Nigeria’s Growing Influence at the Saudi Arabia Mineral Forum

The third installment of Saudi Arabia’s Future Minerals Forum (FMF) has concluded, and one of the most noteworthy aspects of the event was the significant role played by Nigeria. Over 80 nations participated in the conference, making it a global gathering of countries rich in solid minerals and those interested in the potential of the industry.

Nigeria’s journey towards the forefront of mineral resources development has been a marked one, especially after the administration of President Bola Tinubu. The emphasis on diversifying the economy and maximizing the potential of the mineral sector prompted the creation of the Solid Minerals Development Ministry, which was entrusted to Dr. Dele Alake, a trusted ally of President Tinubu.

Dr. Alake led the Nigerian delegation to Riyadh, Saudi Arabia, for the minerals conference that was held from 9th to 11th January 2024 and actively engaged in discussions with various international stakeholders. The aim was to attract investments and establish partnerships in exploration, extraction, and the entire mining value chain.

The efforts of the Nigerian delegation did not go unnoticed. During the conference, Nigeria, alongside Pakistan, the United Kingdom, and private sector leaders, took centre stage in the opening session of the Future Minerals Forum. Dr. Alake also participated in a panel discussion where he articulated the importance of a super region focusing on local value addition to mineral resources.

Following Nigeria’s outstanding performance at the FMF, the country emerged as a rallying point for African nations seeking to develop a united front in maximising the continent’s mineral resources. Dr. Alake led a delegation of nine African countries into a series of meetings, which resulted in a unanimous resolve to prioritise value addition in the continent’s mineral sector.

The Nigerian delegation also engaged with various international entities with interests in the Nigerian mining sector. Discussions included plans for expanding operations to Nigeria’s mining value chain and bringing in significant investments.

The reception accorded to Nigeria at the FMF highlights the world’s readiness to engage with the country in the development of its mineral resources. With President Tinubu’s commitment to the solid minerals sector and the establishment of key policies, the trajectory for Nigeria’s mining sector looks promising. As the year progresses, Nigeria’s mining sector is set to experience a renaissance under the strategic leadership of Dr. Alake.

As the mining sector in Nigeria gains traction on the global stage, the country must capitalise on this momentum to achieve its development goals. The commitment of the Nigerian government and the proactive efforts of its representatives will be critical in realising the full potential of the country’s mineral wealth. All eyes are now on Nigeria as it charts a new course for the mining sector in the coming years.