Miners and other stakeholders in the solid minerals sector have joined President Bola Ahmed Tinubu and the minister of solid minerals development, Dr Dele Alake, to achieve the administration’s drive to attract $10 trillion investment to the industry.
They lauded the president and minister for transforming the sector within eight months in office and pledged to support the government’s multi-trillion dollar investment target in the sector.
The industry players said Nigeria’s solid minerals deposit and value chain, which is worth over $10 trillion, if fully explored, can overtake oil as the major driver of Nigeria’s economy in the generation of foreign revenue.
They added that the sector has the capacity to produce millions of jobs for our teeming youth population that is migrating to Europe, Asia and the Americas in search of greener pastures.
In a statement, the stakeholders issued yesterday through their spokesperson, Alhaji Mohammed Abba Liman, said they were Nigerian delegates from both public and private sectors that participated in the third edition of Saudi Arabia’s Future Minerals Forum (FMF) held in Riyadh between 9 January and 11 January 2024.
Liman said the event was hosted by Saudi Arabian minister of industry and mineral resources, Bandar AlKhorayef.
On the Saudi Arabia meeting, Liman said, “The forum which brought together over 80 countries with solid minerals deposit, was a huge platform where Nigeria showcased its massive economic and investment opportunities in the solid minerals sector, government’s strategic plan and where government wooed foreign investors and partners into our market, which is the biggest in Africa”.
The delegates expressed their appreciation to the president for his vision on economic diversification through solid minerals development and the minister “for making Nigeria proud with his vision and articulation of the government’s strategic plan which targets the local and global investment market at Riyadh for the huge deposit of solid minerals in the country”.
Liman continued, “Dr. Dele Alake is a visionary and result-driven manager who has successfully put Nigeria on the global map of solid minerals investment market thereby attracting investors coming to Nigeria to invest huge amounts of money in our economy”.
“The minister has transformed and repositioned the solid minerals sector within a short period of time. He understands the sector so well, he has been mobilising local and international stakeholders and partners for this purpose and we are so happy and proud of him”, said Liman.
He added that solid minerals alone is more than enough to drive the Nigerian economy, adding that, “For example, if fully explored, revenue from lithium deposits alone can overtake oil as the mainstay of Nigeria’s economy in terms of revenue generation.
“All vehicles using fuel can convert to using e-battery produced with lithium. Just imagine the economic benefits of that alone to our economy, not to talk about gold, lead, tin, iron ore, name them”, he said.
The oil giant, Saudi Arabia, is strategically working towards positioning itself as world leader in lithium exploration and production.
On behalf of the delegates, Liman called on all other stakeholders in the sector and its entire value chain to support the government towards the full realisation of the solid mineral development agenda under President Tinubu administration.
