President Bola Tinubu has called for a comprehensive reform of the global financial system to enable African nations to harness the full potential of their mineral resources. Speaking at the Second Africa Minerals Strategy Group High-Level Roundtable on Critical Minerals Development, held alongside the 80th United Nations General Assembly in New York, Tinubu emphasized that Africa must move away from exporting raw minerals and take control of its value chains to maximize economic benefits.
Tinubu outlined four key strategies for achieving this vision: adding value through local beneficiation and green manufacturing, taking ownership of geological data through initiatives like the African Minerals and Energy Resource Classification and the Pan-African Resource Reporting Code, accelerating exploration and mapping via strengthened geological agencies, and mobilizing domestic financing through sovereign wealth funds, blended financing mechanisms, and innovations like the Africa Mineral Token. He praised countries such as Zimbabwe, Gabon, and Kenya for enforcing raw mineral export bans to boost local processing.
The Nigerian President called on African nations, development partners, and private investors to work collectively to implement these reforms. He stressed that unity and coordinated action are essential for Africa to gain sovereignty over its mineral wealth and generate sustainable industrial growth. The initiative aligns with Nigeria’s broader economic agenda under the “Renewed Hope Agenda,” aimed at transforming the nation’s mineral sector into a driver of industrialization and job creation.
