The Nigerian federal government has reported that international investors are showing interest in the country’s lithium sector. Segun Tomori, special assistant to Minister Dele Alake, stated during a recent XSpace event that lithium’s significance lies in its use for electric vehicles, solar panels, and green technologies. As a result, many investors are drawn to it, outpacing interest in other minerals like gold, nickel, and cobalt.

Tomori noted that Nigeria has already inaugurated two lithium factories, with additional ones set to open soon, including a new facility in Abuja. He emphasised the growing international mining industry’s focus on lithium, vital for solar panel and electric vehicle production, essential for green energy initiatives. The government aims to create a favourable investment environment by streamlining investment processes and addressing security concerns.

The commitment to fully exploit Nigeria’s lithium potential is evident, especially in Nasarawa state, which is believed to hold significant reserves. Tomori commended the proactive approach of Nasarawa’s governor, Abdullahi Sule, in developing the mining sector. The governor has engaged in collaborations with private entities and has applied to operate as a limited liability company.

Additionally, Tomori revealed that Nasarawa has already commissioned two lithium factories, with more expected this year. However, he acknowledged that Nigeria’s mining sector still requires technical expertise from established mining nations. The minister is actively engaging with foreign parties to seek technical partnerships and capacity-building opportunities.

Despite existing challenges, there is confidence in Nigeria’s ability to leverage its lithium resources for economic growth.

Nigeria’s lithium sector is rapidly gaining international attention, resulting in the establishment of several factories. With strategic government initiatives, particularly in Nasarawa state, and collaborations with foreign countries, Nigeria aims to develop its mining capabilities and technical expertise. The commitment from both the government and local stakeholders is pivotal in capitalising on the country’s lithium potential, despite ongoing challenges.

Original Source: www.thecable.ng

The post Nigeria Attracts International Investors to Its Promising Lithium Sector first appeared on Nigerian Mining News.

Dele Alake, Nigeria’s Minister for Solid Minerals Development, has highlighted insecurity and insufficient funding as the main obstacles to the nation’s mining sector growth. He has called on the Senate for increased financial support to facilitate thorough exploration of Nigeria’s rich mineral resources.

During an investigative hearing by the Senate Committee on Solid Minerals, Alake pointed out that poor funding hampers exploration and limits the sector’s potential in economic diversification. He expressed concern over Nigeria’s meagre $2.5 million investment in mining exploration, which ranks it 12th in Africa behind countries like Ivory Coast and the Congo.

Alake lamented the country’s low exploration budget compared to Africa’s leaders, with Ivory Coast investing $147 million. He proposed a funding requirement of N70 billion to enhance exploration across Nigeria, warning that the upcoming budget may hinder progress without legislative support.

To combat illegal mining, the Minister introduced a 2,220-strong Mining Marshals unit, deploying operatives across the states. He explained the various categories of illegal miners and revealed that Nigeria loses over $9 billion annually due to illegal mining activities.

In addition to the Marshals, Alake disclosed ongoing initiatives aimed at advocating for legalisation of artisanal mining, including a radio campaign to promote cooperative formation. This effort aims to align with the government’s new value addition policy, with plans for establishing six processing centres across Nigeria’s geopolitical zones.

Senate President Godswill Akpabio commended Alake’s commitment to solid minerals development, emphasising collaboration between the legislature and executive to tackle issues arising from illegal mining. The Senate Committee Chair, Ekong Sampson, reiterated the importance of addressing challenges to maximise the economic benefits of Nigeria’s vast mineral resources.

The Nigerian mining sector faces significant challenges, primarily due to insecurity and inadequate funding. These issues detract from the sector’s potential to serve as a key driver for economic diversification. The call for legislative backing and increased investment highlights the government’s recognition of the mining sector’s expansive potential, stemming from the rich mineral deposits available throughout the country.

In summary, Dele Alake has underscored the critical issues of insecurity and funding in Nigeria’s mining sector. He is advocating for legislative support and increased investment to enhance exploration efforts and combat illegal mining. With collaboration between the Senate and the Ministry, there is hope for a revitalised mining sector that contributes meaningfully to Nigeria’s economy.

Original Source: businessday.ng

The post Insecurity and Funding Issues Restrain Nigeria’s Mining Sector Growth 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.

Nigeria and Saudi Arabia are set to enhance their mining sectors by collaborating on geological capabilities, following advancements made by Saudi companies in mineral exploration. This decision arose during a meeting held at the Future Minerals Forum (FMF) in Riyadh, to discuss mutual economic benefits and technological innovations in mining.

Saudi Minister of Mining, Engr Bandar Al-Khorayef, highlighted the collaboration between public and private sectors to adopt new mineral exploration technologies, with products showcased at the conference to boost visibility and market awareness.

During the discussions, Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, proposed partnerships along the mining industry’s value chain, citing Nigeria’s gold refineries as potential entrants to the Saudi market with protection clauses benefiting both nations’ economies.

The Nigerian delegation, which included Dr Alake and Minister of State for Finance, Dr Doris Uzoka-Anite, appealed to the Saudi Chamber of Commerce for investment in Nigeria’s mining sector, particularly focusing on lithium and iron ore resources in line with current policies promoting value addition.

Dr. Alake indicated that the global shift towards electric vehicles has positioned Nigeria as a key provider of essential minerals, asserting that partnerships with Saudi investors could enhance the export of processed industrial materials. He referenced the examples of steel production and iron ore processing within Nigeria as predictions of potential success.

Alake mentioned the availability of advanced laboratories for mineral analysis in Nigeria, promoting efficient mining operations, and asserting Nigeria’s status as home to West Africa’s best-certified mineral laboratories.

The discussion between Nigeria and Saudi Arabia revolves around optimising their mining potential through technological collaboration. Given Saudi Arabia’s advances in mineral exploration, Nigeria seeks to leverage these advancements to boost its own mining capabilities. Both nations are keen to establish partnerships that enhance investment opportunities, particularly in sectors like lithium and iron ore, that align with global market trends towards sustainable energy solutions.

The renewed partnership between Nigeria and Saudi Arabia aims to improve mining operations and investment through collaborative efforts in technological advancements and market accessibility. By establishing joint ventures and harnessing shared resources, both countries can effectively enhance their mining sectors, contributing to economic growth and expanded export opportunities.

Original Source: von.gov.ng

The post Nigeria and Saudi Arabia Strengthen Mining Partnership for Economic Growth first appeared on Nigerian Mining News.

Nigeria and Saudi Arabia are collaborating to enhance their geological agencies by utilising Saudi advances in mineral exploration. Discussions commenced at the Future Minerals Forum in Riyadh, led by Nigeria’s Minister of Solid Minerals Development, Dele Alake, advocating for partnerships centred on the mining sector’s value chain.

Alake highlighted that Nigeria’s gold refineries could access the Saudi gold market, supported by protective clauses to ensure mutual benefits and economic growth for both nations. Saudi Arabia’s mining minister, Bandar Al-Khorayef, confirmed that the government and the private sector are jointly pursuing innovative technologies for mineral exploration, which will also aid other countries.

The renewed mining partnership between Nigeria and Saudi Arabia seeks to capitalise on both nations’ strengths within the minerals sector. Nigeria, rich in mineral resources, looks to improve its mining practices by learning from Saudi Arabia’s successful gold market. The Future Minerals Forum served as an ideal venue for initiating these discussions, aimed at bolstering economic cooperation in mineral exploration.

The collaboration between Nigeria and Saudi Arabia in the mining sector is poised to enhance mutual economic growth. By leveraging Saudi Arabia’s advancements in mineral exploration, both countries can benefit from shared resources and technologies. This partnership highlights the importance of international cooperation in developing the mining industry.

Original Source: nta.ng

The post Nigeria and Saudi Arabia Strengthen Collaboration on Mining Projects first appeared on Nigerian Mining News.

The French government plans to enhance the capabilities of the Nigerian Geological Survey Agency (NGSA) by upgrading its laboratory and equipping it with advanced technology. This initiative follows a Memorandum of Understanding (MoU) signed with Nigeria, announced during the Future Minerals Forum in Riyadh, Saudi Arabia. Benjamin Gallezot led the French delegation while Nigeria was represented by Minister of Solid Minerals Development, Dele Alake.

Moreover, the commitment extends to funding geological data exploration for the NGSA. A statement from Kehinde Bamigbetan, Alake’s Special Adviser, emphasized the initiative’s impact on promoting critical mineral projects in Nigeria. Gallezot indicated that his department is evaluating French companies interested in investing in Nigeria’s mining sector to ensure the credibility of prospective investors.

Minister Alake expressed gratitude for Gallezot’s collaboration in developing the MoU aimed at enhancing the two countries’ solid mineral sectors. Bamigbetan also addressed misconceptions regarding the MoU, clarifying that Nigeria is not conceding control over its mineral resources or forming a military alliance with France. The minerals forum serves as an essential platform for fostering understanding and collaboration between the two nations.

NGSA’s Director-General, Prof. Olusegun Ige, highlighted that the absence of advanced technology has hindered exploration efforts in areas rich in mineral deposits. He stressed the importance of cultivating local expertise through international exposure, noting that mining requires ongoing training and skill transfer to remain competitive globally.

This article discusses France’s commitment to upgrading Nigeria’s geological surveying capabilities through modern technological resources. The agreement, made at an international minerals forum, signifies an effort to strengthen cooperation in the mining sector between Nigeria and France, with an emphasis on sustainable development and value chain enhancement in critical minerals. This move also aims to address the existing challenges within Nigeria’s mining industry.

In conclusion, France’s pledge to upgrade Nigeria’s Geological Survey Agency marks a significant step in enhancing the country’s mining capabilities. The partnership will not only provide advanced technology and funding but will also foster international collaboration and expertise development, essential for tapping Nigeria’s mineral wealth effectively. Addressing public misconceptions highlights the importance of clear communication in international agreements.

Original Source: freedomonline.com.ng

The post France to Enhance Nigeria’s Survey Agency with Advanced Technology first appeared on Nigerian Mining News.

Nigeria has signed a funding agreement with France to enhance geological data exploration in its mining sector through the Nigerian Geological Survey Agency (NGSA). This collaboration aims to improve Nigeria’s capability in assessing its mineral resources, marking a concerted effort to revitalise the industry. By leveraging France’s financial and technical support, Nigeria is committed to upgrading its geological infrastructure to address existing challenges such as outdated technologies and inadequate facilities.

The partnership between Nigeria and France is a strategic move to bolster Nigeria’s mining sector, which has faced significant challenges such as declining production and limited technological access. With a memorandum of understanding (MoU) signed in December 2024, both nations aim to enhance the critical minerals value chain and promote sustainable mining practices. The initiative is part of Nigeria’s broader strategy to attract international investment and modernise its mining operations.

In summary, the agreement between Nigeria and France is pivotal in transforming Nigeria’s mining landscape. By gaining access to advanced technologies and fostering local expertise, Nigeria aims to overcome its mining sector challenges. This partnership could serve as a model for future collaborations in addressing global resource management challenges effectively.

Original Source: africa.businessinsider.com

The post Nigeria and France Partner to Boost Geological Data Exploration in Mining Sector first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dr. Dele Alake, has voiced his discontent over the drastic cut of his ministry’s proposed budget from N531 billion to N9 billion. He characterised this reduction as unacceptable while seeking an increase, though he did not specify the desired amount. Alake has formally protested to the National Assembly, asserting that the current allocation is insufficient to unlock Nigeria’s mining potential and that such limitations would stifle potential investments vital for exploration and growth in the sector. Furthermore, he highlighted that the 2024 revenue projections exceeded expectations, generating N38 billion, thus demonstrating the capacity for growth in the mining sector despite the minimal budgetary support.

The significant reduction of Nigeria’s mining sector budget poses a serious challenge to its economic diversification efforts, as it heavily relies on oil revenue. The proposed cut could undermine ongoing reforms and achievements within the mining industry. Recent figures indicated that reforms helped create 45,000 jobs and exceeded revenue expectations. The government, represented by the Minister and the Joint National Assembly Committee on Solid Minerals, expresses concerns about the implications of such a minimal budget and its impact on future investments and sustainable economic growth.

The drastic cut in the mining sector budget has spurred considerable backlash from the Minister and legislative committees, who argue that it threatens the future potential of Nigeria’s solid minerals industry. With calls for a budget increase, the focus remains on ensuring significant investments for exploration to sustain economic diversification beyond oil reliance. Concerns about job creation and revenue generation continue to be pivotal in discussions surrounding the budget allocation for the mining sector.

Original Source: 21stcenturychronicle.com

The post Minister Decries Cutting Nigeria’s Mining Sector Budget to N9 Billion first appeared on Nigerian Mining News.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has expressed strong discontent regarding the drastic reduction of his ministry’s proposed capital budget for 2025 from N531 billion to a mere N9 billion. He articulated his concerns on social media, highlighting that such cuts would severely limit investments necessary for unlocking Nigeria’s mining potential. The minister reported that while mining reforms generated 45,000 new jobs in 2024 and revenue surpassed projections, the current allocation is woefully inadequate for critical exploration activities.

Alake, alongside the Joint National Assembly Committee, emphasised that the N9 billion budget fails to meet the essential financial requirements for fostering significant investment in the mining sector, crucial for Nigeria’s economic diversification. Both Committee Chairman Senator Ekong Sampson and Co-Chairman Gaza Gbefwi joined in condemning the budget reduction as a blow to the country’s capacity to generate revenue. Gbefwi warned against compromising future generations by neglecting such promising sectors as solid minerals.

Senator Natasha Akpoti-Uduaghan suggested halting budget screenings until a proper increase is made. Consequently, the Joint Committee rejected the proposed budget and invited relevant ministers to push for a review that would unlock Nigeria’s mineral resource potential further.

This reflects a broader push for better budgetary support that aligns with the nation’s need for economic diversity beyond oil, framing solid minerals as a cornerstone of this transition.

Dr. Dele Alake stated, “This is unacceptable, as it will hinder any significant investment in exploration… We seek the support of the National Assembly for a radical upward review of the budget.” – 21st Century Chronicle.

The ongoing discussions signal an urgent need for investment in Nigeria’s mining sector to facilitate long-term economic gains and employment opportunities, as well as to increase national revenues.

– Key Points:
1. The proposed capital budget for the mining sector for 2025 is dramatically reduced.
2. Minister Dele Alake and the Joint Committee call for an upward review of the budget.
3. There is a push for increased investment in Nigeria’s mining to drive economic diversification.
4. Critics of the budget cuts see them as detrimental to future generations and growth in the sector.

– Conclusion:
Minister Alake’s dissatisfaction with the N9 billion budget underscores critical gaps in funding necessary for the advancement of Nigeria’s mining infrastructure and workforce development. The rejection by the Joint Committee encapsulates the urgent call for reassessment of priorities to safeguard the future economic health and potential of the nation through solid minerals.

This article discusses the ongoing issues within Nigeria’s mining sector, particularly focusing on a significant budget reduction proposed for 2025. The Minister of Solid Minerals Development, Dr. Dele Alake, has vocalised concerns regarding this cut, seeing it as a hindrance to the potential growth and exploration needed in the industry. The background discusses Nigeria’s reliance on oil, the recent jobs created through mining, and the importance of solid minerals in economic diversification.

The situation highlights the urgent need for increased support and investment in Nigeria’s mining sector. Minister Alake’s statements, alongside the condemnation from the Joint Committee, reflect a clear consensus on the necessity for a budget review to secure the future economic sustainability of the country based on its mineral resources.

Original Source: 21stcenturychronicle.com

The post Minister Rejects Dramatic Cuts to Nigeria’s Mining Budget first appeared on Nigerian Mining News.

The Minister of Solid Minerals Development, Dr. Dele Alake, has expressed strong disapproval of the N9 billion budget allocated for Nigeria’s mining sector in 2025, calling for a significant increase. In a post on X, Alake argued that this financial allocation is insufficient to harness the country’s mining potential, despite the sector generating N38 billion in revenue in 2024, exceeding an initial projection of N11 billion. He emphasised that to secure substantial investments in exploration activities, an upward review of the budget is essential.

Alake pointed out the success of mining reforms in 2024, which resulted in 45,000 new jobs and enabled Nigeria to attract global attention in the sector. He asserted that the N9 billion budget would severely limit exploration efforts and hinder necessary geo-data generation to engage major investors. Furthermore, the Joint National Assembly Committee on Solid Minerals has also rejected the proposed budget, advocating for increased funding to promote solid minerals as a critical component of economic diversification. Committee Chair Senator Ekong Sampson highlighted the crucial need for investment in exploration to facilitate Nigeria’s green energy transition.

Nigeria is Africa’s leading energy producer but struggles to leverage its mineral resources effectively, contributing less than 1% to its GDP. Persistent challenges include inadequate incentives, rampant illegal activities, and low investment levels. The country aims to diversify its economy and harness the potential of its solid minerals sector, which is viewed as key for future economic stability and growth. Recent reforms demonstrated the possibility of job creation and revenue generation, but the budgetary allocation needs considerable enhancement to facilitate further progress.

In summary, Dr. Dele Alake’s call for an increased budget for Nigeria’s mining sector underscores the necessity of substantial investment for exploration and growth. With the Joint National Assembly Committee echoing his concerns, there is a growing consensus on the urgent need for policy adjustments to ensure Nigeria capitalises on its mineral wealth and drives economic diversification away from oil dependency. Without adequate funding, opportunities for future generations may be severely compromised.

Original Source: nairametrics.com

The post Dele Alake Critiques N9 Billion Mining Budget, Advocates for Increase first appeared on Nigerian Mining News.