Tinubu sets agenda for economic diversification to unlock Nigeria’s minerals potential.

Tinubu sets agenda for economic diversification to unlock Nigeria’s minerals potential.

President Bola Ahmed Tinubu has outlined a plan to promote Nigeria’s minerals resources for its economic diversification.

He also said that the mining sector, with its resources, had been neglected for a long time.

Tinubu stated this at the eighth edition of Nigeria Mining week in Abuja, with the theme: “Capitalizing on Nigeria’s critical mineral resources for its economic growth.”

The President’s representative, the Secretary to the Government of the Federation (SGF), George Akume, stated that the administration had observed significant profits from the export of crude mineral resources, resulting in an improved standard of living for the people or the nation.

He said: “This year’s theme of the mining week underscores the Federal Government’s commitment to sustainable development, and collaboration within the mining industry, with a special focus on maximizing Nigeria’s mining potential. The devolution of the Ministry of Mines and Steel Development is to demonstrate the resolve of the Federal Government to improve its contributions to the development of the economy of the country.

“Government will continue to ensure a good business environment for investors to invest in the sector by ensuring policy consistency, and adequate security.

“Nigeria is known for its oil and gas, which is a fraction of its blessed natural resources and there is a need for Nigeria and Africa at large to diversify and develop other sectors to harness their potentials.”

In his remarks, Minister of Steels Development, Shuaibu Abubakar Audu, noted that Nigeria is endowed with an array of critical minerals, such as coal, tin, lead, limestone, and iron ore, among others.

He said if the resources in the sectors are properly harnessed, they would hold the key to diversifying the economy for a significant increase in the revenue streams.

The Minister of Solid Minerals Development, Dr. Oladele Alake, mentioned that the ministry had established a new direction through the articulation of a seven-point transformation agenda. This agenda prioritizes the establishment of a national mining company.

Alake stated: “The mining industry is undergoing a technological revolution, and Nigeria is not left behind in embracing these innovations. We recognise the importance of incorporating cutting-edge technology into our mining operations to enhance efficiency, safety, and environmental sustainability. From drone-based surveying to remote-sensing technology, we are actively exploring avenues to modernize our mining practices.

“Furthermore, we are collaborating with research institutions and industry experts to develop innovative solutions for mineral exploration and extraction. On a recent visit to Australia to attend the Africa Down Under Conference, our engagements led to an understanding with the government to train our geologists in modern mining practices.

“These partnerships aim to improve our geological knowledge, leading to more accurate resource assessments and a better understanding of our mineral potential. By harnessing the power of data and technology, we can make informed decisions that will benefit both investors and our nation’s development.”