Nigeria and South Africa signed an MoU to boost mining cooperation, focusing on investment, technology transfer, and knowledge sharing. Key initiatives include geological mapping and joint mineral exploration in Nigeria, aiming to revitalise its largely untapped mining sector and foster economic growth.
Nigeria and South Africa have formalised a Memorandum of Understanding (MoU) to enhance cooperation in the mining sector. This agreement emphasizes investment, knowledge sharing, and technology transfer. Key initiatives include geological mapping, mineral data sharing, and joint exploration of minerals within Nigeria.
Officials from both countries signed the MoU in Abuja, with Nigeria’s Minister of Solid Minerals Development, Dele Alake, highlighting the potential for industrialisation and sustainable economic growth through collaboration. South Africa’s vast mining experience positions them as a valuable partner for Nigeria.
Nigeria is rich in over 23 mineral resources, such as gold and lithium, yet its mining sector contributes less than 1% of its GDP, primarily due to reliance on oil. In contrast, South Africa has a robust mining industry, significantly boosting its GDP. South Africa is renowned for its extensive mineral reserves and established mining infrastructure, making it crucial for Nigeria’s plans to develop its mining sector.
The MoU between Nigeria and South Africa marks a significant step towards developing Nigeria’s mining industry through strategic collaboration. With a focus on investment and technology transfer, this partnership aims to unlock Nigeria’s mineral wealth while fostering sustainable economic growth. Both nations stand to benefit from shared knowledge and expertise, potentially transforming Nigeria’s economy beyond its current oil dependency.
Original Source: africa.businessinsider.com