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Nigerians Investors in Diaspora To Partner Solid Minerals Sector

Written by Pyramid FM Kano


The Minister of Solid Minerals Development, Dr. Dele Alake has described Nigerians investors in Diaspora as essential partners for unlocking the financing and technical capacity required to transform the mining sector.

While Speaking to a cross-section of Nigerians in Diaspora investors led to his office by Chairman of the Nigerians In Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, Dr Alake said the recent focus to the solid minerals sector was pivotal to economic survival of Nigeria in view of dwindling oil revenue, as the world transitions to clean energy.

Lamenting the fixation on oil over past decades, Dr. Alake emphasised that the free flow of oil revenue led to the neglect of other sectors of the economy, leading Nigeria to descend from a producing nation to a consumer one as the country was today suffering the consequences.

“Two very fundamental reasons have led us to shift attention away from oil into the mining sector. First is economic survival. The world is transitioning from fossil fuel to clean energy. The hydrocarbons are on a downward trend. So, if we are not careful to shift attention from oil, we will be in an economic dire straits in a few years. The second is global warming, which every country is now conscious of, and making attempts to reduce hydrocarbons.” he said .

He Urged the Diasporan investors to join hands with government by investing in the mining sector, emphasising the abundance of critical minerals like Lithium, gold, and the likes across the country.

The Minister restated the commitment of the Federal Government to ensure local value addition by prospective mining operators as the challenge of insecurity had being addressed through technology and inter Agencies collaboration.

” You set up the factories here, you refine, you produce, so that the beneficiation for our people will increase. Make your money no doubt, but the country will not be short-changed. I made a policy announcement recently that henceforth, we are not going to license anybody without a plan for local value addition with timelines, and we will monitor.”he added.

On financing for the mining industry, the Minister stated that the ministry was working with the African Finance Corporation (AFC), the Solid Minerals Development Fund (SMDF) and other institutions to raise requisite funds with regulatory framework to ensure an enabling environment for prospective investors.

In her remarks, the NIDCOM boss, Mrs Dabiri-Erewa who lauded the Minister for his on-going reforms to transform the mining sector expressed optimism that with the commitment of President Bola Tinubu to diversify the economy, Investments in the mining sector would grow exponentially in no distant future.

Speaking on behalf of the Nigerians in Diaspora investors, Dr. Ali Garuba congratulated the Minister on his appointment, noting that the reforms and renewed interest in the sector have attracted global attention.

“Mining is a sector that we are really passionate about. It’s an opportunity to be trained and invested. This is a sector that is populated by foreigners, and we know that the value they get from it and we get in return is very minute. We know that as Africans, we can leverage our Diaspora community to develop that sector, and there is a high interest in it. With Mining, we can create so many jobs that a whole community can be developed, just by the hard labour of the miners. So we are really excited about it.”

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