Nigeria’s Minister of Solid Minerals Development, Dr. Oladele Alake says abundant mineral resources in the African continent need to be effectively harnessed for energy transition in the Mineral Sector.
Dr. Alake stated this in his opening remarks at 2nd Edition of the Africa Natural Resources and Energy Investment Summit, organised by the Ministry of Solid Minerals Development, held in Abuja, Nigeria’s capital.
The Minister also said Africa, a continent rich in natural resources, stands at a pivotal juncture in its development journey.
On energy transition
“The African Continent has long been the source of invaluable mineral wealth that has contributed to global development, but it is time for us to redefine the narrative and shape the future.
“Our resources must become the engine of our own prosperity and the well-being of our people. We must set the foundation for a just transition that fosters inclusive growth and minimizes the environmental impact,” the Minister explained.
According to Dr. Alake, Nigeria is committed to developing mineral resources to foster economic growth and attract investment into the sector.
On the transformation of the mineral sector, he said;
“Nigeria has witnessed the transformative potential of our solid minerals sector and the vast opportunities that lie within it. We are committed to harnessing these resources effectively, efficiently and sustainably to drive economic growth and create prosperity for our citizens. Our efforts in this direction have already yielded positive results, with increased exploration, investment, and responsible mining practices taking center stage.
“The global energy landscape is also undergoing a profound transformation. The imperative of combating climate change is steering us towards cleaner and more sustainable energy sources driving our industrial activities towards less carbon footprints.”
“We must embrace this transition, seizing the opportunities it presents for innovation, job creation, and a healthier planet. Nigeria, with its vast energy potential, is poised to play a pivotal role in this journey.
“We must work collaboratively to diversify our energy sources, promote renewable energy, and implement energy efficiency measures,“ Dr. Alake emphasised
Energy Transition Policies
The Minister called on African governments to adopt policies and programmes toward achieving energy transition in the mineral sector.
He said; “The just transition demands that we address the social and economic challenges that may arise from shifting away from traditional energy sources. We must invest in workforce retraining, creating alternative employment opportunities, and supporting impacted communities.
“Africa must adopt policies that provide a safety net for those who might be negatively affected by this transition”.
“Our commitment to the just transition is not just a moral obligation; it is an economic imperative. Africa has the opportunity to become a global leader in sustainable and responsible resource management. By embracing the principles of a just transition, we can attract responsible investments, develop sustainable industries, and create jobs for our growing population.”
In his speech, Nigerian President Bola Tinubu said Nigeria is doing everything possible to create a conducive environment for investors by addressing challenges associated with mining sector.
President Tinubu said; “the challenges of the sector are enough to overwhelm investors. the indiscriminate and illegal mining of richly endowed regions cheat our country of vast revenue; the threat of bandits oppressing villagers and exploiting the mines to raise money for insurgency is a national emergency; the lack of comprehensive and certified data to guide investment financing starves the sector of critical funds;the allegations of sharp practices in the licensing process undermines our commitment to transparency. this challenge and more are well known to this administration.”
“Let me assure you that these difficulties to ease of doing business in this sector are being tackled by our administration. a new sheriff is in town and the status quo shall no longer be the same. let me declare that those responsible for the state of affairs are advised to change or they will be changed. the penalties for these acts of economic sabotage are in the laws and we shall apply them to the last letter, ” the President stated.
He said; “Our policies for charting the new direction include a new national solid minerals company, investment in big data, the formalisation of artisanal miners into co-operatives, the improvement in security architecture, effective co-ordination of inter-ministerial and inter-governmental relations to resolve operational challenges, and greater transparency in the licensing process. these are the deliverables the ministry has been mandated to achieve. we shall do everything to support the ministry to realise our objectives.”
President Tinubu said; “However, we shall no longer tolerate criminal adventurers and their local collaborators who exploit the our socio-economic environment to sabotage our nation, in the guise of bringing business. those caught will face the full wrath of our laws.”
He was represented by the Secretary to Government of Federation Senator George Akume.
The Chief Executive Officer of Mosra Energy, Mr. Olokayode Raymos called on the Nigerian government to develop the energy sector for industries to grow.
The theme of the event is ” Towards a Just Transition.”
Mercy Chukwudiebere
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