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The Minister of Solid Minerals
Development, Dr. Dele Alake, yesterday told the international community that
Nigeria's geological bounties can be found in more than 500 locations.
He said the country's minerals
encompasses over 44 distinct mineral types.
Dr Alake spoke while addressing
global stakeholders in the mining industry, at the Mines & Money Conference
which opened in London, United Kingdom.
In a statement, the minister
spoke the global stakeholders in the mining industry in the 15-minute speech
pitched for more investment in Nigeria listing unique advantages such as lower
production cost due to surface mining and billions of dollar untapped minerals.
He quoted recent reports by audit
firm KPMG which reported that mining’s contribution to Nigeria’s GDP rose from
0.3 per cent to 0.85 per cent last year, indicating 0.63 per cent year on year
growth.
He said: “The country’s
geological bounty encompasses over 44 distinct mineral types, found in
exploitable quantities across more than 500 locations. Recently, recognizing
the evolving global landscape and in response to emerging trends, Lithium has
been included as a crucial strategic mineral of global consequence.”
Dr. Alake said the administration
of President Bola Tinubu has embarked on reforms to boost investment by
streamlining procedures and reducing hurdles to attract foreign investors.
Showcasing recent progress in
creating conditions for solid minerals development, Dr. Alake highlighted fresh
data revealed by the Airborne Geophysical Survey, memorandum of understanding
with German firm Geoscan to gather more data on solid minerals across the
country and access to finance through a new funding facility launched by the
Africa Finance Corporation and the Solid Minerals Development Fund.
He reminded the global mining
community of Federal Government‘s policies on how mining operations must
benefit the communities and lead to processing instead of wholesale export of
raw minerals.
“ Nigeria is currently
emphasizing Solid Minerals Beneficiation and Value-Addition as a panacea for
quick and sustainable growth of the Mining Industry…By adding value to our raw
materials, we not only create higher value products but also generate
employment opportunities for our teeming youth and increase the sector’s
overall profitability and contribution to the nation’s GDP”, he said
Dr. Alake urged investors to
support socio-economic development of the communities where they mine to make
mining mutually beneficial.
He cited the recent launch of the
revised guidelines for Community Development Agreement which provides for
social amenities, educational support, health and safety environmental
facilities.
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