Nigeria and the Kingdom of Saudi Arabia, seizing the momentum of the global shift towards clean energy, have agreed to fortify their cooperation in developing the solid minerals sector. This decision emerged from a pivotal meeting at the Future Minerals Forum in Riyadh, Saudi Arabia, signifying a shared vision for the crucial role of minerals in this energy paradigm shift.
Leading this bilateral dialogue were Nigeria’s Minister of Solid Minerals Development, Dele Alake, and his Saudi Arabian counterpart, Bandar AlKhorayef. Alake highlighted the abundance of critical minerals within Nigeria, essential for the energy transition, and underscored the imperative for substantial investment across the mining sector’s spectrum – from exploration to local processing and value addition.
Emphasizing the historic and positive relations with Saudi Arabia, Alake articulated Nigeria’s eagerness for investments, particularly in mining, to optimize resource utilization for the country’s economic and infrastructural advancement.
Alake also presented compelling prospects for investment in Nigeria’s local mineral processing, a move anticipated to generate employment and stimulate the economy. He outlined appealing incentives for foreign investors, including President Bola Tinubu’s policy on profit repatriation, tax reliefs on imported mining equipment, and a revamped security architecture soon to be implemented.
Echoing Nigeria’s stance on economic diversification with a focus on mining, AlKhorayef expressed Saudi Arabia’s interest in local value addition and enthusiasm for collaboration with Nigeria.
This dialogue led to the formation of a joint technical committee, charged with devising an actionable plan with precise timelines. This committee aims to exploit the unique strengths of both countries in mining sector development.
Representatives in the Nigerian delegation included notable figures like Fatima Shinkafi, Executive Secretary of the Solid Minerals Development Fund; Dr. Obadiah Nkom, Director-General of the Mining Cadastral Office; and Dr. Abdulrasak Garba, DG of the Nigeria Geological Survey Agency. The Saudi Arabian team featured Minister AlKhorayef, and Vice-Minister Khaled AlMudifer, among other officials.
This collaboration marks a significant stride in strengthening Nigeria and Saudi Arabia’s economic ties, paving the way for future partnerships in the mining sector and other areas.
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