By David Akinadewo-Adekahunsi
In a landmark development for Nigeria’s mining sector, the Minister of Solid Minerals Development, Dr Dele Alake, has secured a study facility funded by the Global Council for Critical Minerals, a specialised organ of the United Nations’ Sustainable Energy for All initiative.
This achievement, announced on the sidelines of the annual Mining Indaba conference in Cape Town, is expected to revolutionise the country’s critical minerals value chain, from extraction to beneficiation.
The study, to be conducted by UC Davis with support from Core International, will comprehensively assess Nigeria’s critical mineral resources and reserves.
It aims to establish international best practices that will enable value addition and economic growth.
The initiative is expected to have far-reaching benefits, including the development of an industrial base for the local production of solar power technologies and significant foreign exchange savings through reduced reliance on imported solar products.
Dr Alake expressed his gratitude to the UN agency for facilitating the initiative, emphasising its importance in shaping Nigeria’s policy on renewable energy.
“Since we have the materials for the production of solar power, we should vigorously pursue the policy of stopping the importation of solar power products and localise the production in Nigeria.
“We have a large market. Already, a lot of the products in Nigeria serve the West African sub-region. So, whatever material we are producing or manufacturing has a ready West African market,” he said.
During his discussions with Divyam Nagpal, Principal Specialist for Renewable Energy at Sustainable Energy for All, Dr Alake reviewed the strides made under President Bola Tinubu’s administration to improve the mining sector.
He assured the UN agency of Nigeria’s positive and investor-friendly climate, highlighting ongoing efforts to strengthen security and protect mining operations.
According to him: “We are putting in place a new security architecture that will ensure, not just the safety of the investor but also the protection of the mining environment.
“We also had to re-draw the Community Development Agreement to ensure that the local populace benefits maximally from these developments, so that, at the end of the day, it is a win-win for the investor, the populace, and the State.”
Alake also noted that by providing investors with an enabling environment, their profit margins would increase, which in turn would ensure the timely payment of royalties and other government obligations.
Responding, Mr Nagpal underscored the significance of the initiative, describing it as a critical step in supporting Nigeria’s policy formulation and advancing its critical minerals sub-sector.
He extended an invitation to Dr Alake to participate in this year’s Sustainable Energy for All Programme in Barbados, themed “Sustainable Energy for Equity, Security, and Prosperity.”
The event, he said, is widely regarded as a pivotal forum for global leaders to stimulate investment and address the interconnected challenges of energy, climate change, and development.
