Nigeria has emphasised the importance of value addition in the mining sector as a critical driver for rapid socio-economic development and industrialisation, aiming to unlock economic prosperity for both the country and the African continent.
“Our country offers so much more. That is why we are using this platform to bond with you and share our commitment to harness the boundless potential of Africa’s Mining and Energy Industries,” stated President Bola Ahmed Tinubu GCFR in his opening address at the 3rd Edition of the Africa Natural Resources and Energy Investment Summit (AFNIS 2024) held today at the Banquet Hall, State House.
In a press release by Chinwe Ekwugha, Assistant Director, Federal Ministry of Information and National Orientation, President Tinubu affirmed his administration’s steadfast commitment to the value addition policy in the mining sector. He described this strategy as a viable means to provide gainful employment for the youth, improve living conditions, and build a self-reliant economy. He emphasised that his administration is dedicated to creating an enabling business environment to attract investment that encourages “value addition” on solid minerals before they are exported.
Elaborating further, President Tinubu, represented by Vice President Senator Kashim Shettima, said, “We recognise the losses incurred due to the export of crude mineral commodities and understand that it is time to change this narrative. By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings. Therefore, the Ministry will only be issuing mining licences with clear plans for local value addition.”
The President highlighted his administration’s ambition to make Nigeria a leader in critical metals and welcomed the establishment of the African Minerals Strategy Group, with Nigeria’s Minister of Solid Minerals Development as the first Chairman of this initiative. “We aim to set new standards in the mining industry and to ensure that Africa gets an equitable share in supplying the world with critical metals,” he added.
In his remarks, the Minister of Solid Minerals Development, Dr Dele Alake, underscored Nigeria’s comprehensive reforms that have transformed the solid minerals sector into a cornerstone of the nation’s economic diversification strategy. These reforms include:
- Policy Reforms: Enhancing transparency, regulatory clarity, and investor confidence.
- Sustainable Practices: Adopting best practices to minimise environmental impact and promote social responsibility.
- Infrastructure Development: Encouraging investments in transportation, power supply, and technological advancements.
- Human Capital Enhancement: Building a skilled workforce through training and education.
The summit, which attracts top decision-makers, regulators, and entrepreneurs from across the continent and beyond, provides a unique opportunity to forge partnerships and attract investments that will drive the development of Africa’s natural resources. “By leveraging global expertise, technology, and capital, we can transform our natural resources into a catalyst for sustainable development,” Dr Alake added.
