President Bola Tinubu has instructed the Federal Ministry of Solid Minerals Development to only issue mining licenses if they are tied to local value addition.
The President said that this is to ensure that young Nigerians are actively engaged in economic activities, acquiring skills, and contributing to the overall development of the economy.
Tinubu gave the directive on Wednesday during the opening session of the African Natural Resources & Energy Investment Summit, 2024, held at the State House Conference Centre in Abuja.
“We recognize the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative. By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings. Therefore, the Ministry will only issue mining licenses if they are tied to local value addition,” the President noted.
President Tinubu articulated his administration’s goal to position Nigeria as a leader in the critical metals sector. He commended stakeholders for establishing the African Minerals Strategy Group, with Nigeria as the inaugural chairman, and emphasized the aim to set new standards in the mining industry, ensuring Africa receives a fair share of the global supply of critical metals
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In addition to the focus on critical metals, the President highlighted Nigeria’s progress in the renewable energy sector, disclosing that the country has attracted over $2 billion in investment. He expressed the administration’s commitment to continue this trajectory and attract more private sector involvement in the renewable energy space, including the local manufacturing of solar panels and batteries.
However, the President also emphasized that discussions on the energy transition must include the significance of the petroleum industry as a cornerstone of the nation’s economy. He stated that while embracing renewable and cleaner energy sources, oil and gas will continue to play a vital role in Nigeria’s energy and economic landscape.
The African Natural Resources & Energy Investment Summit 2024 was attended by various dignitaries, including ministers from Sierra Leone, South Sudan, Malawi, Liberia, and Chad, and representatives from Nigerian states