The Nigerian Government has secured a study facility funded by the Global Council for Critical Minerals, to develop a roadmap for the country’s critical minerals value chain.
In a statement, the Special Adviser to the Minister of Solid Minerals Development, Kehinde Bamigbetan said the initiative was secured by the Minister, Dr. Dele Alake on the sidelines of the ongoing annual Mining Indaba holding in Cape Town, South Africa.
Bamigbetan said the study, funded by the Global Council for Critical Minerals, a specialised organ of the United Nations Agency Sustainable Energy for All, aims to examine Nigeria’s critical minerals resources and reserves.
He said “the study will be carried out by UC Davis and supported by Core International, with the goal of setting international best practices for value development.”
He further said “the initiative is expected to contribute to the growth of Nigeria’s economy through value addition.”
One of the key benefits of this study is the potential development of an industrial sector for local production of solar power. This could lead to significant foreign exchange savings by reducing imports of solar power products.
Exchanging views with the Principal Specialist, Renewable Energy, Sustainable energy for All, Mr. Divyam Nagpal, Dr. Alake thanked the UN agency for the gesture.
He said it would enrich the development of Nigeria’s policy on Solar power.
“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. 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,” Dr Alake emphasised.
He reviewed steps taken by the administration of President Bola Tinubu in the Mining sector since assumption of office, assuring the UN agency that the investment climate is positive and friendly.
He said; “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. 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.”
Dr. Alake noted that if investors have unfettered environment to operate, their profit margin will increase, and they will pay their royalties and discharge their obligations to the government.
Briefing the Minister, Mr. Nagpal said the critical minerals’ roadmap of Nigeria would support the country’s policy formulation process and aid the development of the critical minerals sub-sector.
Mr. Nagpal invited Dr. Alake to this year’s Sustainable Energy for All Programme in Barbados with the theme, Sustainable Energy for Equity, Security and Prosperity.
The event is considered the pivotal gathering for leaders from government, business, finance, and communities to stimulate investment and tackle the inter-connected challenges of energy, climate, and development.
Mercy Chukwudiebere
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