
He stressed the need to end the cycle of exporting raw materials and importing finished goods, urging Africa to build its own industries for beneficiation and green manufacturing.
He announced that with the African Minerals and Energy Resource Classification (AMREC) and the Pan-African Resource Reporting Code (PARC), the continent would no longer “beg for geological knowledge of our own land.”
Tinubu further called for government-led mineral exploration and geological mapping, declaring that “when Africa owns the map, Africa owns the future.”
He also reiterated that with new financial tools, Africa must take the lead in financing its own future.
He commended African nations such as Nigeria, Zimbabwe, and Gabon for their bold steps in banning the export of raw minerals to promote domestic beneficiation.
Economic reforms
In a related development, Shettima attended a roundtable hosted by the Business Council for International Understanding (BCIU).
He highlighted Nigeria’s ongoing economic reforms under Tinubu and assured international investors that they have a strong ally in the Nigerian government.
“In President Tinubu, they have an ally, a friend, and a colleague who grew up in the American ecosystem, who speaks their language and the language of business,” the Vice President stated.
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He urged them to invest in Nigeria, emphasising the improved business environment and the country’s economic stability.
Separately, Shettima held a bilateral meeting with Austrian Chancellor Christian Stocker to explore new ways of deepening the relationship between the two countries.
