Transforming Nigeria’s Mining Sector: The Vital Role of Diasporan Investors
The importance of Nigerian investors in the diaspora in the reform of the mining sector has been underscored by the Minister of Solid Minerals Development, Dele Alake. He has emphasized that their involvement is crucial in providing the necessary financial and technical support required for the transformation of the sector.
During a meeting with diasporan investors, led by Abike Dabiri-Erewa, the chairman of the Nigerians In Diaspora Commission (NIDCOM), Alake highlighted the need to shift focus to the solid minerals sector. He pointed out that Nigeria’s over-reliance on oil has caused the neglect of other sectors of the economy, resulting in the country shifting from being a producing nation to a consumer country. With the global transition to clean energy, it is imperative for Nigeria to turn its attention to its abundant solid mineral resources.
The Minister encouraged Nigerian investors in the diaspora to invest in the mining sector, highlighting the abundance of critical minerals such as Lithium, Gold, and more across the country. He stressed the need for local value addition by prospective mining operators and announced the Federal Government’s commitment to ensuring this.
Alake also emphasized the necessity for meticulous planning and execution, as well as sacrifices, for the benefit of future generations. He reassured the investors that a new security architecture, with an infusion of technology and inter-agency security collaboration, is being created to provide an enabling environment for investors and improve security in the mining sector.
Furthermore, the Minister highlighted that the Ministry has signed a memorandum of understanding with GeoScan Ltd, a German company, to deploy its latest proprietary technology in the mining sector. He informed the investors that the mining ministry, the African Finance Corporation (AFC), and other institutions are in talks to raise the necessary funds to finance the mining industry.
During the meeting, Abike Dabiri-Erewa commended the ongoing reforms in the mining sector and stressed the importance of providing an enabling environment for the investors. The diasporan investors expressed their high interest in the mining sector and their willingness to contribute to the vision of making solid minerals the largest contributor to Nigeria’s economy.
In conclusion, the meeting with diasporan investors marks a significant step towards unlocking the potential of Nigeria’s mining sector. As the country looks to diversify its economy and adapt to global shifts in energy and natural resource consumption, the involvement of Nigerian investors in the diaspora is vital for the future of the mining sector and the Nigerian economy as a whole.
