Nigeria’s Mineral Wealth Unveiled in Various Locations
The Honourable Dr. Dele Alake, Minister of Solid Minerals Development, delivered a pivotal address to the international community during the esteemed Mines & Money Conference in London. In his address, Dr. Alake divulged the wealth of mineral resources abundantly present in Nigeria, spanning over 500 locations and encompassing more than 44 distinct mineral types. This robust presence firmly establishes Nigeria as a formidable player within the global mining industry.
A focal point of Dr. Alake’s discourse was the imperative need for heightened investment in Nigeria, underscored by the country’s competitive advantages, such as reduced production costs through surface mining and the untapped potential of mineral reserves valued at billions of dollars. His compelling argument drew from a report by KPMG, an esteemed audit firm, which detailed a noteworthy increase in the mining sector’s contribution to Nigeria’s GDP, marking a 0.63% year-on-year growth and elevating its share from 0.3% to 0.85%.
Notably, Dr. Alake accentuated the significance of Lithium as a strategic mineral of global consequence and acknowledged the evolving global landscape. He apprised the audience of the comprehensive reforms implemented under the administration of President Bola Tinubu to entice foreign investors through streamlined procedures and reduced regulatory obstacles. Additionally, the government has made significant strides in fostering an amenable environment for solid minerals development, encompassing the comprehensive acquisition of solid mineral data nationwide and the inauguration of a novel funding facility to facilitate financial access.
Furthermore, the Minister staunchly reasserted the government’s steadfast commitment to ensuring that mining operations engender a positive impact on local communities, facilitating value addition and processing rather than the wholesale export of raw minerals. Emphasizing the pivotal role of solid minerals beneficiation and value addition, Dr. Alake expounded upon their potential to engender higher value products, cultivate employment opportunities, and bolster the sector’s overall profitability. In the same vein, he implored investors to contribute to the socio-economic development of the communities where they conduct mining activities, fostering a relationship of mutual benefit.
Dr. Alake illuminated the release of revised guidelines for Community Development Agreements, designed to espouse responsible and sustainable mining practices by encompassing provisions for social amenities, educational support, health and safety initiatives, and environmental facilities.
In sum, Nigeria’s opulent geological endowment presents an unparalleled opportunity for investment and expansion within the mining sector, with the government steadfastly enacting proactive measures to summon foreign investment and advocate for sustainable development. This trajectory promises the potential for job creation, economic growth, and a heightened contribution to the nation’s GDP, thereby poised to propel the mining sector in Nigeria towards further development and expansion in the years ahead.
