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Moves to boost geological agencies
From Charity Nwakaudu, Abuja
Nigeria and Saudi Arabia have renewed plans to build the capacity of their geological agencies by leveraging the breakthroughs recorded by Saudi firms in mineral exploration.
At a closed-door meeting between Nigerian and Saudi authorities on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, the Saudi Minister of Mining, Engr Bandar Al-Khorayef, said the government and the private sector were working together to introduce new technologies for mineral exploration.
He emphasised that new products were on exhibition at the conference for patronage and to raise awareness of their applications.
Minister of Solid Minerals Development, Dr Dele Alake, initiated the talks with a proposal for both countries to collaborate on areas of economic advantage.
Dr Alake stressed that Nigeria and Saudi Arabia can form partnerships based on the sector’s value chain.
Using Saudi Arabia’s famous gold market as an example, Alake said Nigeria’s gold refineries could gain access to the Saudi market under protective clauses, guaranteeing expansion opportunities for both economies.
The Minister, accompanied by his counterpart, the Minister of State for Finance, Dr Doris Uzoka-Anite, and Directors-General of the ministry’s agencies, also met officials of the Saudi Chamber of Commerce, canvassing their investment in Nigeria’s mining sector by leveraging the large deposits of lithium and iron ore, which are being processed in line with the administration’s value addition policy.
To de-risk their investment, the Minister promised to authorise the Nigerian Geological Survey Agency (NGSA) to provide relevant data on their minerals of interest.
Asserting that the shift in the global industry towards electric machines using lithium batteries has made Nigeria a critical supplier of minerals, Dr Alake affirmed that partnership with Saudi investors would encourage the export of finished industrial inputs.
Noting the investment in steel production in Saudi Arabia, the Minister cited examples of companies processing iron ore to steel in Nigeria as precedents that could be replicated.
He listed laboratories for the separation and analysis of mineral samples among facilities in Nigeria to ease mining projects, adding that Nigeria has the best-certified laboratories for minerals in West Africa.
Minister of Solid Minerals Development, Dr Dele Alake, discussing with Saudi Arabia’s Minister of Mining, Engr Bandar Al-Khorayef, at the bilateral meeting of both countries in Riyadh, Saudi Arabia, recently. With the Minister are Director-General, Nigerian Geological Survey Agency, Prof Segun Ige, and Director, Investment Promotions, Dr Esther Udoh.