By Fatima Saka
President Bola Ahmed Tinubu has reiterated his strong commitment to sustainable development, investment, and cooperation within the mining industry. He emphasized the pressing need to address the substantial losses incurred by the nation due to the export of raw mineral commodities.
The President made this declaration on Tuesday in Abuja during his presidential address at the inauguration of Nigeria Mining Week. Senator George Akume, representing President Tinubu, emphasized that the Ministry of Solid Minerals and Steel Developments must prioritize its efforts to showcase the potential of the mining sector in significantly bolstering government revenue.
Highlighting the need for change in the nation’s mining industry, he stated, “The present administration has observed the significant losses incurred by the nation from the export of raw mineral commodities. Therefore, a policy on value addition to mineral resources before exploitation has been formulated. This policy aims to ensure that the nation’s youth are actively engaged in economic ventures that empower them while developing their skills, contributing to personal growth, and serving as a vital source of foreign exchange for the country.”
He continued, “Under this policy, the era of exporting crude minerals from Nigeria is over. It is encouraging to note that many companies in Nigeria have already adjusted their business strategies to align with this new approach, while others are urged to do so, thus creating a conducive business environment for genuine investors to thrive in Nigeria.”
He stressed that this transformation would be achieved through consistent policy measures, fiscal and monetary stability, and the provision of adequate security and infrastructure. President Tinubu highlighted the vast potential for Nigeria to harness its natural resources beyond just oil and gas, emphasizing the country’s determination to drive industrialization.
He also expressed confidence in Nigeria’s capacity to participate in critical mineral value chains, citing recent discoveries of substantial lithium resources across multiple states, including Osun State. President Tinubu emphasized the administration’s commitment to opening the Solid Minerals sector to credible business investors.
In conclusion, he encouraged meaningful discussions, networking, and business collaborations among participants, with the goal of achieving shared prosperity and harnessing the nation’s abundant natural resources for the benefit of all.
