Nigeria and Saudi Arabia have revitalised efforts to enhance their geological agencies’ capabilities, leveraging advancements in mineral exploration by Saudi firms. During a meeting at the Future Minerals Forum in Riyadh, Saudi Mining Minister Bandar Al-Khorayef confirmed collaboration between the government and private sector to introduce new technologies for mineral exploration.

Engr. Al-Khorayef responded to a proposal from Nigeria’s Minister of Solid Minerals Development, Dr Dele Alake, who advocated for partnerships capitalising on economic advantages. Alake highlighted that both countries could benefit from the sector’s value chain, especially through Nigeria’s access to Saudi Arabia’s gold market.

Nigeria’s minister, alongside his finance counterpart Dr Doris Uzoka-Anite, engaged Saudi Chamber of Commerce officials, seeking investments in Nigeria’s mining sector, particularly focusing on lithium and iron ore reserves. To enhance investment security, Alake assured the provision of relevant mineral data via the Nigerian Geological Survey Agency.

Alake noted the global industry’s pivot towards electric machinery that utilises lithium batteries, positioning Nigeria as a vital supplier of essential minerals. He emphasised that partnerships with Saudi investors would bolster the export of refined industrial products, drawing parallels with Saudi investments in steel production.

He cited examples of iron ore processing in Nigeria, showcasing existing successful companies, and mentioned the availability of advanced laboratories in Nigeria for mineral analysis, contributing to efficient mining operations.

The collaboration between Nigeria and Saudi Arabia aims to enhance the capabilities of their geological sectors, particularly in mineral exploration. This initiative comes against the backdrop of Saudi Arabia’s advancements in mining technology and Nigeria’s significant mineral resources, including lithium and iron ore, crucial for today’s electric machinery market.

The renewed collaboration between Nigeria and Saudi Arabia seeks to leverage technological advancements in mining to improve the sector’s capabilities. By integrating efforts, both nations aim to expand economic opportunities, specifically in mineral exploration and processing, ensuring mutual benefits and investment security.

Original Source: leadership.ng

The post Nigeria and Saudi Arabia Strengthen Mining Sector Collaboration first appeared on Nigerian Mining News.

Nigeria is actively pursuing international partnerships to enhance its mining sector, as stated by Dr. Doris Uzoka-Anite, the Minister of State for Finance. Speaking at the Future Minerals Forum in Riyadh, she emphasised the nation’s untapped natural resource potential and welcomed global investors to help position Nigeria as a key player in the global minerals and energy market through sustainable practices. Dr. Uzoka-Anite reaffirmed President Bola Tinubu’s commitment to advancing growth and diversification within these sectors.

Currently, the Nigeria Mining Cadastre Office has generated over $4.8 million in revenue as of October 2024, but it is experiencing funding challenges. Furthermore, Minister of Solid Minerals Development, Dele Alake, has expressed concerns regarding the insufficiency of the 2025 mining budget, indicating that it falls short of promoting adequate exploration and investment.

Nigeria aims to strengthen its economy by tapping into its rich mineral resources through enhanced global investment in the mining sector. The government is focused on developing sustainable mining practices and fostering innovations to establish a leading position in the energy and mineral markets. This push for investment comes amid existing financial constraints and critiques of budget allocations in the mining sector.

In summary, Nigeria seeks to attract global investments to develop its mining sector, identifying it as vital for economic growth. While the potential is significant, challenges such as funding limitations and inadequate budget allocations need to be addressed to realise these ambitions.

Original Source: www.africa.com

The post Nigeria Aims for Global Investments to Enhance Mining Sector first appeared on Nigerian Mining News.

Abuja is focusing on establishing global mining partnerships to enhance Nigeria’s economy, as stated by Dr. Doris Uzoka-Anite, the Minister of State for Finance. In her address at the Future Minerals Forum in Riyadh, she showcased Nigeria’s rich untapped resources and called on international investors to join efforts in positioning the nation as a key player in the global minerals and energy industry through sustainable innovations.
Uzoka-Anite emphasised President Bola Tinubu’s commitment to stimulating growth in the mining and energy sectors while diversifying the economy. As of October 2024, the Nigeria Mining Cadastre Office had generated over $4.8 million in revenue, but it is facing financial challenges. Recently, the Minister of Solid Minerals Development, Dele Alake, expressed concerns regarding the insufficiency of the 2025 mining budget in fostering exploration and investment.

The Nigerian government is taking steps to attract foreign investment in the mining sector, which is seen as vital for economic growth. Despite its rich natural resources, the country is grappling with underfunding and budgetary constraints that limit exploration and development. Initiatives aimed at showcasing Nigeria’s potential in the global minerals market are part of a wider strategy to diversify its economy and reduce dependence on oil revenue.

Nigeria’s government is actively seeking global partnerships to develop its mining sector and enhance economic growth. With significant untapped resources and a commitment from leadership, Nigeria aims to position itself as a competitive player in the global minerals market. However, financial and budgetary limitations pose challenges that must be addressed to attract necessary investments.

Original Source: iafrica.com

The post Nigeria Pursues Global Investment to Boost Mining Sector Growth first appeared on Nigerian Mining News.