Nigeria and Saudi Arabia Strengthen Collaboration for Development of Solid Minerals
Nigeria and the Kingdom of Saudi Arabia have pledged to collaborate and strengthen the mining sector in Nigeria. This commitment was made following a meeting between the Minister of Solid Minerals Development, Dele Alake, and his Saudi Arabian counterpart, Bandar AlKhorayef, at the Future Minerals Forum (FMF) in Riyadh.
During the meeting, Minister Alake emphasized the importance of global cooperation in the energy transition and highlighted Nigeria’s abundance of critical minerals. He stressed the need for investments in exploration, exploitation, extraction, and local value addition. Alake also highlighted the significance of seeking partnerships beyond Africa to enhance Nigeria’s capacity in utilizing its natural resources.
Recognizing the historical ties between Saudi Arabia and Nigeria, Minister Alake expressed Nigeria’s readiness to reciprocate positive gestures by strengthening partnerships for economic development. He extended an invitation for investments in Nigeria, particularly in the mining sector, and advocated for local value addition through the processing of solid minerals. Alake also outlined President Tinubu’s policies aimed at encouraging foreign investment in Nigeria, including profit repatriation, tax waivers for mining equipment, and enhanced security measures.
In response, Minister AlKhorayef echoed Nigeria’s dedication to economic diversification, specifically in the mining industry. He affirmed Saudi Arabia’s support for local value addition and expressed eagerness for cooperation with Nigeria.
Consequently, both countries agreed to establish a joint technical committee to collaborate on partnerships and develop the mining sector, focusing on leveraging their respective comparative advantages.
The decision to form a joint technical team reflects the mutual commitment of Nigeria and Saudi Arabia to enhancing cooperation in the mining sector. This collaboration is expected to bring about significant advancements in the development and utilization of solid minerals, thereby contributing to economic growth and employment opportunities in Nigeria.
The establishment of this joint initiative is a positive step towards strengthening bilateral ties and fostering economic development. With both countries poised to work together on refining the specifics and devising strategies for collaboration, the future of the Nigerian mining sector appears promising. This collaboration bodes well for the future of the mining industry in Nigeria, setting the stage for sustainable growth and prosperity.
