– **Minister of Solid Minerals Development, Dele Alake, announces Nigeria’s mineral reserves worth $750 billion based on a preliminary report by GeoScan, a German firm.**
– The mining sector is seen as crucial for Nigeria’s aspiration of achieving a trillion-dollar economy as advocated by President Bola Ahmed Tinubu.
– Alake emphasised the need for local processing of minerals to avoid exporting raw materials.
– The availability of accurate data is essential to attract investment in processing plants, thereby boosting job creation and economic growth.
– Collaboration with international entities like the World Bank and GeoScan is underway, focusing on detailed mineral exploration. Alake described the current $750 billion estimate as conservative, with potential for even greater reserves.
– Plans for a Nigerian Solid Minerals Corporation are in progress, differing from conventional ventures like NNPC. The proposed ownership structure will allocate 50% equity to the private sector, 25% to Nigerians, and 25% to the government.
– Governor Abullahi Sule of Nasarawa State supported investments in solid minerals, highlighting lithium’s value and the upcoming opening of a major lithium processing factory.
– The summit aimed at strategising the future of Nigeria’s mining sector was organised by the National Institute for Policy and Strategic Studies (NIPSS).
– Alake concluded by reaffirming the government’s commitment to implementing reforms to unlock the country’s vast mineral wealth.