President Bola Tinubu delivered a compelling directive to the Federal Ministry of Solid Minerals Development at the African Natural Resources & Energy Investment Summit, 2024. He emphasized the importance of linking mining licenses to local value addition to ensure the active involvement of young Nigerians in economic activities and skills acquisition.
The President, represented by Vice President Kashim Shettima, underscored the administration’s dedication to establishing a conducive business environment that promotes value addition on solid minerals prior to export. This initiative aims to boost Nigeria’s foreign exchange earnings and provide platforms for youth engagement and skill development.
President Tinubu also outlined the administration’s goal to position Nigeria as a leader in critical metals, supporting the establishment of the African Minerals Strategy Group and setting new standards in the mining industry.
Acknowledging the crucial role of natural gas in transitioning to cleaner and more sustainable energy systems, the President declared that Nigeria has attracted over $2 billion in investment in the renewable energy sector. This sector is now rapidly expanding within the economy, with further commitments to attracting private sector involvement, including local manufacturing of solar panels and batteries.
In addressing the significance of the petroleum industry, President Tinubu stressed the need to embrace renewable and cleaner energy sources while recognizing the vital role of oil and gas in Nigeria’s energy and economic landscape.
Key priorities in the sector include attracting more investment in the oil and gas industry, enhancing oil production, improving infrastructure, combating theft, and upholding the highest environmental standards.
Minister of Solid Minerals Development, Dr Dele Alake, reiterated the government’s commitment to transforming Nigeria’s solid mineral sector into a cornerstone for economic diversification. Reforms are being implemented to enhance transparency, regulatory clarity, and investor confidence. These initiatives aim to address longstanding challenges and unlock the full potential of Nigeria’s mineral resources.
The event also saw the participation of various African ministers, including Sierra Leone, South Sudan, Malawi, Liberia, and Chad. This collective effort signifies a significant milestone in addressing Africa’s natural resources and sustainable economic development.
In conclusion, President Tinubu’s vision for the mining sector in Nigeria is one of transformation and progress. By aligning mining licenses with local value addition, attracting investment in renewable energy, and implementing crucial reforms, the administration aims to revolutionize the sector and create new opportunities for economic growth. His directive serves as a bold step towards empowering the youth, supporting sustainable energy solutions, and positioning Nigeria as a leader in the global minerals market.