Tinubu Calls for Overhaul of Global Financial System to Empower Africa’s Mineral Economy

President Bola Tinubu has urged a sweeping reform of the global financial architecture governing Africa’s mineral wealth, insisting that the continent must take control of its resources and value chains.

Tinubu, represented by Vice President Kashim Shettima, made the call at the Second Africa Minerals Strategy Group (AMSG) High-Level Roundtable on Critical Minerals Development in Africa, held on the sidelines of the 80th UN General Assembly in New York.

He stressed that African nations must stop waiting for external capital and instead finance their mineral sectors independently to safeguard sovereignty.

“We must take the bull by the horns in financing our future. Never again shall we wait for capital to trickle in. With sovereign funds, blended vehicles, and innovation tools like the Africa Mineral Token, Africa shall finance Africa,” Tinubu said.

The President emphasized the need for African states to protect key minerals such as cobalt, lithium, graphite, gold, and rare earths, not as fragmented countries but as a united continental bloc.

Highlighting four key imperatives, he called on African leaders to:

• End the cycle of exporting raw minerals and importing finished products by building industries on African soil.
• Implement the African Minerals and Energy Resource Classification (AMREC) and the Pan-African Resource Reporting Code (PARC) to own geological data.
• Accelerate government-led mineral exploration and geological mapping to enhance sovereignty.
• Mobilize sovereign wealth funds, private partners, and development allies to drive a mineral-led renaissance.

Tinubu cited examples of African countries already enforcing bans on raw mineral exports, including Zimbabwe’s lithium export ban in 2022, Gabon’s planned halt to manganese exports by 2029, and Kenya’s restrictions on raw gold exports. He noted Nigeria is also pursuing similar reforms under the Renewed Hope Agenda.

Commending Dr Dele Alake, Nigeria’s Minister of Solid Minerals Development and chair of the roundtable, Tinubu pledged Nigeria’s “unflinching commitment” to ensuring AMSG delivers on its vision.

Meanwhile, UNDP’s Ahunna Eziakonwa cautioned African leaders to guard against exploitation and instead negotiate partnerships that promote technology transfer, beneficiation, and job creation. The EU Commissioner for International Partnership, Jozef Stkela, also highlighted Europe’s new Critical Raw Materials Act (2024), which includes strategic partnerships with African states.

In parallel engagements, Vice President Shettima attended a Business Council for International Understanding roundtable, highlighting Nigeria’s investment opportunities and economic reforms under Tinubu’s administration. He assured investors that Nigeria’s economy had “turned the corner” and stressed there has never been a better time to invest in the country.

Shettima also met with Austrian Chancellor Christian Stocker to explore new areas of cooperation and strengthen bilateral ties.