… Joint Technical Committee to Optimize Partnership Domains
Nigeria and the Kingdom of Saudi Arabia have decided to work together more closely in order to support the growth of solid minerals as the world moves away from fossil fuels and toward cleaner energy.
The delegates of both nations attended a bilateral meeting on the fringes of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, which was led by Dr. Dele Alake, Minister of Solid Minerals Development, and Bandar AlKhorayef, his Saudi counterpart.
Throughout his speech, Dr. Alake emphasized the need of forming partnerships and stressed how crucial minerals—which he said Nigeria is home to an abundance of—are necessary for the global energy shift.
“We need a lot of investments in exploration, exploitation, extraction, processing, local value addition. We realize that we must look at regions outside of Africa to collaborate, further consolidate, and enhance our capacity in exploring and exploiting the natural resources that we have. For us to maximally utilize, exploit, and derive maximum revenue for our own economic and infrastructural development, we need to have a very solid partnership with nations like Saudi Arabia.
“Saudi Arabia has always displayed good affinity to Nigeria, and it is historical. We have always been desirous of reciprocating this very positive gesture, and there is no better area to ensure that reciprocity than to ensure we consolidate on our partnerships in areas of economic development. We are willing and open to investments in Nigeria, especially in the mining sector”, the Minister asserted.
Speaking further, Alake argued in favor of funding local value addition projects that process solid minerals and lead to the construction of industries in Nigeria. He pointed out that these projects will create jobs and have a multiplier effect on the country’s economy. He underlined that the Nigerian team is prepared to collaborate with their Saudi Arabian counterpart to iron out details and devise plans to solidify areas of cooperation in a predetermined amount of time.
Alake shed light on investment incentives by mentioning President Bola Tinubu’s policy regarding foreign investors’ repatriation of profits, tax exemptions on imported equipment meant specifically for the mining industry, and a revised security architecture that he hinted will soon be implemented to effectively secure the nation’s mining areas.
Mr. AlKhorayef responded by outlining Nigeria’s stance on the principles of economic diversification, with a focus on the mining industry. He disclosed that Saudi Arabia welcomes partnership with Nigeria but also places a high importance on domestic value addition.
Following that, both nations decided to form a joint technical committee to pursue areas of cooperation and a feasible action plan with deadlines to capitalize on comparative advantages for the development of the mining industry.
The Kingdom of Saudi Arabia was represented by the Minister of Industry and Mineral Resources, HE Bandar AlKhorayef; Vice-Minister, Mining Affairs, Engr. Khaled AlMudifer; and other government officials. The Nigerian delegation included the Executive Secretary, Solid Minerals Development Fund (SMDF), Hajia Fatima Shinkafi; Director-General, Mining Cadastral Office (MCO), Dr. Obadiah Nkom; DG, Nigeria Geological Survey Agency (NGSA), Dr. Abdulrasak Garba; Director, Investments Promotion and Mineral Trade (IPMT), Ime Erikpo; and DG, Nigeria Geological Survey Agency (NGSA).
Special Assistant on Media
Honourable Minister of Solid Minerals Development
10th January, 2024.
