The third edition of the African Natural Resource and Energy Investment Summit took place at the International Conference Centre, Abuja, from July 16-18, 2024. This year’s theme was Natural Resources for Economic Development.
The summit highlighted the use of Africa’s resources to fuel economic prosperity, empower marginalised communities, and break the cycle of debt and aid dependency, thereby funding transition plans and ushering in a greener Africa.
President Bola Ahmed Tinubu GCFR, was represented by the Vice President during his opening remarks at the Summit (AFNIS 2024), held in the Banquet Hall of the State House. The Vice President reaffirmed his administration’s unwavering commitment to value addition policies in the mining industry, citing them as a workable plan that will improve living conditions, provide young people with gainful employment, and help develop an independent economy.
Nigeria’s minister of Solid Minerals, Dr. Dele Alake; Vice president Senator Kashim Shettima and other attendees
According to a report from the Federal Ministry of Information and National Orientation, the Vice President further stated that the administration is fully committed to fostering an environment that will attract investment and stimulate “value addition” in solid minerals prior to their export. He elaborated:
“We recognise the losses incurred due to the export of raw mineral materials and realise that this story has to be updated. By doing this, we hope to guarantee that our youth are actively involved in the economy, learning new skills, and boosting the country’s foreign exchange profits. As a result, the Ministry will only provide mining licences to those who can demonstrate their intention to add value locally.”
“This administration wants to make Nigeria a leader in critical metals and I welcome the establishment of the African Minerals Strategy Group with our Minister the first Chairman of this initiative,” he emphasised in order to achieve this goal. Our goals include establishing new benchmarks for the mining sector and guaranteeing that Africa contributes fairly to the global supply of vital metals.
Dr Dele Alake, Minister of Solid Minerals Development speaking at the summit.
During his speech, Dr. Dele Alake emphasised how Nigeria’s extensive reforms have made the solid minerals industry a pillar of the country’s economic diversification policy.
The Minister stated that these consist of regulatory clarity, investor confidence, and transparency, all improved by policy reforms. Adopting best practices to reduce environmental impact and foster social responsibility is known as sustainable practice.
• Building of Infrastructure: Promoting investments in power generation, transportation, and technology development is known as infrastructure development.
• Enhancing Human Capital: Developing a trained labour force via instruction and training. Leading decision-makers, regulators, and business people from all over the continent will be present at the summit, offering a rare chance to establish collaborations and draw funding that will propel the development of Africa’s natural resources.
Leading decision-makers, regulators, and business people from all over the continent were present at the summit, offering a rare chance to establish collaborations and draw funding that will propel the development of Africa’s natural resources.
Dr. Alake added, “By leveraging global expertise, technology, and capital, we can transform our natural resources into a catalyst for sustainable development”
