The Africans for Africa (AFA) Initiative and Steron International Resources Limited have signed a strategic Memorandum of Understanding (MoU) aimed at accelerating the development of lithium and rare earth mineral resources in Nigeria.
The agreement was signed on Thursday at the African Natural Resources and Energy Investment Summit (AFNIS) 2026 in Abuja before government officials, industry stakeholders, investors and development partners.
The partnership marks a significant step for Nigeria’s mining industry, with Steron’s lithium and rare earth elements (REE) project in Wasa being designated as a potential “Official AFA Mining Fund Pipeline Project.”
Under the agreement, Steron will benefit from dedicated capital support and specialised technical optimisation designed to ensure the project meets international standards for bankability, environmental sustainability and operational excellence.
A key feature of the collaboration is the adoption of AFA’s 51 per cent Total African Benefit (TAB) Model, an impact-driven framework aimed at ensuring that at least 51 per cent of the economic value generated by the project remains within Africa.
The model promotes local processing of minerals, integration of domestic supply chains and direct investments in host-community infrastructure, thereby supporting broader economic development across the continent.
Speaking at the signing ceremony, Co-founder of the AFA Initiative, Suleiman Zakari, said the partnership demonstrates the progress being made towards transforming Africa’s mineral wealth into sustainable economic value.
“Two years ago, we launched the AFA Initiative on this very stage with a vision 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,” Zakari said.
The agreement follows weeks of engagements between both organisations, including a recent site visit by senior AFA officials to the Wasa project on the sidelines of AFNIS 2026.
Managing Director and Chief Executive Officer of Steron International Resources Limited, Engr. Abubakar Sadiq, described the MoU as a reflection of a shared commitment to responsible mining and sustainable development.
“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,” Sadiq said.
The AFA Initiative is a specialised institution focused on promoting resource sovereignty across Africa through strategic investments in critical mineral projects. It manages the AFA Mining Fund I, a private equity vehicle that supports projects meeting the requirements of its 51 per cent Total African Benefit model.
Steron International Resources Limited is a Nigerian mining company engaged in the exploration and development of lithium and rare earth elements. The Abuja-based firm says it is committed to sustainable mineral production and advancing Nigeria’s industrialisation agenda through responsible resource development.
