BREAKING: FG Secures UN backing for critical minerals study

The Minister of Solid Minerals Development, Dele Alake, announced on Wednesday that the Federal Government has secured a study facility to develop a roadmap on Nigeria’s critical value chain, from extraction to beneficiation.

The centre, to be funded by the Global Council for Critical Minerals, is one of the key achievements secured by the minister at the ongoing annual Mining Indaba in Cape Town, South Africa.

The Global Council for Critical Minerals is a specialised arm of Sustainable Energy for All, a United Nations agency set up to implement the Agenda for Sustainable Development.

A statement signed and released by the Special Assistant on Media to the Minister, Segun Tomori, on Wednesday stated that the study, to be carried out by UC Davis and supported by Core International, will examine the country’s critical minerals resources and reserves. It will also set international best practices for value development to ensure that the sector contributes to economic growth through value addition.

One of the expected benefits is the development of an industrial sector for the local production of solar power, along with foreign exchange savings from the reduction of imports of solar power products.

During a discussion with the Principal Specialist for Renewable Energy at Sustainable Energy for All, Mr Divyam Nagpal, Alake thanked the UN agency for its support, stating that it would enhance the development of Nigeria’s policy on solar power.

The statement partly read, “Since we have the materials for the production of solar power, we should vigorously pursue the policy of halting the importation of solar power products and localising production in Nigeria. We have a large market. Already, many of the products in Nigeria serve the West African sub-region. So, any material we produce or manufacture will have a ready West African market.”

Alake also reviewed the steps taken by the administration of President Bola Tinubu in the mining sector since taking office, assuring the UN agency that the investment climate is positive and welcoming.

“We are putting in place a new security architecture that will ensure not only the safety of investors but also the protection of the mining environment. We have also redrawn the Community Development Agreement to ensure that the local populace benefits maximally from these developments so that in the end, it is a win-win for the investor, the people, and the state,” he added.

Alake noted that if investors are provided with an unimpeded environment to operate, their profit margins will increase, allowing them to pay their royalties and fulfil their obligations to the government.

Earlier, Nagpal briefed the minister, saying the critical minerals roadmap for Nigeria would support the country’s policy formulation process and aid in the development of the critical minerals sub-sector.

He also invited the minister to this year’s Sustainable Energy for All Programme in Barbados, themed “Sustainable Energy for Equity, Security, and Prosperity.”

The event is considered a key gathering for leaders from government, business, finance, and communities, aimed at stimulating investment and addressing the interconnected challenges of energy, climate, and development.