Mining stakeholders in Nigeria are urging for enhanced collaboration among relevant agencies and institutions to foster sector development. This call was made during a pre-conference discussion at the 60th Nigerian Mining and Geosciences Society (NMGS) Annual International Conference and Exhibition held in Abuja. The conference theme spotlighted innovation in transforming various sectors including mining.

Mr. Olusegun Adedayo, a mining policy advisor, stressed the necessity for local partnerships to elevate Nigeria’s competitiveness in the global mining landscape amidst increasing demand for energy minerals. He highlighted the need for aggregated data on Nigeria’s mineral reserves to attract investors, advocating for joint efforts in research, funding, and geoscience data collection to focus on key minerals.

Adedayo noted the issue of fragmented geoscience data stored in silos across different agencies. He proposed centralising this information to enhance accessibility for domestic and international investors. His assertion underscored the need for Nigeria to invest in its own technological and research capabilities.

Mrs. Aisha Gombe pointed out the significance of collaboration between geology and civil engineering departments in training institutions, noting a lack of engineering geology labs in geology departments. She called for joint efforts between regulatory councils to foster professionalism and safety in the industry.

Dele Ayankele, President of the Miners Association of Nigeria, expressed concerns over the absence of sustainable policies in the sector, identifying this as a major barrier to growth. He urged for the implementation of recommendations from a 2016 government committee tasked with sector transformation to attract investment through technological innovations.

The conference, running from February 16 to 21, will cover topics such as resource management in mining and the role of geoscience in agriculture and food security.

The conference has highlighted the urgent need for collaboration among Nigeria’s mining stakeholders to strengthen the sector. Key discussions focused on data centralisation, joint training efforts, and the implementation of sustainable policies to encourage local and international investment. Emphasis was placed on improving technological innovation and research capabilities as pathways for sector advancement.

Original Source: nannews.ng

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Nigeria is gaining global attention due to its vast lithium reserves, essential for sustainable energy technologies like electric vehicles (EVs) and solar panels. With Africa expected to contribute 20% of global lithium supplies by 2030, Nigeria is working to establish itself as a crucial competitor in the lithium market.

The country has begun constructing lithium processing plants, with two already operational and a third in progress. Segun Tomori, media assistant to the minister of solid minerals development, emphasised lithium’s importance, stating that it is increasingly sought after in discussions about green energy.

In 2022, the Nigerian government denied Tesla’s proposal to buy raw lithium, insisting on local processing to boost job creation and industrial growth. This reflects Nigeria’s evolving mining policies that prioritise domestic processing over raw material exports. Additionally, Nigeria is partnering with South Africa to enhance lithium’s role in the energy transition.

The Nigerian government aims to foster a favourable investment climate by addressing security issues and establishing technical partnerships with leading mining countries. Despite facing challenges, Nigeria’s commitment to lithium mining demonstrates its potential to lead Africa’s critical mineral sector.

Nigeria’s lithium reserves are positioned to play a transformative role in the global green energy landscape. By focusing on domestic processing and attracting international investors, the country is laying the groundwork to become a dominant player in lithium production. Collaborative efforts with nations like South Africa further underline its ambitions in the critical minerals industry.

Original Source: northafricapost.com

The post Nigeria’s Lithium Reserves: A Key Player in Global Green Energy Transition first appeared on Nigerian Mining News.

The Nigerian federal government plans to set up a new mining corporation, the Nigeria Solid Minerals Corporation, to enhance the mining sector’s growth. This announcement was made by Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, during an XSpace discussion.

The corporation will be managed by the Ministry of Finance Incorporated (MOFI) and is expected to launch soon. It aims to serve as a specialized vehicle focused on advancing Nigeria’s mining industry, allowing Nigerians to hold equity in the corporation.

Equity distribution will aim to balance public and private interests: the federal government and citizens will each hold 25% while the private sector will own the remaining 50%. This structure is designed to minimise government interference and ensure sustainability beyond current administrations.

In parallel, Minister Alake has proposed establishing a mining development bank to assist in providing long-term financing for the sector. He urged mining company CEOs to lead this initiative, which aims to reduce government involvement and enhance the sustainability of the sector.

Furthermore, the government is working on removing obstacles that hinder business operations in the mining industry, fostering a better investment climate in Nigeria.

The establishment of the Nigeria Solid Minerals Corporation marks a significant step towards revitalising Nigeria’s mining industry by encouraging private sector participation and equity distribution. The proposal for a mining development bank further aims to sustain industry growth while reducing government involvement. Overall, these initiatives indicate a strategic effort to create a conducive environment for investment in Nigeria’s mining sector.

Original Source: www.tv360nigeria.com

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Nigeria and Venezuela are exploring investment opportunities in the mining sector. Discussions took place between Nigerian Solid Minerals Development Minister Dele Alake and Venezuelan Deputy Minister of Mining Alejandro Martinez during a mining event in Cape Town, South Africa. Both countries face similar political and economic challenges and seek cooperation to sustainably utilize their resources.

Minister Alake invited Venezuela to join a new coalition of African, Asian, and Middle Eastern countries in mining, aiming to enhance trade among members and leverage investment opportunities. In response, Deputy Minister Martinez praised Alake for recognising the parallels between the two oil-producing nations, both of which are now looking for alternatives to strengthen their economies through solid minerals.

The collaboration between Nigeria and Venezuela in the mining sector is a strategic move aimed at overcoming their respective economic challenges. By joining forces, both countries can work towards sustainable resource management and explore new avenues for economic diversification through mining partnerships.

Original Source: nta.ng

The post Nigeria and Venezuela Collaborate on Mining Investment Opportunities first appeared on Nigerian Mining News.

Venezuelan Deputy Minister of Mining, Alejandro Martinez, has announced that Venezuelan investors are keen to explore opportunities within Nigeria’s mining sector. This interest was conveyed during discussions with Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, at the Mining Indaba in Cape Town, South Africa. Martinez noted that Venezuelan investors, particularly those in mining machinery production, are eager to collaborate and seek assistance in facilitating visits to Nigeria for investment insights.

Minister Alake highlighted that both countries previously benefited from petroleum but now face the need to diversify into solid minerals due to global warming and economic pressures. He emphasised that Nigeria has significant mineral resources crucial for energy transition, such as lithium, cobalt, nickel, and rare earth elements. Alake stressed the importance of processing minerals locally to generate employment and economic growth.

Alake called on Venezuela to join a new coalition of nations, termed the “Super Region,” aimed at facilitating trade among member countries and leveraging shared economic challenges for collective gain. He reiterated Nigeria’s commitment to collaborating with Venezuela on mineral exploitation and ensured that any projects would focus on local value addition and sustainability. The meeting saw participation from key Venezuelan officials, including the Ambassador to South Africa, Carlos Fed Acevedo.

The collaboration between Venezuela and Nigeria in the mining sector emerges as both countries seek to diversify their economies. With a shared background in petroleum production, both nations are now facing the reality of shifting global energy demands. Venezuela’s interest in Nigeria’s mining sector comes at a time when Nigeria is keen to exploit its mineral resources to boost economic independence and local employment. This partnership presents opportunities to harness each nation’s strengths for mutual benefit, particularly in mineral processing and trade.

The engagement between Venezuelan and Nigerian officials points towards a promising partnership in the mining sector. With a strong focus on sustainable development and local value addition, both nations are committed to leveraging their mineral resources effectively. As they navigate economic diversification, initiatives like the ‘Super Region’ coalition could strengthen their cooperative efforts and enhance trade relations, ensuring growth in the increasingly important mining sector.

Original Source: punchng.com

The post Venezuelan Investors Show Interest in Nigeria’s Mining Sector first appeared on Nigerian Mining News.

Nigeria is rapidly expanding its lithium extraction, especially in Nasarawa State, which holds significant reserves. The global surge in demand for lithium, powered by electric vehicle battery production, positions Nigeria as an up-and-coming player in this market. This growth attracts both local artisanal miners and foreign investments, highlighting the country’s potential in lithium production.

In regions like Gidan Kwano, artisanal miners extract lithium in open pits, often without permits. While illegal, this practice is a crucial income source for locals, including men, women, and children, who dig for lithium manually, sometimes using explosives. Raw lithium blocks are commonly sold to Chinese middlemen, and roadside warehouses are used for sorting and cleaning the mineral, although working conditions are generally poor and hazardous.

Chinese firms, such as Avatar and Ganfeng, have invested in local processing facilities to convert raw lithium into lithium oxide for export. China’s role in the lithium sector is increasing despite Nigeria’s attempts to diversify foreign investment sources. A recent agreement between Nigeria and France aims to promote mining projects, including lithium, though Chinese companies remain predominant due to regulatory obstacles faced by others like Tesla.

The Nigerian mining industry faces challenges from a developing regulatory framework and ongoing illegal mining operations. The government conducts enforcement against unauthorized mining, yet high demand fuels its persistence. Furthermore, local tensions and disputes over resource distribution have arisen, while armed groups have begun to control mining sites, complicating the landscape for lithium extraction.

With global lithium demand projected to soar by 2040, Nigeria is working to streamline its lithium sector for economic advantage. Key challenges include the establishment of local processing units and formalising mining activities. Future success will rely on effective regulation, attracting diverse investors, and securing mining zones, as interest in this strategic mineral grows among stakeholders.

The lithium demand surge is largely driven by its use in batteries for electric vehicles, causing countries rich in lithium resources, like Nigeria, to explore and develop their extraction capabilities. Nigeria’s lithium began gaining global attention due to its unregulated artisanal mining and considerable reserves, making it attractive to foreign investors, especially from China.

Nigeria’s lithium sector is poised for growth amidst shifting global demands. However, significant challenges arise from unregulated artisanal mining, foreign investment restrictions, and local tensions. Future success hinges upon effective regulation and the establishment of local processing plants to capitalise on the burgeoning market.

Original Source: energynews.pro

The post Nigeria Accelerates Lithium Extraction Amidst Global Demand first appeared on Nigerian Mining News.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has proposed an equity distribution for the Nigeria Solid Minerals Corporation comprising 50% for the private sector, 25% for Nigerians, and 25% for the Federal Government. This plan has been approved by President Bola Tinubu and aims to enhance the sector’s development. Alake made this announcement during a meeting with the British Deputy High Commissioner to Nigeria, Jonny Baxter.

The proposed corporation will be managed by the Ministry of Finance Incorporated (MOFI) and follow the model of Nigeria Liquefied Natural Gas (NLNG). Alake expressed optimism that the Solid Minerals Corporation would set a precedent for political independence in the sector. The initiative also includes plans to improve transportation systems to mining sites using roads, rail, and waterways.

Looking towards 2025, Alake outlined government efforts to bolster Nigeria’s mining sector, including regulatory reforms and securing investor interests. Recent evaluations reveal that despite Nigeria’s vast mineral resources, the sector contributes less than 1% to the GDP due to issues like illegal practices and low investment.

Alake has also urged the National Assembly to reconsider the N9 billion budget allocation for mining, which he deems insufficient to realise the country’s mining potential. The committee has paused further budget screenings, inviting relevant ministers to discuss necessary funding increases to optimise the sector’s contributions to the economy.

The Nigeria Solid Minerals Corporation is a new initiative intended to enhance the mining sector’s contributions to the economy. Nigeria is currently the leading energy producer in Africa yet faces challenges in effectively utilising its mineral wealth, primarily due to inadequate incentives and environmental concerns. The Minister’s advocacy for a larger budget highlights the urgency to capitalise on these resources for economic development. Historically, Nigeria’s mining sector has underperformed, accounting for a mere fraction of the GDP despite its potential. The focus on 2025 as a transformative year indicates a strategic push to reposition the sector in a competitive global landscape, ensuring sustainable growth and investment viability.

Dr. Dele Alake’s proposal for the Nigeria Solid Minerals Corporation marks a significant step towards revitalising Nigeria’s mining sector. The equitable stake distribution aims to attract private investment while increasing local participation. Understanding the need for adequate budgetary allocations is crucial to unlocking the sector’s potential. Observations from the Minister indicate a long-term vision for sustainable growth and resistance to political interference.

Original Source: nairametrics.com

The post Nigeria’s Solid Minerals Corporation: A Shift Towards Private Investment first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dele Alake, has called on British investors to explore Nigeria’s mining sector during a meeting with Jonny Baxter, the British Deputy High Commissioner to Nigeria. He highlighted the Nigerian government’s openness to UK support in capacity building and technical assistance across the mining value chain.

Alake noted that President Bola Tinubu has approved the establishment of the Nigeria Solid Minerals Corporation, designed to transform the sector sustainably, with a structure similar to the Nigeria Liquefied Natural Gas (NLNG) model. The corporation will aim for a 50% equity stake for the private sector, 25% for Nigerians, and 25% for the Federal Government, ensuring its operations remain free from political interference.

The government aims for a competitive mining sector by 2025, enhancing economic growth through improved access to mining sites, regulatory framework upgrades, and environmental remediation. Alake expressed optimism about the administration’s reform efforts, highlighting this pivotal year as a time for positive trends and economic prosperity.

Baxter commended Nigeria’s approach to forming the new corporation and reaffirmed the UK’s support for strengthening Nigeria’s regulatory framework, underlining that Nigeria’s growth is vital for global prosperity and expressing commitment to enhancing bilateral cooperation in mining.

Nigeria possesses vast mineral resources, which play a vital role in its economic development. The government is seeking foreign investment, particularly from the UK, to enhance the mining sector’s capacity. The establishment of the Nigeria Solid Minerals Corporation is part of broader efforts to ensure sustainable development and attract significant players in the mining industry.

The Nigerian government is actively encouraging British investment in its mining sector, citing opportunities for collaboration in capacity building and technical assistance. The new Nigeria Solid Minerals Corporation is set to enhance investor security and create a competitive market, anticipated to contribute significantly to the nation’s economy by 2025.

Original Source: gazettengr.com

The post FG Invites British Investors to Capitalise on Nigeria’s Mining Opportunities 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.