Nigeria’s Mining Sector: A Call for Value Addition Beyond Extraction

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, called for a shift from extraction to value addition in the mining sector. He emphasized the importance of processing minerals locally to support economic growth and job creation at the ninth Annual Nigeria Mining Week. The government aims to retain the wealth generated from resources within communities while securing mineral assets against illegal activities. The event serves to foster partnerships and explore innovations in the mining industry.

Dr. Dele Alake, the Minister of Solid Minerals Development in Nigeria, emphasized the nation’s urgent need to progress beyond mere extraction in its mining practices to fully harness the sector’s potential. During the launch of the ninth Annual Nigeria Mining Week in Abuja, he remarked that Nigeria, endowed with 44 minerals essential for energy transitions, is striving to establish systems that directly benefit its citizens from these resources. Alake revealed ongoing initiatives such as the inauguration of lithium processing plants in Nasarawa State, with plans for additional facilities near Abuja. The government’s commitment to value addition aims to convert Nigeria’s mineral wealth into economic strength, fostering job creation and supporting local enterprises. He affirmed that the administration of President Bola Tinubu seeks to implement policies that prevent raw minerals from being exported, thereby bolstering the domestic economy. Alake also highlighted the importance of security measures against illegal mining, employing both persuasive and enforcement strategies. The mining week serves as a vital platform for fostering global partnerships among investors and experts to tackle challenges and explore opportunities within this sector, aiming to enhance Nigeria’s role in the global mineral value chain. The event, themed “From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy,” showcases the collective commitment of stakeholders to advance the mining industry, which Alake envisions as pivotal to national economic prosperity and sustainable growth. The President of the Miners Association of Nigeria, Mr. Dele Ayanleke, noted that the mining week provides a venue for evaluating industry progress and promoting new technologies. PwC’s Forensics Leader, Habeeb Jaiyeola, remarked on the importance of discussing key topics to bolster Nigeria’s competitiveness in the evolving global mining landscape, especially as the shift towards cleaner energy accelerates.

The article discusses Nigeria’s strategic shift in the mining sector, focusing on moving from raw extraction to value addition. This transition aims to enhance the economic benefits derived from the country’s rich mineral resources, which are recognized for their potential role in future energy solutions. The Annual Nigeria Mining Week serves as a focal point for collaboration among industry stakeholders to address pressing challenges and explore future directions for growth and competitiveness.

In conclusion, Dr. Dele Alake’s address underlines Nigeria’s urgent strategy to transition from traditional mining practices towards a more integrated approach that emphasizes local processing and value addition. The government’s efforts aim to keep mineral resources within the country to foster economic growth, job creation, and community development. The ongoing initiatives and the Annual Nigeria Mining Week represent a significant commitment to reshaping the mining sector into a cornerstone of the nation’s economy.

Original Source: nannews.ng