President Bola Ahmed Tinubu has announced plans to create a new policy that will promote ‘value addition’ on solid minerals before they are exported out of Nigeria. This was revealed during the opening ceremony of the Nigerian Mining Week in Abuja. Tinubu emphasized the need to maximize Nigeria’s mining potential and ensure that the export of crude mineral ores is a thing of the past. He highlighted the importance of absorbing the country’s youth in economic ventures and developing their skills while generating much-needed foreign exchange.
Representing the president, George Akume, the Secretary to the Government of the Federation, expressed the administration’s commitment to creating an enabling business environment for genuine investors. This will be achieved through policy consistency, fiscal and monetary policies, and providing adequate security and infrastructure.
Tinubu’s administration is determined to industrialize Nigeria by utilizing its natural resources, particularly the solid minerals sector. The recent global trends in energy transition initiatives have led to the discovery of huge lithium resources in Nigeria, and the administration is intentional about opening the solid minerals sector for credible business investors.
Dele Alake, the minister of solid mineral development, highlighted Nigeria’s valuable solid minerals such as Limestone, Gold, Baryte, Bitumen, lead zinc, Coal, and Iron Ore. He emphasized the potential of these resources to reduce dependence on oil revenues, diversify the economic base, and create significant job opportunities.
Efforts to revitalize the Mining Sector have led to strategic partnerships recognizing the immense potential within Nigeria’s borders. These partnerships will play a pivotal role in building a sustainable and globally competitive mining industry.
The vision of the Tinubu-led administration for the mining sector goes beyond resource extraction. It is committed to conducting environmentally sustainable, socially responsible, and economically beneficial mining activities. The focus is on promoting responsible and developmental extraction, value addition across the value chain, and adhering to industry best practices.
Samukelo Medlabane, mining leader at PricewaterhouseCoopers, Nigeria, emphasized the conference’s role in stimulating sustainable development, investment, and cooperation within the mining industry. The Nigeria Mining Week aims to focus on sustainability, fairness, inclusivity, and equality for all stakeholders, unlocking local beneficiation, creating shared value, and empowering socio-economic development.