Boost for Nigerian Mining Projects as US Pledges Support
The Honourable Minister of Solid Minerals Development, Mr. Dele Alake, and Assistant Secretary for Energy and Natural Resources Geoffrey Pratt convened to deliberate on the financing of mining projects in Nigeria. This agreement to explore funding opportunities for mining companies and related infrastructure was reached at the Mines and Money conference in London.
During the meeting, Pratt conveyed the United States’ aspiration to become Nigeria’s preferred partner in developing the solid minerals sector. He underscored the significance of energy minerals, particularly lithium, in the global clean energy movement and the production of electric cars. The United States aims to collaborate with Nigerian counterparts in establishing a framework for this partnership.
In response, Alake expressed gratitude for the initiative and outlined the Ministry of Solid Minerals Development’s seven-point agenda to strategically reposition the sector. He also highlighted the country’s high-grade lithium reserves, which have piqued the interest of South Korea. Alake emphasized that the credit facility and foreign direct investment promised by the United States would be mutually beneficial for both countries.
The meeting also witnessed the Executive Secretary of the Nigerian Solid Minerals Fund, Fatima Shinkafi, commending the United States for investing in mining infrastructures in Central Africa and advocating for a similar partnership with the Fund.
The potential impact of the US support is significant, as Nigeria’s solid minerals earnings have reached ₦814 billion in 15 years, yet still fall short of their full potential. This collaboration with the US has the potential to unlock the country’s mining sector and harness its resources for economic growth.
This partnership not only bodes well for Nigeria’s mining projects but also signifies a positive step towards international cooperation and investment in the country’s solid minerals sector.
