The Minister of Solid Minerals Development, Dr. Dele Alake, who made the disclosure during a media briefing in Abuja, said the fund is designed to mobilise African capital for investment in mining, energy, infrastructure, and industrialisation projects across the continent.

He described the initiative as a shift from foreign dependence to intra-African financing, with the goal of enhancing ownership and control of the continent’s natural resources.

“This is not a slogan. It is a mindset shift. Africa must invest in Africa, we are done outsourcing our growth. The time has come to back our industries, innovations, and infrastructure with the resources we already have,” he said.

The fund is expected to serve as a key feature of the fourth edition of AFNIS, which will be held at the State House Conference Centre and is being organised by the Ministry of Solid Minerals Development in collaboration with strategic public and private sector partners.

This year’s summit, themed: ‘Harnessing Local Content for Sustainable Development’, will focus on industrialisation, value addition, energy transition, and cross-sector integration within the continent’s extractive and energy sectors.