Indigenous Mining Firms Sign MOU to Boost Nigeria's Sector

On Thursday, a landmark agreement was signed in Abuja between Steron International Resources Limited and AFA Initiatives, marking a significant milestone in Nigeria's mining sector. The memorandum of understanding (MOU) aims to accelerate the development of critical mineral exploration, particularly focusing on lithium and rare earth elements (REE).

This agreement was formalized during the African Natural Resources and Energy Summit (AFNIS) 2026, attended by various stakeholders, including Nigerian ministers and agencies. Suleiman Zakari, co-founder of AFA Initiatives, emphasized the importance of local economic benefits, ensuring that at least 51% of the economic value generated from the project remains within the local community.

Engr Abubakar Sadiq, Managing Director and CEO of Steron International Resources Limited, stated that the MOU reflects a shared belief in the potential of Nigerian mining projects to meet global environmental, social, and governance (ESG) standards. The partnership is part of AFA Initiatives' broader vision to institutionalize African mineral wealth and drive resource sovereignty across the continent.