Cape Town, South Africa – Nigeria has secured a study facility to develop a roadmap for its critical minerals value chain, from extraction to beneficiation, funded by the Global Council for Critical Minerals.
The initiative is one of the key outcomes achieved by solid minerals development minister, Dr Dele Alake, on the sidelines of the annual Mining Indaba conference in Cape Town, South Africa.
Kehinde Bamigbetan, special adviser to the minister, disclosed this in a statement sent to Legit.ng on Wednesday, February 5.
UN-backed initiative to drive sustainable development
Legit.ng gathers that the Global Council for Critical Minerals is a specialised body under Sustainable Energy for All, a United Nations agency tasked with implementing the Agenda for Sustainable Development.
The study, to be conducted by the University of California, Davis (UC Davis) and supported by Core International, aims to assess Nigeria’s critical mineral resources and reserves.
It will also establish international best practices to enhance value addition and economic growth.
Alake secures boost for local solar power industry
Bamigbetan said one of the expected benefits of the study is the development of an industrial sector for local solar power production.
He said this is anticipated to reduce Nigeria’s reliance on imported solar power products, saving foreign exchange and strengthening the domestic renewable energy sector.
Alake, in discussions with Divyam Nagpal, Principal Specialist in Renewable Energy at Sustainable Energy for All, welcomed the initiative, emphasising its potential impact on Nigeria’s solar power policy.
“Since we have the materials for the production of solar power, we should vigorously pursue the policy of stopping the importation of solar power products and localise the production in Nigeria,” the minister said.
“We have a large market. Already, a lot of the products in Nigeria service the West African sub-region. So whatever material we are producing or manufacturing has a ready West African market.”
Nigeria strengthens investment climate
Alake also reviewed President Bola Tinubu’s administration’s initiatives in the mining sector, assuring the UN agency that Nigeria offers a positive and investor-friendly environment.
“We are putting in place a new security architecture that will ensure, not just the safety of the investor but also the protection of the mining environment,” Alake said.
“We also had to re-draw the Community Development Agreement to ensure that the local populace benefit maximally from these developments, so that at the end of the day, it is a win-win for the investor, the populace and the state.”
Alake invited to Sustainable Energy Forum
Meanwhile, Nagpal, in his briefing to Alake, said Nigeria’s critical minerals roadmap would support policy formulation and advance the development of the sub-sector.
The event is a key gathering for leaders in government, business, finance, and communities, aimed at stimulating investment and addressing interconnected challenges in energy, climate, and development.
Alake speaks on solid minerals corporation
Earlier, Legit.ng reported that Alake said the establishment of the Nigeria Solid Minerals Corporation will follow the Nigeria Liquefied Natural Gas (NLNG) model.
The minister said the new corporation will significantly transform the mining sector and lay the foundation for its sustainable development.
He disclosed that the initial setup of the new solid mineral corporation will be driven by the Ministry of Finance Incorporation (MOFI).
