By Palma Ileye
Africans for Africa (AFA) Initiative and Steron International Resources Limited have signed a strategic Memorandum of Understanding (MoU) aimed at accelerating the development of lithium and rare earth minerals in Nigeria.
The agreement was signed yesterday at the African Natural Resources and Energy Investment Summit (AFNIS 2026) in Abuja in the presence of government officials, industry stakeholders and investors.
The partnership designates Steron’s lithium and rare earth elements (REE) project in Wasa as a potential Official AFA Mining Fund I Pipeline Project, making it eligible for dedicated capital support and technical optimisation to enhance its bankability and ensure compliance with international standards for sustainable mining.
Under the agreement, the project will adopt AFA’s 51 per cent Total African Benefit (TAB) Model, an impact framework designed to ensure that at least 51 per cent of the economic value generated by the project remains within Africa through local mineral processing, domestic supply chain development and investments in host community infrastructure.
Speaking during the signing ceremony, Co-founder of the AFA Initiative, Suleiman Zakari, said the partnership represents a major step in translating the organisation’s vision into practical outcomes.
“Two years ago, we launched the AFA Initiative on this very stage with a vision to institutionalise African mineral wealth. Today, with the AFA Mining Fund institutionalised and nearing its first close, this partnership with Steron demonstrates that our strategy is moving from vision to tangible, high-impact reality,” he said.
The MoU follows weeks of engagements between both organisations, including a recent visit by senior AFA officials to Steron’s Wasa mining project on the sidelines of AFNIS 2026.
Managing Director and Chief Executive Officer of Steron International Resources Limited, Engr. Abubakar Sadiq, said the agreement reflects a shared commitment to developing globally competitive mining projects that also benefit local communities.
“This MoU is a testament to our shared belief that Nigerian mining projects can and must meet global environmental, social and governance standards while delivering transformative economic outcomes for our local communities,” he said.
The AFA Initiative is a specialised institution focused on promoting resource sovereignty across Africa through the AFA Mining Fund I, a private equity vehicle established to finance critical mineral projects that meet the requirements of its 51 per cent Total African Benefit model.
Steron International Resources Limited is a Nigerian mining company engaged in the responsible exploration and development of lithium and rare earth elements.
The Abuja-based firm said it was committed to sustainable mineral production and supporting Nigeria’s industrialisation agenda.
