The Push for Mining Investment in Nigeria: Minister Alake
Dele Alake, the Minister of Solid Minerals Development, has unequivocally stated that the Nigerian government is firmly committed to advancing the cause of energy transition and critical minerals within the country.
Addressing the 2023 Nigeria Energy Forum (NEF) during the virtual day-two programme held in Lagos, Mr Alake underscored Nigeria’s abundant endowment of various mineral types distributed across the nation. He outlined the administration’s objective to elevate the mining sector’s contribution to the national gross domestic product, with the aim of positioning Nigeria as an appealing destination for potential investors. Indeed, there are ongoing exploration projects led by local private entities and government initiatives that are aligned with the investment interests of both domestic and international miners.
The Minister also emphasised the wealth of opportunities available in minerals such as lithium, zinc, gold, tin, bitumen, niobium, and chromite. He highlighted the significance of these minerals in the production of renewable energy elements such as solar panels and batteries, positioning Nigeria as a noteworthy player in manufacturing and investments within this sector.
Moreover, Mr Alake conveyed Nigeria’s readiness to collaborate with junior miners and investors within a framework led by the private sector. The government is willing to engage with industry experts to enhance local mining knowledge and policies, aligning with more advanced mining nations.
Jordan Lachance, the Political and Economic Officer at the U.S. Consulate General, Lagos, underscored the global impact of the transition towards renewable energy sources and the demand for critical minerals. This sentiment was echoed by Caroline Emboubou, the CEO of All On, who highlighted the potential of solar energy in meeting Nigeria’s extensive energy needs.
The July 2023 forum, centred on ‘Energising Industrialisation and Sustainable Growth’, witnessed active participation from over 250 key stakeholders, resulting in investment deals valued at over $40 million and the promotion of innovations for maximising energy transition for growth.
The drive for mining investment in Nigeria appears to be gaining momentum. With the country’s vast mineral resources and commitment to energy transition, there are indeed promising opportunities for both local and international investors to explore. Nigeria is undoubtedly well-positioned to play a significant role in the global mining landscape as it continues its steady course towards economic development and sustainable growth.
