By Georgina Humphrey
The Minister of Solid Minerals Development, Dr Oladele Alake says Nigerian investors in Diaspora play critical roles in unlocking the financing and technical capacity required to transform the mining sector.
Dr. Alake stated this when he hosted a cross-section of Nigerian investors in the Diaspora led by Chairman of the Nigerians In Diaspora Commission, (NIDCOM), Abike Dabiri-Erewa, in Abuja.
He explained that revitalization of the solid minerals sector was crucial to the economic survival of the nation following the dwindling oil revenue, as the world transitions to clean energy.
“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 situation in a few years” Alake added.
“Secondly is global warming, which every country is now conscious of and making attempts to reduce hydrocarbons”.
The minister emphasised that the free flow of oil revenue led to the neglect of other sectors of the economy, thereby leading the nation to descend from a producing to a consuming nation.
He urged the Diasporan investors to join hands with government by investing in the sector stressing the abundance of critical minerals like Lithium, gold, and the likes across the country.
The Minister reiterated government’s commitment in ensuring local value addition by prospective mining operators as the challenge of insecurity had being addressed through technology and inter Agency 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” he emphasized.
“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.”Alake added.
The Minister further stated that the ministry is 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.
On her part, the Chairman of the Nigerians In Diaspora Commission (NIDCOM), Mrs. Abike Dabiri-Erewa lauded the Minister for his on-going reforms to transform the mining sector.
Mrs.Dabiri-Erewa 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 noted that the reforms and renewed interest in the sector have attracted global attention.
Edited By Grace Namiji
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