New ‘Africans for Africa Fund’ Aims to Secure Africa’s Mining Wealth
In a move that could reshape how Africa develops its vast mineral wealth, the Federal Government has announced a homegrown financing initiative called the ‘Africans for Africa Fund.’ The plan is about a mindset shift that says Africans should back African industries with African capital.
Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, made this bold statement during a briefing in Abuja ahead of the 2025 African Natural Resources and Energy Investment Summit (AFNIS 2025) set for July 15 to 17.
The grand idea has sparked excitement and some skepticism across Africa’s business community. After all, Africa exports billions of dollars’ worth of raw minerals every year, yet too often watches the real wealth get added abroad when these minerals get refined, manufactured, and sold back at premium prices.
So what’s different now? AFNIS 2025, themed “Harnessing Local Content for Sustainable Development,” wants to flip that script. Instead of talking about Africa’s “potential,” the summit wants to show measurable progress. That means refineries at home. Local factories. Jobs created where the resources come from.
About The Africans for Africa Fund
The fund aims to pool capital from African governments, private investors, and development partners. The idea is to use African money to build African industries, cutting down reliance on foreign loans and overseas investors who often set the terms.
Obadiah Nkom, Director-General of the Mining Cadastre Office, stood in for Alake at the briefing and laid out the plan: attract investment across the solid minerals value chain, from exploration to processing. He added that the initiative will be the highlight of the fourth AFNIS summit, now recognized as Africa’s biggest matchmaking platform for resource investment.
Industry insiders say this could boost Nigeria’s push to formalize artisanal mining, attract responsible investors, and keep more value within communities. Under the Renewed Hope Agenda, the Tinubu administration wants to roll out new mineral data platforms, enforce community development agreements, and crack down on illegal mining.
In other news, iNaijanow recently shared a post on Oando’s plan to integrate AI into drilling operations.
The Optimism and Skepticism About The Africans for Africa Fund
Not everyone thinks the fund will deliver overnight miracles. Local miners, policy analysts, and some civil society voices want to see clear guardrails to ensure the money doesn’t end up lining pockets or feeding corruption, a problem that has dogged Africa’s mining industry for decades.
Yet the buzz around the ‘Africans for Africa Fund’ feels different. Last year’s AFNIS summit showcased the idea for the first time and drew over 1,000 stakeholders, including African heads of state and global investors. The fact that the 2025 edition already has confirmed speakers from Kenya, Sierra Leone, Malawi, Liberia, Senegal, and South Sudan suggests regional buy-in is growing.
Hassan Joho, a Kenyan leader known for championing local content, will share insights on how East African countries can tap into the fund. Sierra Leone’s Julius Mattai and clean energy advocate Damilola Ogunbiyi will also join the discussion on how mining, energy, and agriculture can work together for real economic growth.
Experts Call For Action Not Just Talks
While the pitch sounds solid, experts want to see practical steps: Will small-scale miners get easier access to the fund? How will governments ensure transparency in spending? Will communities benefit directly, or will the wealth stay in capital cities?
Dr. Alake says the message is clear: Africa is tired of sitting on untapped wealth. “We are done talking about potential. We are focused on production, adding value, and building industries that create jobs for our people.”
If the plan works, Nigeria could become a model for how to keep mineral wealth circulating within the continent. If it doesn’t, critics warn it could become yet another political promise that never leaves the boardroom.
If you enjoyed this article, click here to read more informative posts, also check us out on Instagram for fun and engaging content.
Disclaimer: The opinions, views, and information expressed in this article are those of the author and do not necessarily reflect the official policy, position, or views of iNaijanow. The company assumes no liability for any errors, omissions, or damages arising from the use of this information.
