Since coming to power in May, President Tinubu’s administration has pledged to double Nigeria’s annual growth rate to 6% and has initiated economic policy reforms aimed at transforming Nigeria’s economy, the largest in Africa.
The Nigerian government is working on a new policy document to promote “value addition” to solid minerals before export, President Bola Ahmed Tinubu has announced.
Speaking at opening ceremony of the Nigerian Mining Week in Abuja, Tinubu emphasized the need to maximize Nigeria’s mining potential and reduce losses from the export of raw minerals.
“The policy will ensure that the teeming youths in the country are meaningfully absorbed in economic ventures that will empower them while developing their skills in specialized areas of human endeavors, as well as serve as a source of generation of the much needed foreign exchange for the country,” the president said. “With this policy, the era of export of crude mineral ores from Nigeria is gone.”
Tinubu urged Nigerian companies to adapt their business plans accordingly, saying, “Thus it is gratifying to note that many companies in Nigeria have already adjusted their business plans to this new normal and others are encouraged to do the same.”
The Secretary to the Government of the Federation (SGF), George Akume, who represented the President at the opening ceremony, reiterated the government’s commitment to creating a conducive business environment for genuine investors.
According to the official, this would be achieved by maintaining policy consistency, implementing favorable fiscal and monetary measures, and ensuring adequate security and infrastructure.
“Nigeria is known globally for oil and gas resources, which is just a fraction of its natural resources, the energy sector. However, the narrative is changing because we’re determined to use every potential to industrialize this great country,” Akume said. “There is no reason why Nigeria and Africa should not be leading any of the critical mineral value chains.”
Akume also mentioned the discovery of significant lithium deposits in various states in Nigeria, which has led to increased geological exploration.
In his turn, the Minister of Solid Mineral Development, Dele Alake, acknowledged Nigeria’s abundant solid mineral resources such as gold, limestone, coal, iron ore and others. He emphasized that these resources could potentially reduce dependence on oil revenues, diversify the economic base, drive sustainable development in various sectors, and create significant employment opportunities.
Alake further highlighted the Tinubu-led administration’s vision for the mining sector, which goes beyond resource extraction. He explained that the government is committed to environmentally sustainable, socially responsible and economically beneficial mining.