Nigeria’s New Stand on Mineral Exports: A Policy Perspective
President Bola Ahmed Tinubu has recently announced the government’s intention to develop a policy aimed at promoting the value addition of solid minerals before they are exported from Nigeria. The president emphasized the need to maximize Nigeria’s mining potential and create a sustainable environment for investment in the sector. This announcement was made at the Nigerian Mining Week event held in Abuja and attended by various stakeholders in the industry.
According to President Tinubu, the proposed policy is designed to provide employment opportunities for the country’s youth and generate foreign exchange. He stressed the importance of ending the era of exporting raw mineral ores from Nigeria and promoting the development of specialized skills among the workforce. The government is committed to creating an enabling business environment for genuine investors by ensuring policy consistency, fiscal and monetary stability, and adequate security and infrastructure.
George Akume, the Secretary to the Government of the Federation, representing the president, reiterated the administration’s determination to use Nigeria’s vast natural resources for industrialization and economic growth. He highlighted the abundance of critical minerals in the country and emphasized the government’s intention to promote the solid minerals sector for credible business investors. This aligns with the recent global trends in the energy transition and the discovery of huge lithium resources in Nigeria.
Dele Alake, the Minister of Solid Mineral Development, emphasized the abundant solid mineral resources in Nigeria, such as Limestone, Gold, Baryte, Bitumen, lead zinc, Coal, and Iron Ore, which have the potential to reduce the country’s reliance on oil revenues and create employment opportunities. He also highlighted the government’s efforts to revitalize the mining sector, streamline regulatory processes, and attract domestic and international investors.
The minister also stressed the administration’s commitment to conducting environmentally sustainable and socially responsible mining activities, with a focus on community development and job creation. The government’s vision for the mining sector goes beyond resource extraction and aims to promote value addition and industry best practices.
Samukelo Medlabane, mining leader at PricewaterhouseCoopers, Nigeria, applauded the government’s efforts to promote sustainable development, investment, and cooperation within the mining industry. He emphasized the importance of inclusivity, equality, and empowerment for all stakeholders, especially the people of Nigeria.
In conclusion, Nigeria is taking a bold step towards redefining its approach to solid mineral exports with the aim of creating a sustainable and globally competitive mining industry. The government’s commitment to promoting value addition, environmental sustainability, and community development in the mining sector is a positive development for the country’s economic growth and diversification.
As the country works towards achieving these goals, it remains important for all stakeholders to collaborate and contribute to the development of a thriving and responsible mining industry. The Nigerian Mining Week serves as a platform for engaging in meaningful discussions and forging partnerships that will drive sustainable development and economic growth in the sector.
