Minister of Solid Minerals Development, Dele Alake, has made a significant announcement regarding Nigeria’s role in meeting global demands for critical minerals.
In a press statement released on Wednesday, signed by Alaba Balogun, Deputy Director of Information at the Ministry of Solid Minerals, Alake highlighted Nigeria’s immense mineral wealth, estimated at a staggering $700 billion.
This was made known on Wednesday in a Press Statement signed by Alaba Balogun
Speaking during a special session on the sidelines of the United Nations General Assembly in New York, the minister emphasized that Nigeria’s mineral resources position the nation as one of the top 10 players in the energy sector.
Under the theme, “From Critical Minerals to Energy Transition: Africa in the Driver’s Seat,” Alake discussed how Africa, with its abundant critical minerals, is poised to lead the global energy transition.
He stressed Nigeria’s pivotal role in this transition, drawing parallels with the country’s historical significance in the oil sector.
Alake noted, “Nigeria has always occupied a special position in global energy discourse. Nigeria played a vital role as a key oil exporter during the era of hydrocarbons and became a top 10 exporter of oil. As the face of global energy changes, Nigeria once again emerges as a key supplier of gas, which we know is an important energy transition fuel today.”
He continued by highlighting the growing importance of minerals in the context of the evolving energy landscape, where electric vehicles, technology, and renewable energy sources are becoming increasingly mineral-dependent.
Alake affirmed that this trend is irreversible and that demand for critical minerals will continue to rise as the world pursues a lower carbon future with a focus on environmental, social, and governance (ESG) factors.
Alake also discussed the transition from fossil-based energy systems to renewable energy sources, emphasizing the role of minerals like lithium, which has become integral to everyday conversations.
In conclusion, Alake asserted Nigeria’s strategic position in the new world order, given its solid mineral sector’s estimated value of over $700 billion.
He expressed optimism that Nigeria’s mining sector would undergo transformation, similar to neighboring countries with strong mining histories.
The minister provided insights into Nigeria’s mineral resources, highlighting the presence of lithium, graphite, rare Earth Elements, platinum group minerals, nickel, and zinc across various states.
He also emphasized President Bola Tinubu’s commitment to developing the entire value chain for critical minerals in-country.
Furthermore, Alake invited foreign investment in Nigeria’s solid mineral sector, citing a range of incentives for potential investors, including capital allowances, tax holidays, and favorable foreign currency transfer policies.
In the context of a roundtable session attended by key figures from the public sector, financial services, and mining sectors, Minister Alake’s remarks underscored Nigeria’s readiness to embrace investment, collaboration, and partnerships in the solid mineral sector, positioning the nation as a mining destination of choice on the continent
