Nigeria and Saudi Arabia are collaborating to enhance their geological capabilities through a partnership that leverages Saudi advancements in mineral exploration. Discussions held during the Future Minerals Forum focus on integrating new technologies, fostering economic partnerships, and attracting investments to Nigeria’s mining sector. This initiative aims to position Nigeria as a critical supplier of minerals, particularly lithium and iron ore, in the evolving global market.
Nigeria and Saudi Arabia are rekindling efforts to strengthen their geological agencies, drawing on advancements made by Saudi firms in mineral exploration. At a recent meeting during the Future Minerals Forum in Riyadh, Saudi Minister of Mining Engr Bandar Al-Khorayef announced collaboration between government and private sectors to integrate innovative mining technologies, with new products showcased at the event to enhance awareness.
Minister of Solid Minerals Development, Dr Dele Alake, proposed a collaboration targeting economic advantages through the value chain of the minerals sector. By referring to the successful Saudi gold market, he suggested allowing Nigerian gold refineries access to this market to foster mutual economic growth and expansion opportunities.
Dr Alake, alongside the Minister of State for Finance Dr Doris Uzoka-Anite, engaged with the Saudi Chamber of Commerce to attract investments into Nigeria’s mining sector, highlighting significant lithium and iron ore deposits. He assured that the Nigerian Geological Survey Agency will provide essential mineral data to mitigate investors’ risks.
With the global shift towards electric vehicles requiring lithium batteries, Dr Alake noted Nigeria’s strategic position as a key mineral supplier, aiming to boost the export of refined industrial inputs. He cited successful examples in Saudi Arabia’s steel production and mentioned similar capabilities within Nigeria for processing iron ore.
The meeting highlighted Nigeria’s advanced laboratories for mineral analysis, which can support mining projects by providing certified services in West Africa. This initiative aims to solidify both nations’ partnership in the mining sector, ensuring sustainable growth and development for their economies.
The article discusses the renewed partnership between Nigeria and Saudi Arabia aimed at enhancing their geological and mining capacities. This collaboration is part of a broader strategy to leverage the advancements in mineral exploration technology developed by Saudi firms. The discussions at the Future Minerals Forum emphasise the importance of cooperation between the two countries to boost mutual economic benefits, particularly in the mining and mineral processing sectors, with a focus on integrating finished goods into global markets.
The renewed plans between Nigeria and Saudi Arabia focus on enhancing geological agency capacities and promoting collaboration in the mining sector. By leveraging technological advancements and developing market access, both countries aim to bolster their economies and ensure sustainable development. The initiative shows promise in increasing investments and refining product exports in key mineral sectors.
Original Source: thesun.ng