The Honourable Minister of Solid Minerals Development, Dele Alake, has revealed that Nigeria possesses an abundance of solid minerals with an estimated value of $750 billion, positioning the nation as a potential hotspot for mineral development, as stated during a mining industry summit hosted in Abuja by the National Institute for Policy and Strategic Studies.
The objective of this collaborative summit, in partnership with Bruit Costaud, was to address the challenges currently faced by the mining industry. Minister Alake, speaking at the summit, emphasized the vital role of the mining sector in Nigeria’s pursuit of a trillion-dollar economy, an aspiration outlined by the current administration. The Minister advocated for the necessity of focusing on local value addition for domestically mined products.
However, the pivotal challenge lies in attracting investors to establish processing plants in Nigeria, thereby creating employment opportunities and contributing to economic growth. Recognizing the need for comprehensive data to allure potential investors, the government is working in conjunction with the World Bank, Excalibur, and GeoScan to gather essential information relevant to attracting investments and fostering growth within the solid minerals sector.
Minister Alake affirmed that the vision of a trillion-dollar economy, as espoused by the President, is achievable with prudent efforts and effective policies. He exhibited optimism in Nigeria’s trillions of dollars worth of mineral reserves.
As the sector undergoes foundational reforms aimed at transitioning from fossil fuels to solid minerals for revenue generation, Minister Alake underscored the importance of maximizing benefits for communities where solid minerals are located. Furthermore, he disclosed plans for the establishment of the Nigerian Solid Minerals Corporation, designed to ensure stability and attract private sector investments.
In a departure from the Nigerian National Petroleum Corporation (NNPC), this proposed corporation will operate exclusively under private sector administration, with a targeted 50% private sector equity, 25% Nigerian ownership, and 25% government ownership. The critical role of private investments in driving sectoral growth was emphasized by Governor Abdullahi Sule of Nasarawa State.
Additionally, the former Minister of Information, Lai Mohammed, highlighted the significance of the mining sector and urged the collaboration of all stakeholders to explore potential opportunities for investment and sectoral development.
The summit demonstrated a resolute commitment to positioning the mining sector as a pivotal contributor to the quest for a trillion-dollar economy. It is evident that the mining industry has the potential to significantly fuel the growth and development of Nigeria at large.
To conclude, Nigeria’s bountiful solid minerals represent a substantial opportunity to propel the nation into newfound economic prosperity. However, the pertinent question remains: Can Nigeria effectively harness this potential to transform it into reality? Only time will provide the answer.