* As Tinubu moves to position Nigeria to lead Africa’s metals sector
By Chesa Chesa
President Bola Ahmed Tinubu has instructed the Federal Ministry of Solid Minerals Development to only issue mining licenses if they are tied to local value addition.
This is to ensure that young Nigerians are actively engaged in economic activities, acquiring skills and contributing to the overall development of the economy.
The President gave the directive on Wednesday during the opening session of the African Natural Resources & Energy Investment Summit, 2024, held at the State House Conference Centre, Abuja.
President Tinubu, who was represented at the event by his deputy, Vice President Kashim Shettima, said his administration is fully committed to creating an enabling business environment to attract investment that encourages ‘value addition’ on solid minerals before they are exported.
“We recognize the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative. By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings. Therefore, the Ministry will only issue mining licenses if they are tied to local value addition,” the President noted.
President Tinubu noted that his administration’s target in the solid minerals sector is “to make Nigeria a leader in critical metals.”
While commending stakeholders for the establishment of the African Minerals Strategy Group with Nigeria as the first chairman of the initiative, the President said, “we aim to set new standards in the mining industry and ensure that Africa gets an equitable slice of supplying the world with critical metals.
“In our transition to cleaner and more sustainable energy systems, we also recognize the pivotal role that natural gas plays. Natural gas is a transition fuel that will fundamentally restructure our nation’s economy.”
In leveraging opportunities in the renewable energy space, President Tinubu explained that “Nigeria has attracted over $2 billion in investment in the renewable energy sector, making it a fast-growing sector in the economy.
“Our commitment is to continue this trajectory and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries” he stated.
