The Crucial Role of Nigerian Diasporan Investors in Revolutionising the Mining Industry
The Honourable Minister of Solid Minerals Development, Dele Alake, has underscored the significance of Nigerian investors residing in the diaspora in the revitalization of the mining sector. Alake has emphasized that the involvement of diasporan investors is crucial in providing the financing and technical expertise required to revolutionize the mining sector. This announcement was made during a meeting on Monday with Abike Dabiri-Erewa, the chairman of the Nigerians In Diaspora Commission (NIDCOM), and a group of investors from the diaspora.
The minister has emphasized that with the decline in oil revenue and the global shift towards clean energy, it is imperative for Nigeria to redirect its focus on the solid minerals sector. He added that Nigeria had overlooked other sectors of the economy due to the abundant flow of oil revenue, leading the country to transition from a producing nation to a consumer country. Alake highlighted the adverse impacts of the unrestricted flow of money, which has resulted in detrimental effects on Nigeria’s social values.
In light of these circumstances, the minister has urged Nigerian investors to consider directing their capital into the mining sector, which holds an abundance of critical minerals such as Lithium and gold across the country. He reaffirmed the government’s commitment to ensuring local value addition by prospective mining operators and emphasized the importance of establishing factories for refining and production within Nigeria.
Alake also emphasized the necessity of meticulous planning, execution, and sacrifice to achieve the level of development seen in advanced countries. He encouraged the younger generation in Nigeria to make the necessary sacrifices for the future prosperity of the country, emphasizing that Nigeria is blessed with abundant climate and material resources in various fields of expertise.
The minister also announced the implementation of stringent measures to monitor local value addition, ensuring that mining operators are dedicated to benefiting the country. He emphasized the need for Nigerian investors to collaborate with the government to achieve the mutual goal of promoting local value addition and economic development.
Additionally, Alake presented a new security architecture aimed at enhancing security and providing a conducive environment for potential investors. He also highlighted the signing of a memorandum of understanding with GeoScan Ltd, a German company, which will contribute to the exploration of solid minerals using innovative technology with minimal environmental impact.
Moreover, Alake reported that the Ministry of Mines is working with the African Finance Corporation (AFC) and other financial institutions to raise funds for the mining industry. This initiative aims to create an enabling environment for prospective investors. Dabiri-Erewa commended Alake’s efforts in implementing reforms in the mining sector, noting that the commitment to diversify Nigeria’s economy will lead to significant growth in mining investments.
Ali Garuba, representing the Nigerians in Diaspora investors, expressed optimism about the reforms and renewed interest in the sector, affirming that the diaspora community can play a crucial role in the development of the mining sector. He highlighted the potential for job creation and economic growth through investments in mining, and the significance of leveraging the diaspora community to contribute to the country’s economic development.
Dabiri-Erewa also mentioned that the delegates of the 6th Nigeria in Diaspora Investment Summit (NDIS) expressed a high level of interest in contributing to the vision of making solid minerals the largest contributor to Nigeria’s economy. The meeting concluded with a strong determination among the diasporan investors to actively participate in the transformation and development of the mining sector in Nigeria.
