Nigeria's minerals offer industrialization, foreign investment opportunities

The Minister of Solid Minerals Development, Dr. Dele Alake, on Wednesday, stressed the significant role the country’s mineral resources can play in driving industrialization and attracting foreign investment.

He noted that the country’s rich deposits of minerals such as gold, lithium, copper, and rare earth metals offer immense potential for economic growth and transformation.

Dr. Alake disclosed this in Abuja during a pre-event press briefing ahead of the 9th Edition of the Nigeria Mining Week, scheduled to take place from the 18th to 20th of November 2024, at the Abuja Continental Hotel.

Dr. Alake, who was represented by the Permanent Secretary of the Ministry, Dr. Mary Ogbe, stressed the event’s role as a catalyst for advancing discussions on the significance of mineral resources in driving national economic growth.

He noted the tremendous progress achieved under the current administration and reiterated Nigeria’s potential to unlock valuable untapped mineral resources through ongoing regulatory reforms.

“As we embark on this 9th edition, it is important to reflect on the tremendous progress made thus far in the sector by the present administration. Nigeria is home to some of the most valuable untapped mineral resources in the world, and as we continue to reform and restructure our regulatory frameworks, the focus remains on unlocking the full potential of these resources in ways that align with sustainable development goals.

“The theme for this year’s conference, which we will reveal in the coming weeks, is centred on our shared commitment to utilising our vast mineral wealth to propel Nigeria’s economic transformation.

“This vision is in line with the Federal Government’s Renewed Hope Agenda, which emphasises value addition, job creation, and positioning Nigeria as a strategic player in the global commodities market.

“Our critical minerals, ranging from gold, lithium, and copper to rare earth metals, offer significant opportunities for domestic industrialization and foreign investment, both of which are vital to our national development agenda.

“The Nigeria Mining Week 2024 is expected to attract leading voices and decision-makers from across the industry, including local and international investors, experts, mining operators, and government officials,” he said.

In his remarks, the Partner and Head of Mining Sector Business Development at PwC Nigeria, Habeeb Jaiyeola, noted that this year’s theme: “From the Inside Out: Building the Mining Sector to be the Cornerstone of Nigeria’s Economy,” aims to showcase the achievements of the Nigerian mining sector to both the international community and local investors.

He called on all local and international stakeholders in the mining ecosystem to participate actively in the Nigeria Mining Week.

In his address, the National President of the Miners Association of Nigeria, Dele Ayanleke, represented by Ibrahim Yerima, commended the Nigeria Mining Week’s role in shaping the country’s mining sector since its inception in 2016.

He noted that the event has been instrumental in introducing participants to cutting-edge technologies and methodologies that improve returns on investments.

He said, “While the event has not yet reached the full scale envisioned by its founders, it has undoubtedly shifted the narrative about Nigeria’s mineral potential, capturing global attention and fostering partnerships between indigenous players and international counterparts.”

Also speaking, Mrs. Esther Udoh noted that Nigeria’s rich endowment of mineral resources presents an incredible opportunity for sustainable growth and development.

She said that the event will facilitate thought-provoking discussions among experts, policymakers, investors, innovators, and community leaders.