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.

Nigeria and France have strengthened their partnership in the mining sector by committing to upgrading Nigeria’s geological infrastructure and enhancing technology transfer. The commitments made include upgrading Nigeria’s geological laboratories, providing advanced equipment, and funding geological data exploration for the Nigerian Geological Survey Agency.

During a meeting at the Future Minerals Forum in Riyadh, both countries discussed strategies to improve Nigeria’s geological infrastructure and promote sustainable mining practices. Minister of Solid Minerals Development, Dr Dele Alake, and France’s Interministerial Delegate for Strategic Minerals, Benjamin Gallezot, led the discussions.

This collaboration follows an earlier memorandum of understanding established during President Bola Tinubu’s visit to France, aimed at promoting critical minerals and diversifying the value chain. Both nations also agreed to share information on mining laws to combat illegal mining and facilitate collaboration.

Gallezot revealed that French companies are being screened for potential investments in Nigeria’s mining sector, with plans to present credible investors to the Nigerian Ministry of Solid Minerals Development. Alake praised Gallezot’s efforts in finalising the MoU and highlighted the need for policies to solidify cooperation.

Key focus areas included sustainable mining practices, artisanal mining, geological exploration, and funding. Professor Olusegun Ige of the NGSA stressed the importance of modern technological equipment for effective exploration.

Training and skills transfer were emphasised, with the aim to develop local expertise aligned with international standards. Simon Nkom from the Nigerian Mining Cadastral Office underscored the need to review mining laws and enhance collaborative practices between Nigeria and France.

Hajiya Fatima Shinkafi proposed co-funding opportunities for early-stage exploration projects in collaboration with French financial institutions. Christophe Poinssot from the French geological agency confirmed Nigeria would benefit from capacity-building funding for geologists, along with laboratory upgrades to meet international standards.

Gallezot concluded that the proposals discussed will be forwarded to respective governments for evaluation and execution planning, with joint exploration initiatives on specific minerals expected to strengthen the data database. Both parties agreed to review progress at the upcoming annual Indaba in Cape Town.

The strengthening of mining ties between Nigeria and France reflects a commitment to enhance the mining sector’s efficiency and sustainability. Both nations are working towards improving geological infrastructure and sharing expertise to bolster investments in Nigeria’s mining industry. This collaboration follows a memorandum of understanding aimed at diversifying and promoting critical minerals, crucial for both countries’ economic development and sustainability efforts.

The commitments made between Nigeria and France mark a significant step in enhancing the mining sector. By investing in geological infrastructure and promoting knowledge exchange, both countries aim to leverage their resources efficiently. The continued collaboration will likely lead to improved mining practices and sustainable development in Nigeria’s mineral-rich areas.

Original Source: punchng.com

The post Nigeria and France Enhance Mining Cooperation with New Commitments first appeared on Nigerian Mining News.

The Nigerian Federal Government aims to rejuvenate the economy through global mining partnerships. Minister of State Finance, Dr. Doris Uzoka-Anite, represented Nigeria at the Future Minerals Forum (FMF) in Riyadh, highlighting the country’s rich resource wealth and readiness for collaboration with investors. She stated, “With our rich resource base and a renewed focus on innovation, sustainability, and investment, we are positioning Nigeria as a leader in the global minerals and energy landscape.’

Uzoka-Anite, accompanied by Minister of Solid Minerals, Mr. Dele Alake, showcased Nigeria’s openness to business at the FMF. The forum attracted over 14,000 participants from 178 countries, allowing Nigeria to present its resource potential to the global community. This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda to stimulate economic growth through strategic partnerships.

Manga reported that the FMF has been pivotal for Nigeria in promoting economic advancement via mining collaborations. The Minister had discussions with Saudi officials and industry leaders, presenting Nigeria’s mining sector as an attractive investment destination. A joint session with the Saudi Ministry of Energy explored partnership opportunities in energy and mining, reinforcing Nigeria’s appeal as a preferred partner.

These engagements are aimed at strengthening economic ties between Nigeria and Saudi Arabia while highlighting Nigeria’s untapped resource potential. The Federal Government is committed to fostering partnerships that drive investment and innovation in the mining sector, welcoming global investors to explore these opportunities.

The article discusses Nigeria’s efforts to enhance its economy through international mining partnerships. It illustrates the government’s active participation in global forums to attract investments. The emphasis is on collaboration, resource management, and solidifying Nigeria’s position as a leader in mining and energy sectors, reflecting a strategic approach to economic revitalization.

The Nigerian government is prioritising global partnerships in mining to stimulate economic growth, backed by the participation of top officials at international forums. Efforts to showcase Nigeria’s resources are coupled with a commitment to innovation and sustainability, inviting international investors to explore and invest in the country’s mining sector. This approach is part of a broader initiative to enhance economic prospects through collaborative efforts.

Original Source: tribuneonlineng.com

The post Nigeria Pursues Global Mining Partnerships to Revitalise Economy first appeared on Nigerian Mining News.

Since President Bola Tinubu took office on May 29, 2023, significant efforts have been made to enhance Nigeria’s mining sector as part of his wider strategy to diversify the economy. Acknowledging Nigeria’s wealth in critical minerals vital for global energy transition, Tinubu’s administration faces the challenge that despite possessing 44 commercially viable minerals, the sector has historically underperformed in contributing to GDP.

Minister of Solid Minerals Development, Dele Alake, declared a state of emergency upon his appointment. He linked illegal mining operations to funding for banditry, hampering revenue potential. In response, the government implemented a combination of law enforcement and cooperative incentives. A dedicated security unit known as the Mining Marshals was created to ensure protection and legality in mining activities, resulting in the arrest of over 300 illegal miners. Additionally, 250 cooperatives were initiated to formalise artisanal miners’ operations.

Key policies introduced include the Value Addition Policy, designed to require mining companies to present value-adding initiatives before obtaining licences. This is supported by the inauguration of a state-of-the-art laboratory for geochemical analysis, intended to improve exploration initiatives. Recent developments include a lithium processing laboratory and a tin processing plant, signalling progress in mineral processing capabilities.

July 2024 saw the introduction of increased rates and charges for mining activities, aimed at enhancing the sector’s economic contribution and improving infrastructure. The revocation of 924 dormant mining licences aims to clean the industry and boost foreign investment. While NAITI reports GDP contributions increased from N1.66 trillion in 2022 to N1.76 trillion in 2023, there is consensus that further improvements depend on addressing state interference and over-regulation.

The government’s decision to lift the mining exploration ban in Zamfara is also seen as a step towards revenue recovery. Stakeholders advocate for mandatory local content usage in oil and gas industries to enhance national revenue further. Upcoming mining conferences underline the need for technological advancements and collaborative efforts to reinforce the sector’s growth.

While optimism surrounds Tinubu’s reforms, stakeholders emphasise the importance of consistent and actionable policies in achieving sustainable progress. The minister mentioned plans for further reforms in 2025 to build on 2024’s achievements.

Nigeria’s mining sector, endowed with 44 commercially viable minerals, has historically played a minimal role in national GDP despite its potential. President Bola Tinubu’s administration has initiated efforts to revitalise the sector, focusing on addressing illegal mining’s impact on security and economic performance. This sector transformation aims to pivot Nigeria’s economy away from a mono-cultural reliance on oil, leveraging solid minerals for sustainable growth and stability.

The revitalisation of Nigeria’s mining sector under President Tinubu aims to elevate its economic contribution by addressing illegal activities and promoting value addition. Key strategies involve both coercive measures to enforce legality and initiatives to formalise artisanal operations. Despite initial progress reflected in GDP growth, overcoming structural challenges and ensuring effective policy implementation will be crucial for long-term success and development in the sector.

Original Source: nannews.ng

The post Transforming Nigeria’s Mining Sector: Progress Under Tinubu’s Administration first appeared on Nigerian Mining News.

The Federal Government of Nigeria will debut a new television drama series titled “Hidden Riches” on January 25, 2025, focusing on the intricacies and potential of the nation’s mining industry. Set to broadcast weekly on the Network Service of the Nigerian Television Authority (NTA) Saturdays from 8:05 pm to 8:30 pm, the series aims to raise awareness about this crucial sector. Dr. Dele Alake, Minister of Solid Minerals Development, emphasized its role in economic transformation, showcasing the narratives of various stakeholders in the mining sector.

This new series, produced by Take 7 Media, aims to illuminate the often-overlooked mining sector in Nigeria, which holds substantial opportunities for economic development. The initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises diversifying the economy and sustainably managing resources. Highlighting real-life challenges and opportunities faced by miners, politicians, and activists, the series seeks to engage audiences in the importance of solid minerals in Nigeria’s economic landscape.

In summary, “Hidden Riches” represents a strategic effort by the Nigerian government to shed light on the mining industry’s potential for economic growth while engaging the public with compelling storytelling. The series will serve as both entertainment and an educational tool, encouraging broader discourse on sustainable practices within Nigeria’s solid minerals sector.

Original Source: tribuneonlineng.com

The post Nigeria to Launch Mining-Themed TV Series “Hidden Riches” on Jan 25, 2025 first appeared on Nigerian Mining News.

The Tinubu Stakeholders Forum (TSF) has applauded the opening of Nigeria’s first mineral analysis laboratory located in Sabon-Wuse, Niger. In a statement, TSF leadership expressed that this initiative marks a significant milestones for the country’s mining sector, aligning with President Bola Tinubu’s Renewed Hope Agenda. The laboratory aims to eliminate the need for overseas mineral testing and enhances local value addition in the mining industry.

TSF highlighted that the facility, backed by the Federal Government and African Natural Resources and Mines Ltd., is equipped with advanced WDXRF technology, offering extensive geochemical services to bolster Nigeria’s global competitiveness in mining. The group commended Minister of Solid Minerals Development, Dr. Dele Alake, for his leadership in achieving this development, which promises to create jobs and foster private sector investment.

TSF urged mining stakeholders to take full advantage of this new facility, believing it would stimulate sustainable growth and enhance investor confidence within the sector, thereby overcoming operational challenges faced by mining companies.

The establishment of Nigeria’s first mineral analysis laboratory signifies a major advancement in the country’s mining sector, aiming to facilitate local mineral testing and reduce reliance on international services. This facility, part of the Federal Government’s commitment to developing the country’s natural resources, supports a broader agenda to reinforce Nigeria’s status in the global mining landscape. With its state-of-the-art technology, the laboratory intends to enhance the efficiency and efficacy of geochemical analyses necessary for mineral exploration and extraction.

The inauguration of Nigeria’s first mineral analysis laboratory is a pivotal development for the mining sector, promoting local testing and value addition. TSF believes that this facility will not only generate jobs and attract investments but also position Nigeria as an influential player in the global mining arena. Stakeholders are encouraged to collaborate with the government to maximise the potential of this resource.

Original Source: nannews.ng

The post Nigeria Opens First Mineral Analysis Laboratory to Boost Mining Sector first appeared on Nigerian Mining News.

The inaugural Investment Summit and Roadshow for Solid Minerals in Nigeria, organised by the Nigerian High Commission in South Africa with Rosebank Capital, showcased the country’s mining potential to South African investors. The event highlighted policy reforms, community agreements, and innovative systems aimed at revitalising the sector. Key discussions included investment incentives, the digitisation of mining license processes, and the need for local value addition in mineral processing.

Engaging sessions helped clarify misconceptions about Nigeria’s business climate. Investors raised concerns over policy fluctuations, which were addressed by showcasing the amendment process for the Nigeria Minerals And Mining Act (2007). This aims to solidify reforms and improve the investment framework. The revised Community Development Agreements (CDAs) were also introduced to ensure host community consent for mining operations, fostering better relationships.

The Nigeria Mineral Decision Support System (NMDSS) emerged as a pivotal tool to attract investors, providing comprehensive data for informed decisions without necessitating travel. President Bola Tinubu’s promise of “Easy In, Easy Out” regarding profit repatriation, paired with tax waivers for mining equipment imports, further appealed to investors. Dr. Dele Alake emphasised the importance of local processing and skill transfer to boost Nigeria’s GDP.

Improvements in the mining license application process through the Electronic Mining Cadastral System (EMC+) were presented as a significant leap forward. Additionally, potential collaborative programmes were discussed for mutual certification of mining professionals between Nigeria and South Africa.

The summit was marked by several commitments, including interest from Pilanesberg Platinum Mines to explore similar initiatives in Nigeria and an MOU for a $1 billion coal processing and power plant project in Enugu State. Crystal Partners also expressed intentions to collaborate with Nigeria’s mining sector. Overall, the Roadshow was deemed a success, signalling a promising future for Nigeria’s solid minerals sector under proactive leadership.

The focus of this article is the recent Investment Summit and Roadshow for Solid Minerals held in Johannesburg, South Africa, which served as a platform to present Nigeria’s mining sector potential to international investors. It highlighted ongoing reforms and initiatives aimed at transforming the mining industry and establishing Nigeria as a favourable destination for mining investments. The Nigerian delegation engaged investors through presentations, discussions on policies, and innovative systems designed to ease the investment process and enhance community relations.

In summary, the Investment Summit and Roadshow successfully showcased Nigeria’s mining potential, addressing investor concerns about policies and community engagement. Promises of improved processes, attractive incentives, and the commitment to local value addition were well received. Key partnerships and initiatives were formed, indicating a proactive approach to investing in Nigeria’s mining sector, suggesting a bright future under effective leadership.

Original Source: blueprint.ng

The post Investment Summit Showcases Nigeria’s Mining Potential to South African Investors first appeared on Nigerian Mining News.

The Federal Government of Nigeria and France have entered an agreement aimed at developing joint projects to enhance the value chain of critical minerals in the solid minerals sector. These minerals, including copper, lithium, nickel, cobalt, and rare earth elements, are vital for clean energy technologies. This collaboration is expected to lead to the remediation of over 2,000 abandoned mining pits in Nigeria, significantly improving safety following recent tragedies involving pit collapses that claimed 65 lives.

The Memorandum of Understanding (MoU) was signed during President Bola Tinubu’s official visit to France. It encompasses cooperation in research, training, and student exchanges between France and Nigeria to foster knowledge transfer. Sustainable mining practices will be a priority, with initiatives designed to minimise environmental impacts, including reduced carbon emissions and water consumption.

Furthermore, the partnership involves establishing joint extraction and processing projects, supported by both public and private sector funding. The Nigerian Minister of Solid Minerals Development, Dr Dele Alake, highlighted that this agreement aligns with the Tinubu administration’s goals to enhance the international competitiveness of the mining sector, attracting French investments.

This agreement between Nigeria and France is strategic, focusing on the critical minerals essential for clean energy, such as lithium and cobalt. With the increasing global emphasis on sustainability in mining practices, the partnership is poised to address the pressing issues of environmental degradation and safety in mining operations. Recent mining disasters in Nigeria highlight the urgent need for enhanced safety measures and community-focused initiatives, making this agreement particularly timely and significant for both nations.

The collaboration between Nigeria and France marks a crucial step towards advancing the solid minerals sector while ensuring sustainable practices and safety improvements. The MoU paves the way for enhanced research, training, and investments, contributing to the local economy and addressing critical environmental concerns. This partnership exemplifies international cooperation aimed at fostering innovation and sustainability in the mining industry.

Original Source: punchng.com

The post Nigeria and France Collaborate on Sustainable Mining Initiatives first appeared on Nigerian Mining News.

The House of Representatives in Nigeria has urged the Federal Government to boost funding for lithium exploration. This call arose from a motion adopted during a plenary session, sponsored by Victor Obuzor, highlighting the significant price rise of high-quality lithium carbonate, which shifted from $5,180 in 2010 to $46,000 in 2023. Obuzor noted that neglecting lithium’s potential could mirror past errors in the oil and gas sector, where only upstream value is pursued.

The motion emphasized the need for improved funding for the Nigerian Geological Survey Agency to enhance mineral mapping and surveys for lithium deposits. Obuzor indicated that significant lithium-bearing minerals have been found in various states, yet there remains no clear estimate of the nation’s reserves. The House expressed concerns about the lack of investment in lithium mining, despite the Solid Minerals Development Fund being established for this purpose.

Following the motion’s adoption, Speaker Tajudeen Abbas advised the creation of the Nigerian Lithium Production Agency to develop a comprehensive lithium industry and its regulatory framework. Moreover, there will be an audit of the Solid Minerals Development Fund to ensure proper utilisation of resources. Nigeria’s mining sector, once a significant contributor to the economy, now only accounts for less than 0.8% of GDP, mainly due to the dominance of oil and gas development.

Lithium is a critical mineral for renewable energy technologies, yet Nigeria’s potential remains largely untapped. The country’s mining sector is historically significant but has diminished over the years as oil and gas became predominant. Recently, global demand for lithium has surged, leading to increased prices, which may incentivise investment in local exploration initiatives. Effective mining and exploration strategies are essential for rejuvenating this sector and boosting economic growth.

The Nigerian House of Representatives has highlighted the urgent need for increased funding towards lithium exploration and development, recognising the substantial economic benefits that this could bring. By pushing for enhanced geological surveys and the establishment of dedicated agencies, the House aims to unlock Nigeria’s lithium potential, which is critical amidst a global shift towards renewable energy sources. Acknowledging past mistakes in the oil sector, the government is urged to strategically invest in the lithium industry for sustainable economic growth.

Original Source: punchng.com

The post Nigerian House Advocates for Enhanced Funding in Lithium Exploration first appeared on Nigerian Mining News.

Nigeria and France have formalised a partnership to enhance their mining sectors through a Memorandum of Understanding. Signed during President Bola Tinubu’s visit to France, the agreement aims to advance projects related to critical minerals essential for clean energy, such as lithium and cobalt. It seeks to address the remediation of abandoned mining sites and includes collaboration on research and training for skills transfer between the two nations. Moreover, the deal promotes sustainable mining practices to mitigate environmental impacts and improve local community conditions.

Critical minerals are increasingly vital for developing technologies that support clean energy solutions. Recent incidents in Nigeria, including fatal mining pit collapses, have highlighted the urgent need for better regulatory practices and resource management in the sector. This agreement represents a strategic move to attract foreign investment, bolster the skills of the local workforce, and ensure the mining practices adopted are both sustainable and beneficial to local communities.

The partnership between Nigeria and France marks a significant step towards revitalising Nigeria’s mining industry. By focusing on sustainable practices and skill development, this collaboration aims to ensure the responsible extraction of critical minerals and improve the livelihood of communities impacted by mining. The commitment to international best practices underscores the importance of transparency and sustainability in these ventures.

Original Source: economicconfidential.com

The post Nigeria and France Join Forces to Enhance Mining Sector first appeared on Nigerian Mining News.