Nigeria is opening its mining sector to Venezuelan investors, a move aimed at boosting foreign investments. This initiative was discussed during the Mining Indaba in Cape Town, where Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, met with Venezuela’s Deputy Minister of Mining, Alejandro Martinez. They explored opportunities for cooperation in the mining sector to strengthen economic ties between the two nations.

Alake highlighted the need for Nigeria to diversify from petroleum, noting the global shift towards green energy and the importance of mining critical minerals like lithium and cobalt. He stated, “Nigeria focused on petroleum. Now, the world is moving to green energy. Compulsorily, we have to shift our attention to our minerals.”

Emphasising local value addition, Alake expressed Nigeria’s desire for lithium to be processed domestically to create jobs and stimulate the economy. He invited Venezuela to join a new coalition for mining countries aiming for trade and economic independence.

Martinez acknowledged the challenges faced by both oil-producing countries and expressed Venezuela’s eagerness to collaborate. He conveyed gratitude from Venezuelan President Nicolas Maduro to Nigeria’s President Bola Tinubu for support and urged investment facilitation through closer ties between the two nations.

Nigeria and Venezuela’s partnership aims to diversify economies through mining, highlighting the importance of local processing and collaboration. Both countries seek to exploit their resources sustainably, focusing on critical minerals needed for the energy transition.

Original Source: tribuneonlineng.com

The post Nigeria and Venezuela Forge Mining Partnership to Boost Economic Ties first appeared on Nigerian Mining News.

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.

Nigeria and Venezuela are exploring mining sector investment opportunities following discussions at the Mining Indaba in Cape Town. Dr Dele Alake, Nigeria’s Minister of Solid Minerals Development, highlighted the shift from petroleum to solid minerals due to global energy transitions. He stated that diversifying economies aligns with President Tinubu’s agenda, emphasising the importance of minerals like lithium and cobalt for the energy transition.

Alake expressed readiness for cooperation in mineral exploitation and trade, aiming for local processing and job creation. He invited Venezuela to join a coalition named the Super Region, designed to enhance trade among countries with similar economic goals. Venezuelan Deputy Minister Alejandro Martinez acknowledged both nations’ shared challenges and expressed interest in exploring Nigerian mining markets, seeking local investment facilitation.

Both Nigeria and Venezuela have historically relied on petroleum exports, facing economic challenges related to global climate policies. As the world shifts towards green energy solutions, both nations are now focusing on sustainable alternatives in the mining sector. The ongoing discussions signify a strategic move to explore and develop their mineral resources for economic diversification and local value addition.

The discussions between Nigeria and Venezuela signal a cooperative approach to mining, focusing on jobs and local processing of minerals. The invitation to join the Super Region coalition represents an opportunity for collaboration among countries facing similar economic challenges. Both nations are committed to leveraging their mining sectors to achieve sustainable economic growth.

Original Source: blueprint.ng

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

Dele Alake, Nigeria’s Minister of Solid Minerals Development, advocates for stronger trade relations with the United Arab Emirates (UAE) particularly in the mining sector. During a meeting with UAE Ambassador Salem Shaeed Al Shams, Alake stressed the importance of a collaborative approach to tackling illegal gold trade, which currently sees much Nigerian gold entering the UAE unlawfully.

He pointed out Nigeria’s wealth in valuable minerals and the potential benefits of the UAE’s role as a mineral trade hub. Alake proposed working together to create strategies and a regulatory framework to ensure that both nations can profit legally from this trade, enhancing mutual benefits.

Al Shamsi confirmed the UAE’s commitment to deepening ties with Nigeria, highlighting the removal of visa restrictions and a recent MOU between Emirati companies and Nigeria through the Solid Minerals Development Fund (SMDF). He also announced an economic forum set to be held in Nigeria with participation from 30 to 35 major Middle Eastern and Emirati companies, aimed at attracting Foreign Direct Investments (FDI).

To further combat illegal trading and enhance legitimate commerce, both countries agreed to form a technical committee to explore collaboration strategies. A statement from Segun Tomori, aide to the Minister, emphasised this commitment to cooperative efforts in the mining sector.

The article focuses on the relationship between Nigeria and the UAE, particularly looking at trade in the solid minerals sector, which is crucial for economic development. With significant illegal gold trading concerns, the ministers aim to establish a legal framework to enhance trade practices and benefit both countries. The initiative is part of a broader effort to strengthen bilateral relations and increase foreign investments in Nigeria.

The meeting between Alake and Al Shamsi signifies strong bilateral interest in solid mineral trade. By addressing illegal activities and fostering legitimate commerce, Nigeria and the UAE can enhance their economic relationship. Upcoming forums and agreements indicate a robust commitment to advancing trade ties and investments in Nigeria.

Original Source: businessday.ng

The post Nigeria and UAE Strengthen Mining Trade Relations first appeared on Nigerian Mining News.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has advocated for stronger trade relations between Nigeria and the UAE, particularly in the mining sector. During a meeting with UAE Ambassador Salem Shaeed Al Shamsi, Alake highlighted the historical relationship spanning over 50 years and the potential for expanding trade in solid minerals. Alake pointed out that while gold trade exists between the two countries, much of it is illicit. He proposed collaborating to combat illegal gold trading and to devise a regulatory framework that would legitimise this trade to benefit both nations. He also noted Nigeria’s vast mineral wealth and the UAE’s role as a central hub in mineral commerce, emphasising the mutual advantages of a closer partnership. Ambassador Al Shamsi reaffirmed the UAE’s commitment to enhancing its longstanding relations with Nigeria, referring to recent developments such as lifting visa restrictions and signing a Memorandum of Understanding (MOU). He announced an upcoming Nigeria-UAE economic forum in Nigeria with participation from numerous major UAE companies to boost Foreign Direct Investments (FDI). Both nations agreed to form a technical committee aimed at tackling illegal mineral trade and promoting legitimate business practices.

The mining sector is crucial for both Nigeria and the UAE, with Nigeria possessing various valuable minerals and the UAE serving as a key trading hub. Over the last fifty years, the two countries have developed a significant bilateral relationship that can be further enhanced through strategic collaboration in legitimate mineral trade. Alake’s focus on combating illegal activities in the gold market and fostering legitimate trade underlines the importance of a structured regulatory approach.

The meeting between Dr. Alake and Ambassador Al Shamsi marks a pivotal step in solidifying Nigeria-UAE relations, especially in the mining sector. The proposed collaboration aims to legalise gold trading and promote investment opportunities, indicating a bright future for trade between the two nations.

Original Source: freedomonline.com.ng

The post Nigeria and UAE Look to Strengthen Trade in Mining Sector first appeared on Nigerian Mining News.