The Minister of Mines and Steel, Olamilekan Adegbite, says Nigeria is developing policies and initiatives aimed at accelerating the development of the nation’s minerals as a means of economic diversification.
Mr Adegbite stated this at the first summit on Future of Minerals in Nigeria.
In his keynote address at the Annual Nigeria Mining Week, Adegbite stated that minerals, which include minor metals such as titanium and cobalt, are essential to futuristic industries such as telecommunications and electric car manufacture.
Saudi Arabia prides itself as the largest deposit of oil and gas in the world.
But it is diversifying into mineral resources and exploration activities for an improved economy.
In January 2022, the country hosted its annual summit on the future of minerals.
The summit, attended by many countries, including Nigeria, has now become a motivating factor for many of the nations.
This would be Nigeria’s first future of minerals summit.
Emphasis was placed on the 44 minerals spread across more than five hundred locations across Nigeria and the need to tap into them.
The Minister expressed government’s desire to continue to do its best in repositioning the sector for optimal performance
For the National Assembly, unbundling the sector through the creation of the Nigerian Mineral Development Company is nearing fruition.
Rising insecurity is also a significant barrier to the sector’s development, and it is being addressed.
Stakeholders at the summit agree that the future of minerals in Nigeria will continue to be a viable way for the country to wean itself off crude oil and provide a souce for much needed foreign exchange earnings, more importantly, it will provide youths with a reliable source of employment.