Nigeria has received a guarantee from Saudi Arabia to enhance their joint efforts in advancing the growth of their solid minerals sector. This alliance aims to support the transition from fossil fuels to more eco-friendly energy sources. The pledge was made during a meeting held in Riyadh, Saudi Arabia, on the sideline of the Future Minerals Forum (FMF). Segun Tomori, who is the media aide to Mr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, released the official statement on Wednesday regarding the partnership.
Alake stressed the importance of establishing partnerships, highlighting that the global shift towards sustainable energy relies heavily on vital minerals available in ample supply in Nigeria. He expressed the necessity for the nation to attract significant investments in the areas of exploration, exploitation, extraction, processing, and enhancing local economic benefits. Recognising the need for expansion and growth in their endeavours to discover and utilise their abundant natural resources, they come to the realisation that exploring opportunities beyond Africa’s borders is essential.
Economic and infrastructure will be capitalized.
By fostering partnerships, streamlining operations, and augmenting their capabilities, they aim to strengthen and capitalise on these invaluable assets. To effectively harness and capitalise on opportunities for the country’s economic and infrastructural progress, establishing a strong alliance with countries such as Saudi Arabia is crucial. Nigeria has a long-standing historical bond with Saudi Arabia, which has consistently demonstrated its favourable inclination towards Nigeria’s ambitions, enabling it to generate significant revenue for its development. Throughout history, their longing to reciprocate this immensely positive act has remained unwavering.
However, the ideal path to guarantee such mutual exchange lies in the consolidation of their alliances within the realm of economic advancement. Nigeria’s potential for investments, particularly in the mining sector, has attracted a great deal of interest and commitment. In addition, Alake emphasised the significance of investing in local value addition, whereby solid minerals are processed, and factories are established within the country. He firmly believed that these efforts would not only create job opportunities but also contribute immensely to the economy through a ripple effect.
Mining sector has attracted many interest and commitment.
The minister made it clear that they were fully prepared to collaborate with their counterparts from Saudi Arabia. They expressed their willingness to focus on the details, strategise effectively, and establish solid areas of cooperation within a given timeframe. Shedding light on the economic benefits of investing, Alake highlighted President Bola Tinubu’s progressive approach towards encouraging foreign investors to repatriate profits. Additionally, he emphasised the government’s provision of tax exemptions for imported equipment, specifically tailored for the mining industry. He further hinted at an imminent enhancement of the security framework that will ensure the safety and protection of mining regions within the country.
HE Bandar AlKhorayef, the Minister of Industry and Mineral Resources in Saudi Arabia, expressed a strong alignment between Saudi Arabia and Nigeria in their approach to diversifying the economy. Emphasising the significance of the mining sector, he highlighted both countries’ commitment to enhancing local value addition. Furthermore, he welcomed the prospect of collaboration between the countries, showcasing a shared vision for economic growth and development. Subsequently, both nations made a mutual decision to establish a collaborative technical committee responsible for actively pursuing opportunities for partnership in the mining sector.
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This committee will devise an effective action plan and adhere to specific timelines, all aimed at leveraging their respective strengths to enhance the development of the mining industry. Nigerian delegation at the event includes Hajia Fatima Shinkafi, the Executive Secretary of the Solid Minerals Development Fund (SMDF), along with Dr. Obadiah Nkom, the Director-General of the Mining Cadastral Office (MCO), Dr. Abdulrazak Garba, the DG of the Nigeria Geological Survey Agency (NGSA), and Ime Erikpo, the Director of Investments Promotion and Mineral Trade (IPMT).