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Lack Of Political Will Hindering Solid Mineral Development – Alake

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By Georgina Humphrey

Minister of Solid Minerals Development, Dr. Oladele Alake, says lack of political will from previous administrations in the last decade frustrated harnessing Nigeria’s vast mineral resources.

Dr. Alake stated this at the Africa Finance Corporation and Solid Minerals Development Fund Forge Strategic Partnership Conference in Abuja.

Alake who stressed that Nigeria must start the process of solidifying the economy for coming generations stressed that the conducive environment in developed countries were sacrifices of past generations.

Acccording to him, Nigeria is in the present situation due to the adoptation of a monocultural style of economy, stressing that if the country refuses to shift to solid minerals it would regret in future.

He also stated that the splitting of the former Ministry of Mines and Steel Development by the present administration is to commence formulation of specific policies that would create a conducive environment for the judicious exploration of critical sectors of the economy.

“We have to shift
out attention from oil to solid minerals for two critical reasons, which is the fact that oil is fading and in the next few years, going forward if we do not deliberately and critically shift our attention from oil to the solid mineral sector” Dr Alake stated.

“Though we may not suffer that much but what about our children, the coming generation. We have an important duty to ensure that we solidify the Nigerian economy structure for the coming generation. At any little excuse we run to developed communities to enjoy the facilities, in a very social conducive social atmosphere but have we ever thought of those things that we go there to enjoy were made possible by the sacrifice of generations before now in those societies.

“This is why our generation today must make a conscious effort to ensure that we leave a legacy of prosperity, social conducive environment for our coming generations”.

On her part, the Executive Secretary, Solid Minerals Development Fund, Hajia Fatima Umaru Shinkafi stated that over 90 percent of Nigeria’s endowment have remained under explored with significant increase in new discoveries.

Hajia Shinkafi added that the SMDF and AFC would support the globally recognized expertise within the Nigerian Geographical Survey Agency to improve the understanding of Nigeria mineral resource potential and ensuring a solid pipeline for future projects.

She added that the partnership between AFC and SMDF’ is a pivotal step towards harnessing Nigeria’s mineral wealth and repositioning the nation as a key player in the global mining industry.

Earlier, the President of the African Finance Corporation, Mr. Samaila Zubairu, said that the world can not properly transit to clean energy without African resources .

“The world needs African resources to fully transit to clean energy in the long term”.

“We are excited to partner with the solid mineral development fund of Nigeria to derisk the country’s mining sector. This collaboration signifies our commitment to unlock the vast potential of Nigeria’s mineral resources by leveraging the wealth of renewable energy sources for local processing.” He added.

Edited By Grace Namiji

Written by: Safiya Wada

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