By Victoria Onehi
The Federal Government has said value addition in the mining sector remains a panacea for rapid socio-ecocomic development to unlock economic prosperity in the country and Africans continent.
President Bola Ahmed Tinubu GCFR, made this assertion in his opening address at the 3rd Edition of the Africa Natural Resources and Energy Investment Summit (AFNIS 2024) held yesterday at the Banquet Hall, State House.
The President affirms his administration’s dogged commitment to value addition policy in the mining sector as a viable strategy that will provide youths gainful employment and raise their living conditions as well as build a self reliant economy; the President explained 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.
Elaborating further, President Bola Ahmed Tinubu, ably represented by the Vice President, Senator Kashim Shettima, said: ”We recognize the losses incurred due to the export of 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. Therefore, the Ministry will only be issuing mining Licenses with clear plans for local value addition”.
To this end, he emphasized ” this administration wants to make Nigeria a leader in critical metals and I welcome the establishment of the African Minerals Strategy Group with our Minister the first Chairman of this initiative. We aim to set new standards in the Mining industry, and to make sure that Africa gets an equitable slice in supplying the world of critical metals.
The Minister of Solid Minerals Development Dr Dele Alake in a statement highlighted Nigeria’s comprehensive reforms that has transformed the solid minerals sector into a cornerstone of the nation’s economic Diversification strategy. These, according to the Minister, include:
Policy Reforms: Enhancing transparency, regulatory clarity, and investor confidence.
– Sustainable Practices: Adopting best practices to minimize environmental impact and promote social responsibility.
– Infrastructure Development: Encouraging investments in transportation, power supply, and technological advancements.
– Human Capital Enhancement: Building a skilled workforce through training and education.
The summit, attracting top decision-makers, regulators, and entrepreneurs from across the continent and beyond, provides a unique opportunity to forge partnerships and attract investments that will drive the development of Africa’s natural resources.
“By leveraging global expertise, technology, and capital, we can transform our natural resources into a catalyst for sustainable development,” Dr. Alake added.
