President Bola Ahmed Tinubu
In his recent announcement, President Bola Ahmed Tinubu declared that the days of exporting raw gold, lithium, and other minerals are now firmly behind us. According to the President, his administration’s introduction of a value addition policy for mineral resources prior to exportation was a strategic move aimed at putting an end to substantial losses resulting from the export of unprocessed mineral commodities.
Tinubu’s representative, Senator George Akume, delivered this message on his behalf in Abuja on Tuesday, October 17, during the second day of the eighth edition of the Nigerian Mining Week, organized by the Miners Association of Nigeria (MAN).
The Minister of Solid Mineral Development, Mr. Dele Alake, co-hosted the event at the International Conference Centre (ICC) alongside other partners, emphasizing the imminent end of raw material exports.
The president said: “This administration has hit the ground running with remodeling the former Ministry of Mines and Steel Development into the ministry of Solid Minerals development and Ministry of steel developments, the orders to demonstrate the resolve of the federal government to maximize the potentials of the mining industry significantly improves its contribution to the revenue of government.
“The present administration has observed the huge losses recorded by the nation through the exports of crude mineral commodities and therefore has evolved a policy of value addition to its mineral resources before exportation, the policy will ensure that the teaming youths in the country will also be meaningfully absorbed in economic benches that will empower them while developing their skills.
“The present administration has observed the huge losses recorded by the nation through the exports of crude mineral commodities and therefore has evolved a policy of value addition to its mineral resources before exportation, the policy will ensure that the teaming youths in the country will also be meaningfully absorbed in economic benches that will empower them while developing their skills.
“Through this policy, the era of export of crude minerals from Nigeria is gone. It is gratifying to note that many companies in Nigeria have already adjusted their business plans to this new normal and we hope others are encouraged to do same.
“We are determined to use every potential to industrialised this great country. There is no reason why Nigeria and Africa should not be leading in any of the critical mineral value chains.
“The recent global trends in the energy transition initiatives have led to stunning discoveries which has opened Nigeria to geological exploration works that have grown the availability of huge lithium resources of high grade across many states in Nigeria.”
The minister pointed to the establishment of a lithium battery production plant in Ondo, Ondo State, along with the emergence of similar ventures nationwide, as tangible outcomes of this policy.”
Dele Alake said: “Our vision for the mining sector transcends mere resources extraction. We are firmly committed to conducting mining activities that are economically sustainable, socially responsible, and economically beneficial.
“We believe mining operations should serve as catalysts for community development and job creation and adhere to industry best practices that minimise ecological footprint.
“As we convene here today, I want to assure you that the Ministry of Solid Minerals is wholeheartedly dedicated to advancing the Mining Sector in Nigeria. We are actively addressing the historical challenges that have hindered our progress, including infrastructure deficits, inadequate geological data, and the emerging imperative needs for modern mining.
“Our ongoing efforts also encompass improving the ease of doing business within the sector, enhancing transparency, and enforcing regulations that protect the interests of investors, the environment, the Mining Host Community, and Gender issues.”
“Highlighting his seven-point vision for the ministry, Alake provided insight into his plans, including the formation of a national mining company, leveraging technological advancements to transform the mining sector, continuous geoscience data collection, community empowerment to share the benefits of mining activities, infrastructure improvement for mining, and addressing ongoing security concerns, among other initiatives.”
He said: “Nigeria is endowed with valuable solid minerals like limestone, gold, baryte, bitumen, lead-zinc, coal and iron ore, to mention but a few. This natural wealth indicates a significant reservoir poised for exploration and development.
“These resources can potentially reduce our dependence on oil revenues, diversify our economic base, serve as the bedrock of sustainable development across various sectors, and provide significant job creation opportunities.”