Nigeria recently concluded a three-day conference celebrating National Mining Week, highlighting its commitment to enhancing its mining sector. With a focus on attracting investments, the Nigerian government aims to leverage the global increase in mineral demand to diversify its economy. This initiative is part of broader efforts to reduce reliance on oil and tap into the potential of the mining industry to foster economic growth.

The Nigerian economy has been historically reliant on oil exports, making it vulnerable to fluctuating global prices. In light of this, the government is actively seeking to diversify by investing in various sectors, including mining. The National Mining Week conference underscores the government’s dedication to this goal, providing a platform for stakeholders to discuss opportunities and strategies to enhance the mining sector’s contribution to the economy.

In summary, Nigeria’s focus on expanding its mining industry is a strategic move aimed at economic diversification. By capitalising on the global demand for minerals, the country intends to shift its economic dependence away from oil, ultimately fostering sustainable growth and investment in the sector.

Original Source: www.voaafrica.com

The post Nigeria Aims to Expand Mining Sector to Diversify Economy first appeared on Nigerian Mining News.

Tanzania is positioning itself as a frontrunner in Africa’s strategic mineral sector, with expectations of a significant surge in global demand for critical resources by 2050. During a stakeholder meeting, Minister for Minerals Anthony Mavunde highlighted the country’s abundant mineral reserves, particularly in nickel, lithium, and graphite, vital for clean energy. Currently, global graphite demand is estimated at 6.5 million tonnes annually, but production is only at 1.2 million tonnes, with China dominating at 64% of the total. In Africa, Madagascar leads with 13%, Mozambique with 10%, and Tanzania follows in third place, contributing 0.6%.

The increasing global demand for strategic minerals, particularly for clean energy technologies, makes countries with rich mineral reserves crucial in shaping the future market. Tanzania’s mineral resources, especially in graphite—which is essential for batteries and other technologies—provide it with a competitive edge in the evolving landscape of the mining industry. The projected rise in demand by 2050 magnifies the importance of African nations in the global market.

Tanzania is actively working to enhance its status in the mining sector by leveraging its rich mineral resources. With strategic minerals like nickel, lithium, and graphite in high demand for clean energy, the country aims to increase its market share significantly. As the global demand for these minerals rises, Tanzania’s position as a significant contributor could reshape mining dynamics in Africa and beyond.

Original Source: africanminingmarket.com

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