The Africa Finance Corporation (AFC) is seeking investment opportunities in iron ore and uranium as it expands its presence in Africa’s mining and critical minerals sector, reflecting growing international competition for strategic natural resources. According to Reuters, the Lagos-based development finance institution is working towards financing projects in both minerals, with potential investment announcements expected within the next six to 12 months. Franklin Edochie, AFC’s deputy director and head of mining and metals, disclosed the plans on the sidelines of African Mining Week in Cape Town on October 16, 2026. The corporation already has interests in gold, bauxite, copper and manganese, and its proposed expansion would diversify its portfolio as global economies seek more secure supplies of materials essential to industrial production, clean energy technologies and energy security.
Edochie also highlighted the long-term potential of West Africa’s iron ore industry, noting that combined production from Guinea, Liberia, Mauritania and Sierra Leone could position the region among the world’s three largest iron ore producers by volume within the next decade. Realising that potential, however, will depend on financing, transport infrastructure, project development and the ability to move minerals efficiently from deposits to international markets. AFC is already leading development of the US-backed Lobito Corridor, a transport network designed to connect copper and cobalt mining areas in Zambia and the Democratic Republic of the Congo to Angola’s Atlantic port of Lobito through a combination of new and existing railway lines. The initiative illustrates the importance of infrastructure investment in unlocking Africa’s mineral wealth and strengthening the continent’s role in global supply chains.
The planned investments come as the United States and other major economies seek to diversify critical mineral supply chains and reduce dependence on China, which occupies a significant position in the processing and supply of several strategic resources. Uranium is particularly important to countries pursuing nuclear power as a source of low-carbon electricity, while iron ore remains a fundamental input for steelmaking, construction and industrial development. For African economies, increased financing could support new mining projects, infrastructure development, employment and export earnings. However, the broader economic benefits will depend on how effectively governments and investors address environmental protection, transparent licensing, local participation and domestic value addition. AFC’s next challenge will be to turn its investment ambitions into bankable projects that generate long-term economic returns while ensuring that more of the value created from Africa’s mineral resources remains on the continent.
