President Bola Ahmed Tinubu says the era of exporting raw gold, lithium and other minerals is gone for good.
He said that many local companies have already adjusted their business plans to the new normal, urging others to do same.
The President says the creation of the policy of value addition to mineral resources before exportation by his administration was to halt the huge losses recorded through the exports of unprocessed mineral commodities.
President Tinubu was speaking in Abuja at the second day of the eighth edition of the Nigerian Mining Week which was organised by the Miners Association of Nigeria (MAN).
The President, who was represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume said: “This administration has hit the ground running with remodeling the former Ministry of Mines and Steel Development into the ministry of Solid Minerals development and Ministry of steel developments, the orders to demonstrate the resolve of the federal government to maximise the potentials of the mining industry significantly improves its contribution to the revenue of government.
For his part, Solid Minerals Development Minister, Mr. Dele Alake, whose ministry hosted the event at the International Conference Centre (ICC) in conjunction with others, said an end is in sight for the exportation of raw materials.
The minister cited the take-off of a lithium battery production factory in Ondo, Ondo State and similar start-ups all over the country as gains of the policy.
Mr Alake restated the commitment of the Tinubu administration to revive economic growth by developing the vast solid mineral deposits in the country.
Shedding light on his seven-point agenda for the ministry, Alake hinted of plans for the establishment of the national mining company; harnessing technological innovation to revolutionise the mining industry; sustained geo-science data generation; empowering local communities by ensuring they benefit from mining activities; enhancing infrastructure development for mining and addressing prevalent security challenges amongst others.
He said: “Nigeria is endowed with valuable solid minerals like limestone, gold, baryte, bitumen, lead-zinc, coal and iron ore, to mention but a few. This natural wealth indicates a significant reservoir poised for exploration and development.
Nasarawa State Governor, Abdullahi Sule, also informed the gathering that two other mineral processing plants with billion-dollar finished goods were set to start.
He called for more collaboration between the States and Federal Government to positively move the Sector forward.
