We have always been desirous of reciprocating this very positive gesture, and there is no better area to ensure that reciprocity than to ensure we consolidate on our partnerships in areas of economic development
By Moses Okorie
The minister of Solid Mineral Development, Dr. Dele Alake, has said that Nigeria needs lots of investment in the mining sector development in order to derive maximum revenue for economic and infrastructural development the country.
This was made known to the press by the Special Assistant on Media to the Minister of Solid Minerals Development, Segun Tomori on Wednesday, saying Nigerian needs a lot of investment in exploration, exploitation, extraction, processing, local value addition.
According to Alake, Nigeria and the Kingdom of Saudi Arabia have resolved to strengthen collaboration between both countries to enhance the development of solid minerals as the world transitions from fossil fuels to cleaner energy.
On the sidelines of the Future Minerals Forum (FMF) holding in Riyadh, Saudi Arabia, Dr. Dele Alake and his Saudi Arabian counterpart, Bandar AlKhorayef, led the delegations of both countries to a bilateral meeting.
In his remarks, Dr. Alake harped on the need to forge partnership, emphasizing that global energy transition is contingent on critical minerals, which he stated exist in abundance in Nigeria.
“We need a lot of investments in exploration, exploitation, extraction, processing, local value addition. We realize that we must look at regions outside of Africa to collaborate, further consolidate, and enhance our capacity in exploring and exploiting the natural resources that we have. For us to maximally utilize, exploit, and derive maximum revenue for our own economic and infrastructural development, we need to have a very solid partnership with nations like Saudi Arabia.
“Saudi Arabia has always displayed good affinity to Nigeria, and it is historical. We have always been desirous of reciprocating this very positive gesture, and there is no better area to ensure that reciprocity than to ensure we consolidate on our partnerships in areas of economic development. We are willing and open to investments in Nigeria, especially in the mining sector”, the Minister asserted.
In his response, Mr. AlKhorayef shared the position of Nigeria on the fundamentals of diversifying the economy with emphasis on the mining sector. He revealed that Saudi Arabia also places a premium on local value addition whilst welcoming collaboration with Nigeria.
On the Nigerian delegation were Executive Secretary, Solid Minerals Development Fund (SMDF), Hajiya Fatima Shinkafi; Director-General, Mining Cadastral Office (MCO), Dr. Obadiah Nkom; DG, Nigeria Geological Survey Agency (NGSA), Dr. Abdulrasak Garba; Director, Investments Promotion and Mineral Trade (IPMT), Ime Erikpo while the Minister of Industry and Mineral Resources, HE Bandar AlKhorayef; Vice-Minister, Mining Affairs, Engr. Khaled AlMudifer and other government officials represented the Kingdom of Saudi Arabia.