Nigeria has called on African nations to move beyond the export of raw natural resources and urgently embrace value addition, industrialisation, and regional cooperation to unlock the continent’s true economic power.
Speaking at the 5th edition of the African Natural Resources and Energy Investment Summit (AFNIS 2026) held at the State House Conference Centre in Abuja, President Bola Ahmed Tinubu—represented by the Minister of Solid Minerals Development, Dr. Dele Alake—delivered a strong message on Africa’s resource future, describing the continent’s vast mineral endowment as both a historic opportunity and a test of leadership.
The summit, with the theme, “One Africa, One Resource Vision,” brought together African ministers, investors, development partners, and industry leaders to chart a common strategy for harnessing the continent’s natural resources for industrial growth and shared prosperity.
In his address, President Tinubu stressed that Africa can no longer afford to remain a fragmented supplier of raw materials while importing finished goods at high cost. He noted that the global shift toward clean energy, critical minerals, and advanced manufacturing has placed Africa at the centre of global economic transformation.
“For generations, Africa has been defined by what lies beneath its soil,” the President said. “The question before us now is whether Africa will finally turn its wealth into power—power for industries, power for jobs, and power for development.”
He warned that the era of exporting raw minerals while importing finished products must end, insisting that Africa must now “build its own value chains, train its engineers, and retain wealth within its borders.”
One Continent, One Strategy
Tinubu expanded on the administration’s vision, describing AFNIS as more than a conference but a strategic platform for continental coordination.
He said the theme reflects a growing recognition that Africa’s resource challenges cannot be solved in isolation. Instead, countries must begin to treat the continent as a single integrated resource space where minerals, energy systems, and industrial corridors are strategically linked.
“A mine in one African country should support processing in another,” he said. “A gas field in one region should power industrial growth across borders. Africa must think together, plan together, and build together.”
Reforming Nigeria’s Mining Sector
Dr. Dele Alake in the own address used the platform to highlight ongoing reforms in Nigeria’s solid minerals sector under the Tinubu administration’s Renewed Hope Agenda, which prioritises diversification of the economy, job creation, and industrial expansion.
He revealed that the government has tightened licensing processes, strengthened regulatory oversight, and revoked 924 dormant mineral titles to eliminate speculation and encourage serious investment.
According to him, new licensing rules now require investors to present clear value-addition plans, ensuring that mining activities contribute to domestic processing, industrial clusters, and job creation rather than mere extraction.
Billions Flowing Into Processing Projects
The minister also pointed to rising investor confidence in Nigeria’s mining sector, citing several major projects currently underway. These include lithium processing investments worth hundreds of millions of dollars, including a $600 million lithium processing plant, a $200 million refinery near Abuja, and additional facilities in Nasarawa State.
Other projects highlighted include the ASBA lithium plant in the Federal Capital Territory and a $1 billion iron ore-to-steel project in Kogi State—developments he described as early signs of a shift toward industrial mining.
He added that sector revenues have grown significantly, rising from about ₦6 billion in 2023 to over ₦38 billion in 2024, and approximately ₦68.1 billion in 2025.
Energy and Infrastructure as the Missing Link
Both President Tinubu and Dr. Alake emphasised that Africa’s mineral wealth alone cannot guarantee development without reliable energy and infrastructure.
They argued that industrialisation depends on stable electricity, transport networks, logistics systems, and cross-border connectivity.
“Without power, there can be no modern industry,” Alake said. “Without infrastructure, mineral wealth remains trapped underground.”
called for regional development corridors linking mines to processing hubs and markets across Africa.
To global investors, Nigeria presented itself as open for serious, long-term partnerships focused on value creation rather than extraction alone.
Alake said the country welcomes capital that builds industries, creates jobs, transfers technology, and respects local communities.
“Africa is no longer just a source of raw materials,” he said. “We welcome investors who are ready to process locally and grow with us.”
