Nigeria’s strong advocacy for integrating value addition into the mining sector as a catalyst for rapid socio-economic advancement and industrialization stands as a key to unlocking economic prosperity within the country and the broader African continent.
“In recognizing the vast potential of Africa’s Mining and Energy Industries, our nation presents a wealth of opportunities. It is through forums such as this that we aim to connect with you and convey our unwavering dedication to harnessing the limitless possibilities available,” articulated President Bola Ahmed Tinubu GCFR during his inaugural address at the 3rd Edition of the Africa Natural Resources and Energy Investment Summit (AFNIS 2024) held at the Banquet Hall, State House.
Affirming the steadfast commitment of his administration to a policy of value addition within the mining sector, President Tinubu emphasized this as a strategic approach that not only creates employment opportunities for the youth but also elevates their living standards and fosters a self-sufficient economy.
He further elucidated that the government is fully devoted to fostering a conducive business environment that attracts investments promoting ‘value addition’ to solid minerals before their exportation.
Expounding on this vision, President Bola Ahmed Tinubu, represented by Vice President Senator Kashim Shettima, expounded, “We acknowledge the detrimental effects of exporting raw mineral commodities and believe it is imperative to alter this narrative. Our objective is to engage our burgeoning youth in economic endeavors, equip them with skills, and bolster the nation’s foreign exchange reserves. Consequently, mining licenses will only be granted to entities with explicit plans for local value addition.”
Envisioning Nigeria as a frontrunner in critical metals, the President articulated his support for the establishment of the African Minerals Strategy Group, with Nigeria’s Minister assuming the role of the inaugural Chairman. The aim is to set new benchmarks in the mining industry, ensuring a fair share for Africa in the global supply chain of critical metals.
In his discourse, Minister of Solid Minerals Development, Dr. Dele Alake, underscored Nigeria’s comprehensive reforms that have positioned the solid minerals sector as a cornerstone of the nation’s economic diversification strategy. These reforms encompass:
– Policy Reforms: Enhancing transparency, regulatory clarity, and investor confidence.
– Sustainable Practices: Adopting best practices to mitigate environmental impact and promote social responsibility.
– Infrastructure Development: Encouraging investments in transportation, power supply, and technological advancements.
– Human Capital Enhancement: Cultivating a skilled workforce through training and education.
The summit, drawing prominent decision-makers, regulators, and entrepreneurs from across the continent and beyond, presents a unique opportunity to cultivate partnerships and attract investments that will propel the development of Africa’s natural resources.
“By leveraging global expertise, technology, and capital, we have the potential to convert our natural resources into a driving force for sustainable development,” Dr. Alake concluded.
