Nigeria’s Commitment to Diversify Economy Through Solid Minerals
The recent disclosure by the Minister of Solid Minerals Development, Dr Dele Alake, regarding President Bola Tinubu’s keen interest in the solid minerals sector as a fundamental component of Nigeria’s ongoing economic expansion was outlined during a visit to the Commonwealth Secretariat in the United Kingdom. Alake specifically highlighted the potential for deep sea mining in Nigeria’s coastal waters, underscoring its critical role in the country’s economic diversification strategy.
As per a statement released in Abuja and endorsed by Alake’s Special Adviser, Mr Kehinde Bamigbetan, the ministry has devised a comprehensive seven-point agenda that includes the establishment of a solid minerals company and the compilation of extensive data on mineral reserves to ensure the safety of mines. Additionally, the agenda encompasses the socio-economic development of mining communities through the implementation of effective community development agreements.
During the visit, Alake articulated the necessity for support from the Commonwealth in advancing the agenda of the Tinubu administration. He also underscored the ministry’s intent to explore deep sea mining in collaboration with other ministries, with the objective of presenting a comprehensive proposal for consideration.
Mr Paul Kautoke, Commonwealth’s Senior Director of Trade, Oceans and Natural Resources Department, commended the Nigerian delegation for their visit to the Commonwealth Secretariat. Kautoke highlighted that as a coastal country, Nigeria has the potential to harness deep sea minerals such as copper, cobalt, nickel, gold, and rare earth elements. He also noted the progress made in deep sea mining by several Commonwealth countries in the Pacific region and expressed the Commonwealth’s willingness to aid Nigeria in developing policies in this domain.
Alake’s emphasis on the significance of the solid minerals sector in Nigeria’s economic diversification efforts underscores the country’s commitment to fostering sustainable development through the prudent management of natural resources. The collaboration with the Commonwealth Secretariat underscores Nigeria’s proactive stance in seeking supportive partnerships to achieve its development goals. As the country progresses in this direction, it is imperative to engage in robust policy development and strategic planning to ensure the effective and responsible exploration of deep sea mining.
The commitment to diversify Nigeria’s economy through solid minerals presents a promising opportunity for sustainable economic growth and the elevation of mining communities. It is a testament to the country’s dedication to maximising the potential of its natural resources for the betterment of its people and the advancement of the nation as a whole.
