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FMF 2024: Minister affirms local value addition essential for mining sector development in Nigeria

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development

*Dr. Oladele Alake, Nigeria’s Minister for Solid Minerals Development, at the ongoing Future Minerals Forum, in Riyadh, Saudi Arabia, solicits the support of the global community for local value addition in country’s mining sector

Isola Moses | ConsumerConnect

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, has rallied the support of the international community for local value addition in Nigeria’s mining sector.

Alake stated this while speaking as a panelist at the opening session of the ongoing Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.

ConsumerConnect reports this year’s FMF is titled: “Why the Super Region? Should the Super Region Have Its Own Critical Minerals Strategy?”

Segun Tomori, Special Assistant to the Minister on Media Thursday, January 11, 2024, stated the Minister asserted local value addition is critical for the development of the mining industry and Africa’s economy.

Alake also stressed that as the world strives to achieve net zero environmental impact in all processes of mining operations, emphasis should shift to local value addition, as against the age-long practice of carting away raw mineral resources.

He explained: “For us in Nigeria, and most of Africa, the idea of a super region is quite significant in order to harness the mosaic, distinctive mineral resources that are within the confines of our super regions, and consequently achieve a sustainable energy mix for the world.

“In Nigeria, we have prioritised the development of our critical minerals and rare earth metals.”

The Minister further said: “The idea of inclusivity in a super region entails collaborative efforts, not only in the area of investments but technology transfer, knowledge sharing, and, more importantly, for us in Africa, local value addition.

“In Africa, we know we need a lot of infrastructural development.

“That is why the significance of the super region can not be overemphasised.”

Dr. Alake stated: “The onus falls on us all to map out strategies of creating concrete alliances and integration of our economic interests.

“For instance, it is a known fact that Africa holds a significant percentage of critical minerals, which are now in demand as the world transitions to green energy.

“Therefore, the continent can no longer be given the shorter end of the stick.”

The Minister reiterated that the strategy of inclusivity in the super region should ensure that the practice of exploitation via mere extraction of mineral resources gives way to conscious efforts at developing the mining industry value chain that will culminate in processing minerals into finished products, which will herald economic development for countries in the continent.

Other panelists that participated in the session include Pakistani Minister of Energy, HE Muhammed Ali; United Kingdom Minister of State for Industry and Economy, HE Nosrat Ghani ; Chairman Anglo American, Stuart Chambers; Vice-Chairman CMOC Group, Steele Li; CEO Ma’adeen, Robert Wilt.

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