Exploring Untapped Opportunities: Nigeria Explores Deep Sea Mining with the Commonwealth
Last week, Dr. Oladele Alake, the Nigerian Minister of Solid Minerals Development, headed a delegation to the Commonwealth Secretariat for discussions on the potential for deep sea mining in Nigeria’s coastal waters. The Commonwealth presented profitable prospects for deep sea mining to the Nigerian delegation, emphasising the extraction of minerals such as copper, cobalt, nickel, gold, and rare earth elements.
During the courteous visit, Minister Alake expressed the Nigerian government’s determination to seek international assistance in positioning the solid minerals sector to compete globally. He highlighted President Bola Ahmed Tinubu’s recognition of the solid minerals sector as a pillar of Nigeria’s current efforts to diversify the economy, leading the ministry to develop a Seven Point Agenda. This agenda includes establishing a solid minerals company, gathering Big Data on mineral reserves, improving security around mining areas, and promoting the socio-economic development of mining communities through effective community development agreements.
The Nigerian delegation sought the Commonwealth’s support in these efforts, given the institution’s expertise developed over the years. In response, Senior Director of the Trade, Oceans, and Natural Resources Department, Paul Kautoke, acknowledged Nigeria’s potential as a coastal country to explore the profitable prospects of deep sea mining. He pointed out the strides made by other Commonwealth countries in the Pacific region and promised that the institution could assist in developing a policy for Nigeria.
Furthermore, other key Commonwealth officials including Victor Kitange, Opeyemi Abebe, Daniel Wilder, and Allison Swaddling spoke about the progress achieved in deep sea mining and expressed concerns over African countries falling behind in this sector. They mentioned online training programmes developed by the department and offered similar assistance to Nigeria to enhance its capacity for deep sea mining.
Minister Alake welcomed this new dimension to mineral development and pledged that the ministry would collaborate with other government ministries to study the potential of deep sea mining. He assured that a comprehensive country proposal would be put together for further consideration.
The discussions between Nigeria and the Commonwealth shed light on the untapped opportunities in deep sea mining and the potential for Nigeria to leverage its coastal waters for economic growth. As the Nigerian government seeks to diversify its economy, exploring new sectors such as deep sea mining could pave the way for sustainable development and increased international competitiveness.
In conclusion, the meeting between Nigeria and the Commonwealth sets the stage for potential collaboration in the emerging sector of deep sea mining. With the Commonwealth’s expertise and support, Nigeria could harness its natural resources for the benefit of its economy and society. The discussions mark a new chapter in Nigeria’s efforts to expand its mineral development agenda and position itself as a key player in the global market.
