Nigeria Takes Centre Stage at Saudi Arabia’s Future Minerals Forum
The third edition of Saudi Arabia’s Future Minerals Forum (FMF) witnessed the convergence of more than 80 nations, with Nigeria emerging as a significant participant in discussions regarding solid minerals development. The event, which took place from 9th to 11th January 2024 in Riyadh, showcased Nigeria’s active involvement and initiatives, indicating a notable shift in the country’s approach to maximising its mineral resources.
Under the guidance of President Bola Tinubu, Nigeria has moved away from its heavy reliance on oil and has instead focused on diversifying its economy through the strategic management of its solid mineral resources. This change in perspective was spearheaded by Dr. Dele Alake, who was appointed to lead the newly established Solid Minerals Development Ministry. Dr. Alake played a crucial role in representing Nigeria at the FMF, engaging in dialogues with various international counterparts, thereby attracting attention and interest in Nigeria’s mining sector.
During the forum, Dr. Alake underscored Nigeria’s dedication to the development of solid minerals, emphasizing ongoing reforms designed to establish an efficient governance structure, address barriers to business, and enhance security in mining areas. These efforts have garnered significant interest, leading to promising discussions around potential partnerships and investments in Nigeria’s mining sector.
Nigeria’s active participation at the FMF was noteworthy, as the country was prominently featured in the opening sessions alongside influential figures from other nations and the private sector. Dr. Alake’s compelling presentation on the importance of inclusivity in the super region and the significance of local value addition in Africa’s mining industry captured widespread attention and acclaim, establishing Nigeria as a key player in the global conversation.
The extensive international media coverage of Dr. Alake’s engagements further validated Nigeria’s growing prominence in the global minerals market. The country’s leadership role in mobilising African Ministers of Solid Minerals/Mineral Resources to advocate for value addition and inclusivity in the super region has reinforced Nigeria’s position as a driving force for continental development through the harnessing of mineral resources.
Furthermore, Nigeria’s engagements with international mining sector players, including Monaco’s Jean Boulle Group and representatives of the Saudi royal family, have demonstrated a burgeoning interest and willingness to invest in Nigeria’s vital minerals, setting the stage for future collaborations and developments in the country’s mining value chain.
As Nigeria advances towards revitalising its mining sector, the proposed establishment of the solid minerals policy, known as “Mines Police,” and the Nigerian Mining Corporation (NMC) are significant steps expected to contribute to the restructuring and enhancement of the sector, aligning with the country’s vision for economic diversification.
With Nigeria’s increasing participation and influence in global discussions on solid minerals, 2024 holds promise for the country’s mining sector. Dr. Alake’s steadfast commitment to driving the agenda forward presents a positive outlook for the sector’s renaissance in the coming months. The world is ready for Nigeria, and with continued diligence and strategic leadership, the country is poised to succeed in realising its mining industry potential.
