Franklin Edochie, AFC’s deputy director and head of mining and metals, said the Lagos-based development finance institution was working towards financing projects involving the two minerals, with investment announcements potentially expected within six to 12 months. The corporation already has interests in gold, bauxite, copper and manganese across the continent.
The expansion comes as the United States and other major economies seek more secure access to mineral resources and attempt to reduce their dependence on China. Critical minerals have become increasingly important to the manufacturing of batteries, renewable energy infrastructure and other technologies underpinning the global energy transition.
AFC’s strategy also highlights the importance of infrastructure in converting Africa’s resource potential into commercially viable production. Edochie said the combined iron ore output of Guinea, Liberia, Mauritania and Sierra Leone could potentially place the region among the world’s three largest producers by volume over the next decade.
Realising that potential, however, will require substantial investment in mining operations, railways, ports and associated logistics. Mineral deposits alone cannot guarantee competitive exports if transport costs, financing constraints and infrastructure bottlenecks limit production.
AFC is also the lead developer of the US-backed Lobito Corridor, a transport network intended to connect copper and cobalt mining areas in Zambia and the Democratic Republic of Congo with Angola’s Atlantic port of Lobito. The project is designed to improve the movement of minerals towards international markets and strengthen regional trade links.
The corporation’s proposed investments could therefore extend beyond individual mining projects, helping to mobilise capital around infrastructure and export capacity. Yet the commercial outcomes will depend on project economics, financing arrangements, construction timelines and sustained demand for the minerals involved.
For African governments, the strategic challenge is to translate increased international interest into durable economic benefits, including local employment, processing capacity and stronger domestic industrial linkages. AFC’s next investment announcements will offer a clearer indication of how quickly the continent’s critical minerals ambitions can move from resource potential to financed projects.
