AFNIS 2026: Nigeria Leads Africa’s Push for Industrial Transformation

"Africa Must Stop Exporting Poverty, Start Exporting Prosperity.... Says Tinubu

.... Describes Africa’s abundant natural resources as both a historic opportunity and a critical test of leadership.

"Revenues generated by the sector have recorded remarkable growth, rising from about ₦6 billion in 2023 to more than ₦38 billion in 2024 and approximately ₦68.1 billion in 2025." Alake, Minister of Solid Minerals Development.

Nigeria has urged African nations to abandon the long-standing practice of exporting raw natural resources and instead embrace value addition, industrialization, and stronger regional cooperation as a pathway to unlocking the continent’s vast economic potential.

President Bola Ahmed Tinubu made the call at the 5th African Natural Resources and Energy Investment Summit (AFNIS 2026) held at the State House Conference Centre, Abuja, where he challenged African leaders to transform the continent’s mineral wealth into sustainable industrial growth, jobs, and prosperity.

Represented by the Minister of Solid Minerals Development, Dr. Dele Alake, the President described Africa’s abundant natural resources as both a historic opportunity and a critical test of leadership.

The summit, themed “One Africa, One Resource Vision,” brought together ministers, investors, development partners, and industry leaders from across the continent to forge a common strategy for resource-driven development.

Tinubu said Africa could no longer afford to remain a fragmented supplier of raw materials while spending heavily on imported finished products, especially at a time when the global transition to clean energy, critical minerals, and advanced manufacturing has placed the continent at the centre of economic transformation.

“For generations, Africa has been defined by what lies beneath its soil,” he 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 stressed that the era of exporting raw minerals while importing finished goods must come to an end, insisting that African countries must build domestic value chains, develop skilled manpower, and retain more wealth within their economies.

The President further described AFNIS as a strategic platform for continental coordination, noting that Africa’s resource challenges require collective solutions rather than isolated national efforts.

According to him, the continent should begin to function as an integrated resource space where minerals, energy infrastructure, and industrial corridors complement one another across borders.

“A mine in one African country should support processing in another. A gas field in one region should power industrial growth across borders. Africa must think together, plan together, and build together,” he said.

Highlighting Nigeria’s efforts to reposition its mining industry, Alake outlined key reforms introduced under the Tinubu administration’s Renewed Hope Agenda. These include stricter licensing procedures, stronger regulatory oversight, and the revocation of 924 dormant mineral titles to curb speculation and attract genuine investors.

He disclosed that investors are now required to present clear value-addition plans before obtaining mining licences, ensuring that projects contribute to local processing, industrial development, and employment generation.

The Minister also pointed to growing investor confidence in the sector, citing major projects such as a $600 million lithium processing plant, a $200 million lithium refinery near Abuja, additional processing facilities in Nasarawa State, the ASBA lithium plant in the Federal Capital Territory, and a $1 billion iron ore-to-steel project in Kogi State.

According to Alake, the projects signal a gradual shift from extractive mining to industrial-scale mineral processing and manufacturing.

He added that revenues generated by the sector have recorded remarkable growth, rising from about ₦6 billion in 2023 to more than ₦38 billion in 2024 and approximately ₦68.1 billion in 2025.

Both Tinubu and Alake emphasised that Africa’s industrial ambitions would remain unattainable without adequate energy supply and infrastructure. They argued that reliable electricity, transportation networks, logistics systems, and cross-border connectivity are essential for unlocking the full value of the continent’s mineral resources.

“Without power, there can be no modern industry. Without infrastructure, mineral wealth remains trapped underground,” Alake stated.

The Minister called for the development of regional industrial and transport corridors linking mines to processing centres and markets across Africa, while assuring global investors that Nigeria remains open to partnerships focused on local value creation, technology transfer, job creation, and sustainable development.

“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.”