The Africans for Africa Fund (AfA Fund) has been launched to empower Africans to take up active roles in harnessing their vast mineral wealth, promoting mineral sovereignty and economic development.
According to Suleiman Zakari, co-founder of the Africans for Africa Initiative, “The AfA Fund aims to address the projected $2.1 trillion funding shortfall in the mining industry by 2050.” Zakari emphasised the need for innovative financing models, citing the requirement for 61 new copper mines and 52 new lithium mines to meet energy transformation needs by 2050.
He said the AfA Fund has made a strong start in mobilising institutional capital, with advanced negotiations with 10 institutional partners.
The initiative expects to close an initial $50 million from institutional partners within the first 90 days of the fund’s launch, deploying this capital into early-stage, high-potential mining projects with strong local ownership.
The fund’s advisory board is made up of Segun Lawson, CEO, Thor Explorations Plc (Nigeria); Osam Iyahen, senior director, Africa Finance Corporation (Nigeria); Kwasi Kwarteng, Former chancellor of the Exchequer (UK); Thomson Sinkala, MD, Thomro Investments (Zambia); John Sisay, CEO, Consolidated Copper Corporation (Sierra Leone); Zenzi Awases, president, Association of Women and Mining in Africa (Namibia), and Thabile Makgala, Director, Rio Tinto (South Africa)
Tim Tokun, managing director of the Africans for Africa Initiative, said the vision is to see “Africans building Africa not just in word, but in capital, capacity, and community.”
The AfA Fund solidifies the initiative as a long-term platform for empowerment, investment, and transformation, paving the way for a new era of African ownership in the mining sector .
