Unveiling Nigeria’s Mining Potential: A Conversation with Mr. Dele Alake

The Mining Minister, Mr. Dele Alake, recently shared some exciting insights about the mining industry in Nigeria. He highlighted the importance of solid minerals as an economic alternative to oil and the need for investors to establish factories in Nigeria to produce what they mine. He also discussed plans to enhance security, empower officials, and provide data for informed decision-making. Here are the key takeaways from the interview:

1. Economic Hub of Nigeria: Mr. Alake emphasised the potential of solid minerals to become the economic hub of Nigeria, offering a viable alternative to oil. He highlighted the commissioning of a lithium factory in Nasarawa State as a significant development, showcasing the local sourcing of materials and the reduced capital outlay for extraction.

2. Value Addition by Investors: The minister stressed the importance of value addition by prospective investors, stating that operators without a value addition plan will no longer be licensed. This move aims to ensure that minerals are processed locally, creating employment and contributing to the economy.

3. Security Measures: Addressing security concerns, Mr. Alake discussed plans to enhance security in mining areas by recalibrating the security architecture and integrating technology such as real survey drones and artificial intelligence. These measures aim to provide a stable and secure environment for both local and foreign investors.

4. Empowerment and Data-Driven Approach: The minister highlighted efforts to empower officials through training partnerships with Australia and the generation of big data for informed decision-making. By certifying the data through international agencies, the aim is to boost investor confidence and attract foreign investments.

5. Local Participation and Environmental Responsibility: Mr. Alake emphasised the inclusion of local operators through cooperative structures and the need for environmental monitoring and reclamation measures by mining operators. This approach aims to ensure that the environment is not adversely affected by mining activities.

6. Prioritised Minerals: The minister listed prominent minerals in Nigeria, including gold, lithium, iron ore, platinum, and rare earth minerals. He highlighted the need for investors to add value locally and discouraged the export of raw minerals without value addition.

7. Nigerian Mining Corporation: Mr. Alake discussed the establishment of a Nigerian Mining Corporation as a special purpose vehicle to streamline engagement with big players and provide a structured governance framework.

In conclusion, the interview with Mr. Dele Alake sheds light on the potential of the mining industry in Nigeria and the strategic initiatives to attract investments, enhance security, and promote local value addition. With a focus on economic diversification and sustainable mining practices, Nigeria aims to harness its abundant mineral resources for the benefit of the nation and its people.