Nigeria to Encourage Local Value Addition to Solid Minerals Before Export
Nigerian government “is fully committed to creating an enabling business environment to attract investment that encourages ‘value addition’ on solid minerals before they are exported”.
President Bola Ahmed Tinubu made this remark at the ongoing 3rd-edition of the Africa Natural Resource and Energy Investment Summit (AFNIS) in Abuja Wednesday.
Organised by Core International Mining Company in partnership with the Ministry of Solid Minerals and seven other key government ministries, Segilola Resources Operating Limited, PREMIUM TIMES and the Center for Journalism Innovation and Development (CJID), among other partners.
Represented by the vice president Kashim Shettima, Tinubu explained that his administration recognises the losses incurred due to the export of crude mineral commodities and understands that it is time to change the narrative.
“Therefore, the Ministry (of Solid Minerals Development)”, he promised “will only be issuing mining licences if tied together with local value-addition,” the president said.
This, he said, emphasises that a shift towards sustainable energy sources does not compromise economic growth, social stability, or job creation.
“Africa holds vast potential in the sphere of local value addition. It is not merely about extracting minerals; it is about processing and refining them, thereby adding significant value,” the president noted.
In his remarks, Nigeria’s Minister of Solid Minerals Development, Dele Alake, said the imperative of extending the benefits of natural resource development to local communities is paramount.
“Through robust Corporate Social Responsibility initiatives, and proactive community engagement, Aleke said, “our goal is to empower communities and foster inclusive development”.