The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has called on African nations to come together and make the most of the abundant mineral resources found across the continent. He believes that by forming an African alliance that includes both government and private sector stakeholders, Africa can unlock the immense potential of its mineral resources for the benefit of all its people. Ambassador Tuggar made this appeal during his speech at the African Natural Resources and Energy Investment Summit in Abuja. He emphasized the summit’s focus on unleashing Africa’s extensive mineral resources and stressed the importance of institutionalizing such ministerial summits to enhance collective capacity. Nigeria, being rich in diverse natural resources, is eager to collaborate and exchange experiences with fellow African nations. The minister also highlighted the progress made by some developing countries in transitioning to cleaner and renewable energy sources. He emphasized the need to invest in expanding vehicle charging infrastructure and electric vehicle technologies to meet the growing demand for clean energy. In addition, Mr. Samaila Zubairu, the President of the Africa Finance Corporation (AFC), mentioned that Africa requires approximately $250 billion annually to bridge the climate financing gap. He emphasized the role of the private sector in providing the majority of these resources and called on African governments to create conducive policies and regulations to attract private investments in priority sectors for climate action and green growth. Mr. Zubairu also highlighted the importance of innovative financing instruments and mechanisms, such as Social Bonds, Green Bonds, and Loans, in attracting private financing. He mentioned that multilateral development banks and traditional financiers have a significant role to play in supporting green investments in Africa. Overall, Africa holds the key to a sustainable future and must increase investments in green projects to achieve net-zero emissions and develop the continent’s industrial capacity.
