Alake Advocates Creation Of Industrial Hubs For Mining Devt In Africa

The Minister of Solid Minerals Development, Dele Alake, has called for the creation of regional energy and industrial hubs across Africa to drive mining development and strengthen supply chains for critical minerals.

He made this known while speaking at the Powering Africa Summit in Washington, D.C., United States.

A statement signed by his speacial adviser on Media, Segun Tomori in Abuja, says stronger regional cooperation and international partnerships are key to meeting the growing global demand for critical minerals.

According to the statement, the minister proposes cross-border industrial corridors, similar to the Lobito Corridor, to boost economic growth.

It highlights potential corridors such as the Lagos–Abidjan Corridor and the Walvis Bay Corridor, noting that they would improve infrastructure, energy supply, and industrial development across the region.

The statement also stresses the need for shared energy systems to support industries, encourage local processing of minerals, and promote technology transfer.

According to the statement, under Presodent Bola Ahmed Tinubu’s reforms, Nigeria has improved its mining sector through better regulations, digital licensing, and policies that make it easier to do business.

“These reforms ensure secure mining rights and attract investors” he states.

It adds that government is increasing access to reliable geological data to guide investment decisions.

According to the statement, on security, over 350 illegal miners have been arrested in the past year, with more than 150 facing prosecution, showing stronger enforcement in the sector.

It reaffirms Nigeria’s commitment to attracting investors, citing incentives such as tax waivers on mining equipment and the ability to repatriate profits after meeting legal requirements.

“We have made the sector more attractive to investors, attracting over $2.6 billion in Foreign Direct Investment in the past two and a half years,” he states.

Accordong to the statement, the Export-Import Bank of the United States, Sarah Whitten stresses the importance of consistent policies and long-term commitment by governments to attract private sector funding.

It emphasizes that the session drew key players from the global mining industry, highlighting increasing international interest in Africa’s mineral resources.

PR/Georgina Humphrey