Nigeria and Venezuela have engaged in discussions regarding investment opportunities in the mining sector during the Mining Indaba in Cape Town, South Africa. The Minister of Solid Minerals Development, Dr Dele Alake, highlighted the shift both countries must make from petroleum sales to solid minerals due to global energy transitions and economic pressures.

Alake emphasized Nigeria’s commitment to diversifying its economy under President Tinubu’s Renewed Hope Agenda, focusing on critical minerals like lithium and cobalt necessary for the global energy shift. He expressed that both nations can collaborate effectively to utilize their mineral resources sustainably, enhancing local economies.

In seeking to process minerals like lithium for local use instead of exporting them raw, Alake stressed the goal of creating jobs and boosting the economy through value-added production. He also invited Venezuela to participate in a new coalition named the Super Region, aimed at facilitating trade and economic independence for member countries.

Deputy Minister Alejandro Martinez praised Alake for recognising the shared challenges faced by both nations reliant on oil and eager to transition their economies. He expressed interest in Venezuelan investment, particularly in mining machinery, and requested support for investor engagements in Nigeria.

A delegation from Venezuela included the ambassadors to South Africa, indicating diplomatic support. Martinez conveyed appreciation from Venezuelan President Nicolas Maduro for President Tinubu’s leadership.

Nigeria and Venezuela are exploring collaborative opportunities to develop their mining sectors, transitioning from oil dependence to solid minerals as a means of economic diversification. The focus is on sustainable resource exploitation, enhancing local economies by processing minerals for local use. Ultimately, this partnership aims to foster trade among similar countries facing economic challenges.

Original Source: fmino.gov.ng

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