*President Bola Ahmed Tinubu asserts issuing fresh mining licences, only if they are tied to 鈥榣ocal value addition鈥� will position the country as a critical metals leader besides ensuring young Nigerians are actively engaged in economic activities, acquiring skills, and contributing to the overall development of the economy

Gbenga Kayode | 绿帽献妻

In line with his administration鈥檚 commitment to creating an enabling business environment to attract investments that add value to the economy, President Bola Ahmed Tinubu has instructed the Federal Ministry of Solid Minerals Development to issue fresh mining licences, only if they are tied to 鈥渓ocal value addition鈥� in Nigeria.

President Tinubu, who asserted this Wednesday, July 7, 2024, during the opening session of the African Natural Resources and Energy Investment Summit 2024, held in the State House, Abuja, FCT, noted this measure is to ensure that young Nigerians are actively engaged in economic activities, acquiring skills and contributing to the overall development of the economy.

Represented at the event by Vice-President (Senator) Kashim Shettima, President Tinubu restated that his administration is fully committed to creating an enabling business environment to attract investment that encourages ‘value addition’ on solid minerals before they are exported.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of The Vice President), in a statement Wednesday quoted the President to have said: “We recognise the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative.

“By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings.鈥�

The Nigerian leader also averred: “Therefore, the Ministry will only issue mining licenses if they are tied to local value addition.鈥�

He equally noted that his administration’s target in the solid minerals sector is “to make Nigeria a leader in critical metals.”

How Nigeria attracts over $2 bn investment in renewable energy: Tinubu

Commending the industry stakeholders for the establishment of the African Minerals Strategy Group with Nigeria as the first Chairman of the initiative, Tinubu stated: “We aim to set new standards in the mining industry and ensure that Africa gets an equitable slice of supplying the world with critical metals.

“In our transition to cleaner and more sustainable energy systems, we also recognise the pivotal role that natural gas plays. Natural gas is a transition fuel that will fundamentally restructure our nation’s economy.鈥�

As regards the need to leverage opportunities in the renewable energy space, President Tinubu as well explained that “Nigeria has attracted over $2 billion in investment in the renewable energy sector, making it a fast-growing sector in the economy.

“Our commitment is to continue this trajectory and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries.”

The President, however, emphasised that discussions on the energy transition must also include the significance of the petroleum industry as a cornerstone of the nation鈥檚 economy.

He said: 鈥淲hile we strive to embrace renewable and cleaner energy sources, we acknowledge that oil and gas continue to play a vital role in our energy and economic landscape.鈥�

The President also highlighted strategic priorities in the minerals sector to include attracting more investment in the oil and gas industry; growing oil production to 2.1 million barrels per day (bpd) by December 2024; improving investment in midstream and downstream infrastructure; tackling theft; and holding developers accountable for the highest environmental standards.

In regard to the need to maximise Nigeria鈥檚 mineral resources, President Tinubu stressed his administration’s commitment to managing resources responsibly, minimising their ecological footprint, and maximising their benefits for the West African country.

Alake restates commitment to transforming Nigeria’s solid minerals sector

Earlier in his opening remarks at the conference, Dr. Oladele Alake, Honourable Minister of Solid Minerals Development, had announced to the stakeholders the Federal Government’s strategy under the Renewed Hope Agenda: to position Nigeria as a major player in the global minerals market.

Alake stated: “We are committed to transforming Nigeria’s solid minerals sector into a cornerstone for our nation’s economic diversification.鈥�

The Minister also noted that the government is implementing wide-ranging reforms to create a more attractive environment for investors, with a focus on enhancing transparency, regulatory clarity, and investor confidence.

According to him, the plan encompasses several key areas, including policy reforms, sustainable practices, infrastructure development, and human capital enhancement.

These initiatives, Dr. Alake noted, are designed to address longstanding challenges in the sector and unlock the full potential of Nigeria’s vast mineral resources.

He said: “This summit represents a significant milestone in our collective journey towards addressing Africa’s vast natural resources and sustainable economic development.鈥�

Dignitaries at the summit included the Senator representing Niger East Senatorial District, Mohammed Sani Musa; Minister of State for Environment, Dr. Ishaq Salako; Minister of State for Steel Development, Mr. Uba Maigari Ahmadu; and Permanent Secretary in the Ministry of Solid Minerals Development, Dr. Mary Ogbe.

Nkwocha stated others were Minister of Mines and Mineral Resources of Sierra Leone, Julius Mattai; Minister of Mining of South Sudan, Martin Gama Abucha; Minister of Mining of Malawi, Monica Chang’anamuno, MP; Minister of Mines and Energy of Liberia, Wilmot Paye; Deputy Minister of Petroleum, Mines and Geology of Chad, Oumar Moussa, and representatives of the governors of Abia, Ebonyi, Taraba, Kwara, Enugu, Nasarawa and Akwa Ibom States, among others.

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