Africa’s Mineral Resurgence: Nigeria at the Forefront
The 30th edition of the “Investing in Mining Indaba” in Cape Town, South Africa convened African countries to fortify their position in the global mining industry. Nigeria and Uganda led the establishment of the African Minerals Strategy Group (AMSG), with Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, elected as the inaugural chairman.
Dr. Dele Alake stressed the significance of value addition in the mining sector, asserting that the era of extracting solid minerals without contributing to Africa’s economy is over. He emphasized the necessity of creating a value chain from exploration to delivery to the end-consumer, highlighting the importance of infrastructure in this process.
Furthermore, Alake deliberated on Nigeria’s potential as a hub for the Lithium value chain, citing the country’s abundance of the critical metal. He also underscored the requirement for Public-Private Partnerships (PPP) and the establishment of the Solid Minerals Development Fund (SMDF) to bolster the development of the mining sector.
President Bola Tinubu’s reforms in the mining sector are gaining momentum in Nigeria, with plans to establish a specialized security outfit to safeguard natural resources. The government also aims to set up the Nigerian Mining Corporation, a private sector-driven entity to govern the mining sector. The National Assembly is working on amending the Nigerian Minerals and Mining Act to support these reforms.
Dr. Alake hinted at the revocation of more mining licenses as a means of disciplining defaulters and freeing up space for genuine investors.
In conclusion, Nigeria is making significant strides in the revitalization of Africa’s mining sector. Dr. Dele Alake, as the chair of AMSG, expressed the commitment to creating an enabling environment for investments while prioritizing local value addition.
Segun Tomori serves as the Special Assistant on Media to the Honourable Minister of Solid Minerals Development.
