……….Boasts of 44 Minerals in commercial quantities
…………Invests $50 million to explore gold, lithium others
…………beckons on international investors
By Chibisi Ohakah, Abuja
Nigeria may auction rights to mine some strategic minerals before end of 2022. Nigeria’s minister of mines and steel development, Olamilekan Adegbite, dropped the hint in Saudi Arabia while addressing some international investors.
The minister informed further that already some major mining companies from across the globe have started submitting proposals to his ministry for consideration.
According to him, Nigeria has discovered over 44 minerals in commercial quantities across the nation. The minerals include gold, lithium, copper, cobalt, oxide, amongst others. He said more discovering are being made.
The minister said the current administration is determined to move away from oil revenue hence the commitment of $50 million for the exploration of gold, lithium and other metals.
While calling on investors from Saudi Arabia and across the globe to invest in the mining sector of the Nigerian economy, he described the country’s mining sector as one of the most investor friendly in the world.
“The Federal Government of Nigeria intends to auction rights to mine some strategic minerals later this year,” he said, adding that the country is richly endowed with the mineral of the future, which according to him, can power electric cars and phones.
“We have strengthened governance and transparency in the sector and provided assurance to investors through the upgrade, automation, and decentralization of the Mining Cadastre Office (MCO).
“We are improving the connectivity between investors and the public with important geological information through the establishment of a Nigeria Geo-Data Centre at the Nigerian Geological Survey Agency” he said.
In a statement signed the minister’s spokesman, Ayodeji Adeyemi, the minister noted that the country had learnt its lessons from over 50 years of resource extraction.
“As we deepen our effort to revitalize the mining sector, we are doing so with lessons learnt from a half-century of resource extraction. We recognize, for instance, that it is not enough to seek investments merely for the sake of exploitation and extraction.
“Rather than writing this new chapter of economic growth, our aim is to develop local industries, generate employment, and focus on resource beneficiation to create wealth along the mineral value chain”, he added.
He further confirmed that Nigeria to date, has discovered over 44 minerals occurring in commercial quantities across the 36 states and the Federal Capital Territory (FCT). These include gold, lithium, copper, cobalt, oxide, amongst others”, he stressed.
Be the first to know when we publish an update
