Nigeria and Venezuela discussed mining investment opportunities at the Mining Indaba in Cape Town. Dr Dele Alake underscored the need for economic diversification towards solid minerals due to global energy transitions. Venezuela expressed interest in collaborating with Nigeria for local mining and processing solutions.
Nigeria and Venezuela are exploring mining sector investment opportunities following discussions at the Mining Indaba in Cape Town. Dr Dele Alake, Nigeria’s Minister of Solid Minerals Development, highlighted the shift from petroleum to solid minerals due to global energy transitions. He stated that diversifying economies aligns with President Tinubu’s agenda, emphasising the importance of minerals like lithium and cobalt for the energy transition.
Alake expressed readiness for cooperation in mineral exploitation and trade, aiming for local processing and job creation. He invited Venezuela to join a coalition named the Super Region, designed to enhance trade among countries with similar economic goals. Venezuelan Deputy Minister Alejandro Martinez acknowledged both nations’ shared challenges and expressed interest in exploring Nigerian mining markets, seeking local investment facilitation.
Both Nigeria and Venezuela have historically relied on petroleum exports, facing economic challenges related to global climate policies. As the world shifts towards green energy solutions, both nations are now focusing on sustainable alternatives in the mining sector. The ongoing discussions signify a strategic move to explore and develop their mineral resources for economic diversification and local value addition.
The discussions between Nigeria and Venezuela signal a cooperative approach to mining, focusing on jobs and local processing of minerals. The invitation to join the Super Region coalition represents an opportunity for collaboration among countries facing similar economic challenges. Both nations are committed to leveraging their mining sectors to achieve sustainable economic growth.
Original Source: blueprint.ng