Turkey Targets African Resources as Iran War Rattles Rand
Insights Dispatch - May 29, 2026
Welcome to the Friday edition of Insights Dispatch, our flagship brief of the latest developments connecting Africa and the Gulf
NORTH AFRICA: Libya and Turkey Strengthen Energy Ties
WHAT HAPPENED?
Libyan Oil and Gas Minister Khalifa Abdul Sadiq and Turkish Energy Minister Alparslan Bayraktar held bilateral talks at the 2026 Natural Resources Summit in Istanbul, focused on expanding investment partnerships between energy companies.
WHY IT MATTERS?
Turkey imports roughly 13% of its annual gas from Iran, and the ongoing crisis has pushed Ankara to seek alternatives. Given Turkey’s longstanding involvement in Libya, Tripoli is a natural fit.
WHAT’S NEXT?
Egypt and Gulf states are expected to likewise deepen ties with Libya as it seeks foreign investment to rebuild its energy infrastructure.
EAST AFRICA: Somalia and Turkey Sign Mining Agreement
WHAT HAPPENED?
Somali Energy Minister Dahir Shire Mohamed announced that Somalia is seeking to expand its partnership with Turkey into critical minerals, with discussions in Istanbul focused on updating a 2016 mining MoU.
WHY IT MATTERS?
Somalia holds roughly 10,200 tons of uranium. Turkey is eyeing this wealth to advance ties with Mogadishu and accelerate its energy transition.
WHAT’S NEXT?
The Somalia-Somaliland dispute is becoming integral to the Turkey-Israel rivalry. Israel is likely to respond by expanding mining ties with Somaliland, which holds untapped lithium, chromium, and nickel.
CENTRAL AFRICA: Jinchuan Uncovers $145 Million Fraud in the DRC
WHAT HAPPENED?
Jinchuan Group International Resources discovered $145 million was siphoned from its DRC copper and cobalt operations; $137.4 million in payments to 12 suspect suppliers and $7.1 million transferred to a former employee’s personal bank account.
WHY IT MATTERS?
The DRC’s mineral wealth remains largely unregulated, enabling misconduct. As more mining companies expand there, stronger internal controls will be critical to sustaining investment.
WHAT’S NEXT?
Gulf states eyeing the DRC market will likely use this case as a basis for improved compliance frameworks in volatile environments.
WEST AFRICA: Turkey Bets on Nigerian Mines
WHAT HAPPENED?
Nigeria and Turkey signed an MoU at the Natural Resources Summit on solid mineral development, with Nigeria set to leverage Turkish mining technology for exploration activities.
WHY IT MATTERS?
Nigeria has been positioning itself as a mining hub for Europe, and deepening ties with Turkey–which is expanding its African footprint–furthers that goal.
WHAT’S NEXT?
Mine insecurity remains a challenge; over 300 illegal operators have been arrested since Nigeria created its Mining Marshals. GCC countries will watch how Turkey navigates this to inform their own strategies.
SOUTHERN AFRICA: Iranian War Weighs on South African Rand
WHAT HAPPENED?
The rand fell 0.3% to 16.3375 against the dollar after Secretary of State Marco Rubio admitted a deal with Tehran would “take a few days,” pushing Brent crude futures up 2%.
WHY IT MATTERS?
South Africa was on track for fiscal growth this year, but Iran-driven stress is threatening that trajectory and may deter foreign investment in the continent’s largest economy.
WHAT’S NEXT?
The Reserve Bank announces its rate decision Thursday, with economists expecting a 25 basis point hike. Gulf investors will monitor how Pretoria manages the pressure to guide their own strategies.
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