Nigeria, Saudi Arabia partner on mining devt
Nand Kingdom of Saudi Arabia, yesterday, agreed to partner on the development of the mining sector in both countries, as they recognised the potential economic benefits derivable from the sector.
One of the key areas of collaboration will be technology transfer and capacity building.
Saudi Arabia, with its advanced mining industry, will share its knowledge and expertise with Nigeria to develop the necessary infrastructure, skills, and regulations for a sustainable and responsible mining sector. Speaking on the sidelines of the Future Minerals Forum ( FMF) held in Riyadh, Saudi Arabia, the Minister of Solid Minerals Development, Dr Dele Alake, and his Saudi Arabian counterpart, Bandar Alkhorayef, led delegations of both countries to the bilateral talks.
Both countries are optimistic about the long- term potential of this collaboration and have agreed to establish a joint task force to oversee its implementation.
The task force will facilitate regular exchange of information, coordinate investments and resolve any issues that may arise during the development of the mining sector.
Alake explained the need for the partnership, saying global energy transition is contingent on critical minerals, which he stated exist in abundance in Nigeria.
He said: “We need a lot of investments in exploration, exploitation, extraction, processing, and local value addition. We realise 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 utilise, 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.”
Alake, in a statement by its Special Assistant on Media, Segun Tomori, made a case for investment in local value addition involving processing of solid minerals that will culminate in production and establishment of factories in Nigeria, which, he noted, will generate employment and have a multiplier effect on the economy.
In his remarks, Alkhorayef shared the position of Nigeria on the fundamentals of diversifying the economy with emphasis on the mining sector. He revealed that Saudi Arabia also places a premium on local value addition whilst welcoming collaboration with Nigeria.
Both countries thereafter resolved to set up a joint technical committee to follow through in areas of partnership, workable action plan, guided by timelines, to harness areas of comparative advantage for mining sector development.