Adegbite: Nigeria Developing Strategic Minerals of the Future

• Says sector offers limitless opportunities for exploitation

Kasim Sumaina in Abuja

The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, Tuesday hinted that Nigeria has adopted a forward-thinking approach by developing strategic minerals of the future.

Adegbite, while highlighting the successes so far achieved by the mining industry in his keynote address at the 5th Annual Nigeria Mining Week, noted that the minerals, which include minor metals such as titanium and cobalt, are vital to futuristic industries such as telecoms and electric vehicle manufacturing.

The minister, while also welcoming stakeholders to the event being held virtually, said: “This year’s event is titled Seven Compelling Reasons to Invest in Nigeria’s Mining Sector.

“I can, however, give you a hundred compelling reasons to invest in Nigeria’s mining sector.”

According to him, “For starters, we are endowed with over 44 different mineral types occurring in commercial quantities in over 500 locations across the 36 states and the Federal Capital Territory. These mineral endowments broadly cut across the various mineral spectrums.

“We have industrial minerals such as barite, kaolin, gypsum, feldspar and limestone. We are endowed with energy minerals such as bitumen, lignite and uranium. We also have metallic ore minerals such as gold, cassiterite, columbite, iron ore, lead-zinc and copper.

“There are construction mineral types such as granite, gravel, laterite and sand. We also have the precious stone variety such as sapphire, tourmaline, emerald, topaz, amethyst and garnet, just to mention a few.

“This clearly demonstrates the wide mineral spectrum we are endowed with, which offers limitless opportunities for exploitation, job creation, revenue growth and economic development. Out of the 44-mineral endowment, seven were selected for immediate development.

“They are coal, iron ore, bitumen, gold, limestone, lead-zinc and barite. We have also adopted a forward-thinking approach by developing the strategic minerals of the future. These include minor metals such as titanium and cobalt, which are vital to futuristic industries such as telecoms and electric vehicle manufacturing.”

Adegbite added that Nigeria still provides one of the highest rates of return on mining investment, saying the country’s minerals are closer to the surface, conferring the advantage of lower cost of production when compared to other mining jurisdictions.

He noted that the federal government has indeed created a very business-friendly environment in the mining sector through reforms that grew out of the roadmap for the growth and development of the Nigerian mining industry.

“The roadmap, which was formulated in 2016, gave us clear policy direction on how to develop the sector, which we have adhered to religiously to unlock the potential in the sector.

“To this end, the ministry has continued to work hard to increase the revenue generated from the sector and its contribution to the national GDP.

“The sector is also being primed to be a huge job creator, broadening the spectrum of economic opportunities available to Nigerians through the pursuit of strategic policies. It may please you to know that every policy initiated by us has been steeped in global best practices.

“Therefore, I wish to urge those who are still dithering about investing in the Nigerian mining sector to take the leap,” Adegbite said.