From Charity Nwakaudu, Abuja
Minister of Solid Minerals Development Dr Oladele Alake said that lack of political will from previous administrations in the last decades frustrated the harassing of Nigerian vast mineral resources.
The Minister made this disclosure at an event jointly organised by Africa Finance Corporation (AFC) and the Solid Minerals Development Fund (SMDF) in connection with Nigeria Mining Week in Abuja, themed ‘Unlocking Development Financing for Nigerian Mining Projects’.
Dr Alake stated this at the Africa Finance Corporation and Solid Minerals Development Fund Forge Strategic Partnership Conference in Abuja.
Alake, who stressed that Nigeria must start the process of solidifying the economy for coming generations, added that the conducive environments in developed communities were sacrifices of past generations.
According to him, Nigeria is in the present situation due to the adoption of a monocultural style of economy, stressing that if the country refuses to shift to solid minerals, it would be regrettable in future.
He also stated that the splitting of the former Ministry of Mines and Steel Development by the present administration is to begin the creation of specific policies and measures that would enable conducive environments for the judicious exploration of these critical sectors of our economy
“We have to shift our attention from oil to solid minerals for two critical reasons, which is the oil is fading into national affairs today, In the next few years going forward if we do not deliberately and critically shift our attention from oil to solid mineral sector, we are too sorry for ourselves,” Dr Alake stated.
“Though we may not suffer that much what about our children, the coming generation. We have an important duty to ensure that we solidify the Nigerian economy structure for the coming generation. At any little excuse, we run to developed communities to enjoy the facilities, in a very conducive social atmosphere but have we ever thought of those things that we go there to enjoy were made possible by the sacrifice of generations before now in those societies?
“This is why our generation today must make a conscious effort to ensure that we leave a legacy of prosperity, a socially conducive environment for our coming generations, that is the economy survival reason.”
On her part, the Executive Secretary of the Solid Minerals Development Fund, Hajia Fatima Umaru Shinkafi stated that over 90 per cent of Nigeria’s endowment has remained under-explored with a significant increase in new discoveries.
Hajia Shinkafi added that the SMDF’ and AFC would support the globally recognized expertise within the Nigerian Geographical Survey Agency to improve the understanding of Nigeria’s mineral resource potential and ensure a solid pipeline for future projects.
She added that the partnership between AFC and SMDF’ is a pivotal step towards harassing Nigeria’s mineral wealth and repositioning the nation as a key player in the global mining industry.
Earlier, the President of the African Finance Corporation, Mr. Samaila Zubairu, said that the world can not properly transition to clean energy without African resources.
“The world needs African resources to fully transition to clean energy in the long term and more investment is required to sustainably mine and develop incontinent processing capacity for commodities that are critical to the energy transition.
“We are excited to partner with the Solid Mineral Development Fund of Nigeria to derisk the country’s mining sector. This collaboration signifies our commitment to unlock the vast potential of Nigeria’s mineral resources by leveraging the wealth of renewable energy sources for local processing,” he added.