Boosting Nigeria’s Economy: The Commonwealth’s Support for Deep Sea Mining

Nigeria is currently focusing on the untapped potential of deep sea mining within its coastal waters as part of its efforts to diversify its economy and exploit the value of solid minerals. A recent meeting between a national delegation and the Commonwealth secretariat has laid the groundwork for international support in this venture.

During a courtesy visit to the secretariat, Dele Alake, the minister of solid minerals development, expressed the Nigerian government’s strong interest in seeking international assistance to enhance the country’s solid minerals sector. This initiative aligns with President Bola Tinubu’s commitment to diversifying the economy and positioning solid minerals as a significant contributor to achieving this objective.

Paul Kautoke, Commonwealth senior director for the trade, oceans, and natural resources department, has praised Nigeria’s interest in deep sea mining. He emphasised the potential for valuable mineral extraction, including copper, cobalt, nickel, gold, and rare earth elements. Kautoke also pledged the Commonwealth’s support in developing a policy framework tailored to the unique needs of Nigeria in this emerging sector.

In response, Minister Alake welcomed the Commonwealth’s support and expressed the government’s dedication to exploring the potential of deep sea mining in collaboration with relevant ministries. He also indicated that the ministry would be working on a comprehensive country proposal for further consideration.

This initiative follows the recent appointment of Adegboyega Oyetola to lead the marine and blue economy in a cabinet reshuffle. With the potential to significantly increase Nigeria’s annual revenue, experts have long advocated for the blue economy as a sector deserving of attention, provided that measures are implemented to address existing challenges.

Deep sea mining represents a promising frontier for Nigeria, with the support of the Commonwealth working in tandem with the government and relevant stakeholders. As the country strives to diversify its economy and harness the potential of its solid minerals, the collaboration with international partners such as the Commonwealth lays the groundwork for comprehensive and sustainable development in this emerging sector.