President Bola Tinubu has said the era of exportation of raw minerals like gold, lithium, and similar resources from the country is gone.
He said it is gratifying to note that many companies in Nigeria have already adjusted their business plans to this new normal and his administration hopes others are encouraged to do the same.
The president said his administration observed the huge losses recorded by the nation through the exports of crude mineral commodities and therefore created a policy of value addition to the country’s mineral resources before exportation.
President Tinubu said this yesterday in Abuja on the second day of the Nigerian Mining Week which was organised by the Miners Association of Nigeria (MAN), hosted by the Ministry of Solid Minerals Development and other partners.
President Tinubu, who was represented at the occasion by the Secretary to the Government of the Federation (SGF), Sen. George Akume said: “This administration has hit the ground running with remodeling the former Ministry of Mines and Steel Development into the Ministry of Solid Minerals Development and Ministry of Steel Developments, the orders to demonstrate the resolve of the federal government to maximize the potential of the mining industry significantly improve its contribution to the revenue of the government.
“The present administration has observed the huge losses recorded by the nation through the exports of crude mineral commodities and therefore has evolved a policy of value addition to its mineral resources before exportation, the policy will ensure that the teaming youths in the country will also be meaningfully absorbed in economic benches that will empower them while developing their skills.
“Through this policy, the era of export of crude minerals from Nigeria is gone. It is gratifying to note that many companies in Nigeria have already adjusted their business plans to this new normal and we hope others are encouraged to do the same
“We are determined to use every potential to industrialise this great country. There is no reason why Nigeria and Africa should not be leading in any of the critical mineral value chains. The recent global trends in the energy transition initiatives have led to stunning discoveries which have opened Nigeria to geological exploration works that have grown the availability of huge Lithium resources of high grade across many states in Nigeria.”
The Minister of Solid Minerals Development, Dele Alake said the government has worked diligently to streamline regulatory processes, create an attractive investment climate, and instill confidence in domestic and international investors.
He said these efforts have borne fruit through strategic partnerships that recognize the immense potential within our borders.
Alake said, “We have worked diligently to streamline regulatory processes, create an attractive investment climate, and instill confidence in domestic and international investors. These efforts have borne fruit through strategic partnerships that recognize the immense potential within our borders. These partnerships will be pivotal in building a sustainable and globally competitive mining industry.
“Our vision for the Mining Sector transcends mere resource extraction. We are firmly committed to conducting mining activities that are environmentally sustainable, socially responsible, and economically beneficial. We believe mining operations should serve as catalysts for community development and job creation and adhere to Industry Best Practices that minimize ecological footprint.
“As we promote responsible and developmental extraction, we propagate value addition across the value chain as the essential principle of mineral development.
“We are actively addressing the historical challenges that have hindered our progress, including infrastructure deficits, inadequate geological data, and the emerging imperative needs for modern mining. Our ongoing efforts also encompass improving the ease of doing business within the sector, enhancing transparency, and enforcing regulations that protect the interests of Investors, the Environment, the Mining Host Community, and Gender Issues.
“However, it is imperative to emphasize that the task ahead of us is not one that the Government can tread alone. By adding value to our raw materials through processes like refining, processing, and manufacturing, we not only create higher-value products but also generate employment opportunities and increase the sector’s overall profitability.
“Moreover, value addition enhances the global competitiveness of our mineral products, attracting higher market prices and foreign investment. It also fosters innovation and technology transfer, positioning Nigeria as a hub for advanced mineral processing and beneficiation expertise.
“In embracing beneficiation, we are not only safeguarding our nation’s economic future but also ensuring that the wealth generated from our abundant mineral resources is equitably shared among our citizens and contributes to sustainable development.” The Nation.