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Saudi Arabia and Nigeria partner on mining

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By Okunloye Abiodun

Transition from fossil fuels to sustainable energy sources will be supported.

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.

Related Article: Nigeria Mining Week to uncover potential

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).


Related Link

FMF: Website


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AN-Toni
Editor
1 month ago

Saudi Arabia and Nigeria partner on mining.Transition from fossil fuels to sustainable energy sources will be supported. – Express your point of view.

Adeoye Adegoke
Member
1 month ago

The partnership between Saudi Arabia and Nigeria in the mining sector is a significant step towards diversifying the economy and reducing dependence on fossil fuels. Transitioning from fossil fuels to sustainable energy sources is crucial for a greener and more sustainable future.
Collaborating with Saudi Arabia, a country known for its expertise in the energy sector, can bring valuable knowledge, technology, and investment opportunities to Nigeria. This partnership has the potential to create new employment opportunities, boost economic growth, and promote sustainable development.
Investing in sustainable energy sources aligns with global efforts to combat climate change and reduce carbon emissions. It’s essential for countries to work together and support each other in this transition. By leveraging the strengths and resources of both Saudi Arabia and Nigeria, we can accelerate the adoption of renewable energy and contribute to a cleaner and more sustainable planet.
I’m excited to see how this partnership unfolds and the positive impact it can have on Nigeria’s economy and the environment. 🌍💚

Taiwo
Member
1 month ago

Mining cooperation exists between Saudi Arabia and Nigeria. Sustainable energy sources will be encouraged to replace fossil fuels. Our country stands to gain from its mining collaboration with Saudi Arabia. We can shift from conventional energy sources to renewable ones with its assistance.

Kazeem1
Member
1 month ago

There’s hope for this partnership. Nigeria possesses both the people and the skills to convert Saudi Arabia’s abundant raw material deposits into finished goods. The two nations can encourage more sustainable energy sources and lessen their dependency on fossil fuels by cooperating.

SarahDiv
Member
1 month ago

This collaboration between Nigeria and Saudi Arabia in the mining sector is a positive step toward economic growth and sustainable energy. Strengthening partnerships and attracting investments will contribute to job creation and overall economic development. It reflects a commitment to harnessing Nigeria’s abundant natural resources and fostering mutually beneficial alliances.