Nigerian President Bola Ahmed Tinubu has called on African countries to transform their vast mineral resources into economic power by moving beyond the export of raw materials and investing in local processing and industrial development.
Speaking at the opening of the 2026 African Natural Resources and Energy Investment Summit (AFNIS) in Abuja, Tinubu said Africa could no longer allow other economies to benefit from the continent’s resources while it remains a supplier of unprocessed commodities.
Represented by the Minister of Solid Minerals Development, Dele Alake, the president said Africa’s future prosperity depends on developing local industries, building processing capacity and creating value across the minerals supply chain.
The summit, held under the theme “One Africa, One Resource Vision,” brought together African leaders, policymakers, mining executives and international investors to discuss strategies for unlocking the continent’s natural resource potential.
Tinubu said Africa’s critical mineral reserves place the continent at the centre of the global energy transition, but warned that countries must move beyond extraction if they are to benefit fully.
“There will be no global energy transition without Africa’s critical minerals,” he said, adding that “the future will belong to those who create value, not merely those who extract resources.”
Alake said Nigeria was implementing reforms to attract investment, improve transparency and promote domestic mineral processing.
He disclosed that more than 10,000 inactive mineral licences had been revoked as part of efforts to remove speculative holdings and make mining assets available to serious investors.
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The minister said the reforms had attracted major investments, including lithium processing projects valued at US$900 million and US$600 million, a completed US$200 million lithium processing facility awaiting commissioning and a US$1 billion iron ore project aimed at strengthening domestic steel production.
Recent geological surveys, he added, had identified commercially viable deposits of lithium, nickel, copper, gold and platinum group metals in Kaduna State and other parts of Nigeria.
Alake said the discoveries reinforced Nigeria’s ambition to become a major destination for mining and mineral processing investment in Africa.
He also stressed the importance of developing skilled workers, including geologists, engineers, metallurgists and technology specialists, to support the continent’s industrial transformation.
“The economy of the future will require geologists, engineers, metallurgists, data analysts and technology experts,” he said.
The Secretary-General of the African Mineral Strategy Group, Moses Michael Engadu, called for stronger cooperation among African countries, saying collective action would allow the continent to maximise its resource advantage.
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Lawmakers also highlighted the need to secure mineral assets and ensure that natural resources deliver tangible benefits to citizens.
Meanwhile, Vincent Amu, founder of OilDynamix Limited, said technology could help reduce exploration costs and accelerate mineral discoveries across Africa.
He said the company’s Termovision Tomography technology uses satellite-based thermal data to identify potential mineral deposits, offering a faster alternative to traditional exploration methods.
Amu said high exploration costs and unreliable geological data remain major barriers to mining investment and called for government support through lower import duties on mining equipment, simpler licensing procedures and incentives for local operators.
He argued that improved access to accurate geological information would help reduce investment risks and increase efficiency in the mining sector.
The discussions at AFNIS 2026 highlighted a broader push across Africa to use technology, investment and policy reforms to convert mineral wealth into jobs, industrial growth and long-term economic development.
