*Dr. Dele Alake, Minister for Solid Minerals Development, urges Obafemi Awolowo University, Ile-Ife, Nigeria, to leverage the foremost institution’s mineral and intellectual resources to unlock the commercial potential of its mineral assets for revenue, and establish a world-class mining centre of excellence
Gbenga Kayode | ConsumerConnect
In maximising its technical expertise, intellectual capacity to attract investment for advantage, Dr. Dele Alake, Honourable Minister for Solid Minerals Development (MSMD), has urged Obafemi Awolowo University (OAU), Ile-Ife, Nigeria, to leverage the institution’s mineral and intellectual resources to establish a world-class centre of mining excellence.
Alake said this would further enable the University to bridge academic knowledge with exploration, extraction and processing in the vital sector of the country’s economy.
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ConsumerConnect reports the Minister said this when he received a high-powered delegation of the OAUniversity’s Governing Council, led by Prof. Ralph Akinfeleye, its Chairman, in Abuja, FCT.
ConsumerConnect reports some other members of the OAU delegation to Abuja included Ambassador Edward Sarki, Barr. Joseph Abaagu, Prof. Olatunbosun Adedayo and Barr. Yinka Ayanfola.
He also observed the commercial value of mineral resources available to the foremost citadel of academic excellence could significantly reduce the proportion of government subvention in its overall budgetary allocation, if properly harnessed.
Alake further encouraged the University authorities to explore partnerships with private-sector investors to unlock the commercial potential of its mineral assets for revenue while building a world-class mining centre of excellence.
University’s partnership with private-sector investors
Besides, the technical expertise and intellectual capacity afford OAU a strong advantage in attracting investment from especially private-sector investors.
He averred: “You have the resource endowment underground, and you have the intellectual capacity.
“You can bring in investors through a joint venture, and they can provide the capital and machinery.
“At the same time, the University earns revenue, and your experts participate as consultants and technical partners.”
On ownership of ownership of mineral resources in Nigeria
The Minister as well told the OAU delegation that the Federal Government has restructured the development of Nigeria’s bitumen resources by opening designated bitumen blocks to competitive bidding by qualified investors.
He, however, clarified that ownership of land does not confer ownership of mineral resources beneath it.
According to him, mineral resources beneath the land are vested in the Federal Government under the 1999 Nigerian Constitution (as amended), and relevant mining laws.
Alake explained: “The University owns the land, but where there are mineral resources, their exploration and exploitation must still be undertaken in accordance with the law.
“We must find a win-win situation that protects legitimate interests while upholding the Federal Government’s regulatory responsibility.”
Applause for OAU’s contribution to training geologists, other professionals
Minister Alake took the opportunity of the Governing Council’s visit to Abuja, to commend Obafemi Awolowo University for its longstanding contribution to the training of geologists, and other professionals who have supported Nigeria’s mining industry over the decades.
He equally urged the University to deepen its involvement in mineral exploration, research, innovation and commercialisation.
He also emphasised the need to translate academic knowledge into practical solutions and economic opportunities for millions of Nigerians.
Alake asserted: “The gap between intellectualism and application must be closed.
“Universities should not only generate knowledge; they should translate that knowledge into solutions, enterprises, and economic value for society.”
Restating the MSMD’s committment to the development of the mining sector, Dr. Alake assured the Ministry would continue to maintain a transparent, predictable and investment-friendly regulatory environment that promotes responsible mining, value addition, and sustainable economic benefits for Nigerians.
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