Nigeria investors-ready; Tinubu government to increase mining contribution to GDP: Dele Alake

 Nigeria investors-ready; Tinubu government to increase mining contribution to GDP: Dele Alake

Dele Alake, the minister of solid minerals development, says the federal government is more committed to the growth of energy transition and critical minerals in the country.

Mr Alake said this during the 2023 Nigeria Energy Forum (NEF) day-two programme held virtually in Lagos on Thursday. According to the minister, Nigeria is richly endowed with various mineral types that manifest in multiple occurrences all over the country.

“The goal of the present administration is to increase the mining sector’s contribution to the national gross domestic product. Nigeria is investor-ready. Today, there are local private players and government-led programmes that have advanced exploration projects that fit the investment criteria of investors and junior miners.

“There are opportunities in minerals such as lithium, zinc, gold, tin, bitumen, niobium, chromite and other such minerals. Some of these minerals are very crucial in the manufacturing of renewable energy elements like the solar panels and batteries, thus positioning Nigeria as a major player in manufacturing and investments in this field,” said Mr Alake.

Mr Alake also stated that Nigeria was ready to work with junior miners and investors within a private sector-led play.

“We are open to working with industry experts to strengthen our local mining knowledge and policies to bring us up to speed with more advanced mining nations,” the minister explained.

Jordan Lachance, the political and economic officer at the U.S. Consulate General, Lagos, said the shift to renewable energy sources transformed the global energy map.

Ms Lachance explained, “These geo-political trends will impact many interconnected issues, including the demand for critical minerals, the imperative to recycle batteries, the way we power our rapidly expanding economies and the electrification of transport.

“The U.S. shows keen interest in Nigeria’s success because in many respects, Nigeria’s success precedes the Africa success, and Africa’s success precedes the world success.”

Caroline Emboubou, the chief executive officer of All On, said, “Solar energy represented a unique proposition to help Nigeria attain its vast unmet energy needs.

“Nigeria is ideally placed to capitalise on technological improvements in the renewable energy sector and fulfil its energy needs through reliable, sustainable, and profitable solutions.”

Also, NEF group chairman Daniel Adeuyi said the 2023 July forum focused on ‘Energizing Industrialization and Sustainable Growth’, noting that over 250 key stakeholders participated in the virtual event to exchange knowledge, originating investment deals valued at over $40 million and promoting innovations for maximising energy transition for growth.

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