Venezuela’s Deputy Minister of Mining, Alejandro Martinez, has expressed his country’s interest in exploring investment opportunities in Nigeria’s mining sector.
Martinez made this known during discussions with Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, on the sidelines of the ongoing Mining Indaba in Cape Town, South Africa.
A statement issued on Sunday by the Special Adviser to the Minister, Kehinde Bamigbetan, quoted Martinez as saying that Venezuelan investors, particularly those involved in the production of mining machinery and equipment, are eager to explore opportunities in Nigeria’s growing mining sector.
He sought the assistance of his Nigerian counterpart in facilitating collaboration by encouraging Venezuelan investors to visit Nigeria and gather necessary information to support their investment decisions.
According to the statement, Alake recalled how both countries had significantly benefited from petroleum production and sales until the global campaign for clean energy and economic downturns prompted them to seek alternative revenue sources through solid minerals.
Alake stated, “Nigeria focused on petroleum. Now, the world is moving to green energy. Compulsorily, we have to shift our attention to our minerals. Diversification of the economy is a core component of President Tinubu’s Renewed Hope Agenda, and we have a lot of the minerals that the world requires. These include critical minerals like lithium, cobalt, nickel, and rare earth elements required by the world for energy transition.’’
He added that given both countries’ shared history of political and economic challenges, they should work together to develop their resources sustainably for the maximum benefit of their people.
“I can assure you of Nigeria’s readiness to cooperate with Venezuela in areas of exploitation of our minerals, trade in minerals, and production spanning the entire value chain. Take lithium, for instance, we don’t want our lithium to be extracted and carted away. We want our lithium to be processed and used to produce electric batteries, phone batteries, and solar power batteries to generate local employment that would create a catalyst and multiplier effect for our economy. I assume that is also your objective,” he said.
Alake also invited Venezuela to join a newly formed coalition of African, Asian, and Middle Eastern mining countries known as the “Super Region,” designed to promote trade among members and leverage emerging opportunities.
“It is a platform for countries with similar challenges aspiring to be economically independent, so we are ready and open for business with anyone, any nation, any investor that shows seriousness and a clear pathway for legitimate, sustainable, and local value-addition plans.”
The Venezuelan delegation at the meeting included Ambassador Carlos Fed Acevedo, Venezuela’s Ambassador to South Africa, and Ambassador Magaly Henriquez.
