Nigeria’s Mineral Wealth, Catalyst For Economic Diversification – Alake

The Minister of Solid Minerals Development, Dr Dele Alake, has underscored the pivotal role of Nigeria’s mineral wealth in fostering economic diversification, job creation, and sustainable development.

Stating that his administration, since inception, had raised the consciousness of Nigerians and foreigners about the significance of mining in Nigeria, he invited global investors to forge strategic partnerships to advance Nigeria’s mining sector to international standards.

Dr Alake made this statement in Abuja Tuesday during a pre-event press briefing for the 9th edition of Nigeria Mining Week, which is scheduled for November 18th to 20th, 2024.

He emphasised that the event would prioritise fairness, transparency, and sustainability as foundational principles within the mining sector.

Further stressing the importance of precise geoscientific data, Dr Alake highlighted its role in attracting investment and bolstering the sector’s credibility.

According to him, the Nigeria Mining Week 2023 promises a collaborative environment where stakeholders can exchange insights and propose solutions, thus advancing the industry and impacting Nigeria’s economic growth.

He said: “Nigeria’s mineral wealth is the cornerstone of economic diversification, job creation, and community development, driving our national interests to benefit every Nigerian.

“Our nation is endowed with over 44 minerals across various categories, yet to realise their full potential, we must progress beyond mere extraction. We are committed to establishing frameworks ensuring Nigerians benefit directly from our resources.

“Through local value addition, processing, and beneficiation, our objective is to transform Nigeria’s mineral wealth into a source of industrial and economic strength, generating jobs and supporting local enterprises in ways that resonate across our economy.

“At the heart of this transformative agenda is our commitment to accuracy and transparency in data. High-quality geoscientific data attracts investors and reinforces our sector’s credibility and stability.

“As we work to position Nigeria as a destination where investments are informed and reliable, we invite the world to engage in a mutually rewarding partnership that elevates our mining landscape to international standards.”

The minister asserted that the insistence on value addition ensures that Nigerian resources are not exported in raw form.

“Establishing processing and refining facilities domestically creates employment opportunities, deepens industrial capacity, and adds economic value extending far beyond the mining sector. We are positioning Nigeria as a formidable entity within the global mineral value chain, anchored by our commitment to retain wealth within our communities,” he said.

The national president of the Miners Association of Nigeria, Mr Dele Ayanleke, praised the ministry’s leadership, noting that Nigeria Mining Week had evolved into a premier platform for evaluating industry progress, setting future agendas, and showcasing technological advancements.

He thanked partners PwC and Vuka Group for their continued support in sustaining the event’s growth.

“The Nigeria Mining Week has firmly established itself as the leading platform for industry assessment, setting future agendas, and showcasing new technologies and methodologies,” he said.

In his address, Mr Habeeb Jaiyeola, a partner in the Mining Sector at PricewaterhouseCoopers (PwC) Nigeria, reaffirmed PwC’s longstanding support for Nigeria Mining Week, stressing the event’s critical role in assessing progress, addressing challenges, and identifying solutions for Nigeria’s mining industry.

He noted that this year’s theme, “From the Inside Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy,” will highlight achievements while addressing current challenges and potential solutions.

“The mining sector remains a key sector that will significantly contribute to Nigeria’s diversification agenda and the transition towards an economy less dependent on oil,” said Jaiyeola.

He acknowledged the Nigerian government’s efforts in developing the mining sector and expressed optimism about its potential and opportunities.

Answering journalists’ questions, the minister urged more investment in mineral exploration, which he acknowledged needed to be higher.

Alake noted that exploration was expensive and that the ministry was exploring initiatives to encourage investment in mineral exploration, including grants from global finance institutions and Equity Swap Arrangements.

He also vowed to root out illegal operators, revealing that the ministry was planning to employ satellite imagery to monitor and check the activities of illegal miners.