Nigeria’s Mining Sector: Transitioning from Extraction to Value Addition
Dr. Dele Alake, Minister of Solid Minerals Development, urged Nigeria to prioritize local value addition over raw mineral extraction at the Annual Nigeria Mining Week. He emphasized the need for processing facilities to enhance economic benefits from the country’s mineral wealth, aiming for significant contributions to GDP and job creation. The government plans to address illegal mining while fostering partnerships for innovation in the sector.
During a recent press conference in Abuja to launch the ninth edition of the Annual Nigeria Mining Week, Dr. Dele Alake, the Minister of Solid Minerals Development, emphasized that Nigeria must evolve from merely extracting minerals to adding value within the sector. He highlighted that despite the nation being endowed with 44 minerals critical for the energy transition, there is a pressing need for local processing and beneficiation to unlock Nigeria’s full potential. The minister stated, “We are focused on establishing systems and structures that allow Nigerians to benefit directly from our resources.” Dr. Alake discussed the establishment of lithium processing plants in Nasarawa State and the plans for more facilities near the Federal Capital Territory, asserting that the government aims to retain the wealth generated from mineral resources within communities rather than allowing raw minerals to be exported. He outlined President Bola Tinubu’s administration’s commitment to this value addition strategy, which is vital for fostering economic growth and job creation across the country. Furthermore, he stated that the mining sector was being repositioned to contribute significantly to the national Gross Domestic Product (GDP) and that the government was taking measures to secure mining resources by tackling illegal operations through both persuasive and coercive tactics. The mining week serves as an essential platform for international and local stakeholders to convene, addressing current challenges and identifying future opportunities in Nigeria’s mining landscape. The theme of the event, “From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy,” reflects a collaborative commitment among stakeholders to enhance the mining industry, which is envisioned to be a foundation for national prosperity and sustainable growth. In his remarks, Mr. Dele Ayanleke, President of the Miners Association of Nigeria, referred to the mining week as a crucial opportunity to evaluate industry progress and set future goals, acknowledging the support of Pricewaterhouse Coopers (PwC) Nigeria and Vuka in advancing the sector’s development. Meanwhile, Habeeb Jaiyeola, a partner and forensics leader at PwC, pointed out that the mining week aims to showcase the sector’s achievements to both international audiences and local investors, emphasizing discussions on critical topics that would enhance Nigeria’s competitiveness in the global mining arena, especially in the context of transitioning to cleaner energy sources.
The article discusses Nigeria’s mining sector and the need for a strategic shift from raw mineral extraction to local value addition. The Minister of Solid Minerals Development, Dr. Dele Alake, calls for the establishment of local processing facilities to ensure that the wealth generated from Nigeria’s abundant mineral resources benefits the local economy and promotes job creation. The backdrop of this initiative is the Annual Nigeria Mining Week, an event that serves as a forum for stakeholders to collaborate and discuss innovations, financing, and policies necessary to advance the mining sector.
In conclusion, Dr. Dele Alake’s remarks at the Annual Nigeria Mining Week underscore the necessity for Nigeria to transition from mere mineral extraction to a focus on local value addition. This approach aims to enhance economic growth, drive job creation, and secure mineral resources within the country. As the government prioritizes these strategies, it is poised to position Nigeria competitively in the global mining landscape while ensuring that community wealth is retained through sustainable practices. The collaborative efforts of stakeholders and the commitment of the current administration are pivotal for achieving these ambitious goals.
Original Source: nannews.ng
