…Directive Aims to Position Nigeria as Leader in Critical Metals
President Bola Ahmed Tinubu has directed the Federal Ministry of Solid Minerals Development to issue mining licenses only if they are tied to local value addition. This measure is designed to engage young Nigerians in economic activities, develop their skills, and contribute to the nation’s economic growth.
The President delivered this directive on Wednesday during the opening session of the African Natural Resources & Energy Investment Summit 2024 at the State House Conference Centre in Abuja. Represented by Vice President Kashim Shettima, President Tinubu emphasized his administration’s commitment to creating a business environment that attracts investments and encourages value addition to solid minerals before export.
“We recognize the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative,” Tinubu stated. “By ensuring our youth are engaged in economic activities, acquiring skills, and contributing to foreign exchange earnings, the Ministry will only issue mining licenses tied to local value addition.”
President Tinubu highlighted the administration’s goal to make Nigeria a leader in critical metals. He praised stakeholders for establishing the African Minerals Strategy Group, with Nigeria serving as the first chair. “We aim to set new standards in the mining industry and ensure Africa gets an equitable slice of supplying the world with critical metals,” he said.
Tinubu also underscored the importance of natural gas as a transition fuel crucial to restructuring Nigeria’s economy. He noted that the renewable energy sector has attracted over $2 billion in investments, positioning it as a rapidly growing part of the economy. “Our commitment is to continue this trajectory and attract more private sector involvement, including manufacturing locally produced solar panels and batteries,” he added.
The President stressed that discussions on energy transition must include the significance of the petroleum industry, acknowledging its vital role in Nigeria’s energy and economic landscape. He outlined strategic priorities for the sector, including attracting more investment in oil and gas, increasing oil production to 2.1 million barrels a day by December 2024, improving midstream and downstream infrastructure, combating theft, and holding developers to the highest environmental standards.
President Tinubu reaffirmed his administration’s dedication to managing resources responsibly, minimizing ecological impact, and maximizing benefits for the nation.
In his opening remarks, Minister of Solid Minerals Development Dr. Dele Alake announced the government’s strategy under the Renewed Hope Agenda to position Nigeria as a major player in the global minerals market. “We are committed to transforming Nigeria’s solid mineral sector into a cornerstone for our nation’s economic diversification,” Alake said. He noted that the government is implementing reforms to create a more attractive environment for investors, focusing on transparency, regulatory clarity, and investor confidence.
The plan includes policy reforms, sustainable practices, infrastructure development, and human capital enhancement. These initiatives aim to address longstanding challenges and unlock the potential of Nigeria’s vast mineral resources. “This summit represents a significant milestone in our journey toward sustainable economic development using Africa’s natural resources,” Alake added.
Dignitaries at the summit included Senator Mohammed Sani Musa, Minister of State for Environment Dr. Ishaq Salako, Minister of State for Steel Development Mr. Uba Maigari Ahmadu, Permanent Secretary in the Ministry of Solid Minerals Development Dr. Mary Ogbe, and other notable figures from Nigeria and other African nations.
