Yemisi Izuora
Nigeria is expecting to launch a new that will provide a roadmap on the country’s critical value chain from extraction to beneficiation.
The study is to be funded by the Global Council for Critical Minerals which is driven by Solid Minerals Development Ministry.
One of the expected benefits of the roadmap is the development of an industrial sector for the local production of solar power and foreign exchange savings from the reduction of imports of solar power products.
The Global Council for Critical Minerals is a specialised organ of the Sustainable Energy for All, a United Nations Agency setup to implement the Agenda for Sustainable Development.
The study, to be carried out by UC Davis and supported by Core International, will examine the country’s critical minerals’ resource and reserve and set international best practices for value development to ensure that it contributes to value addition to grow the economy.
Exchanging views with the Principal Specialist, Renewable Energy, Sustainable energy for All, Mr. Divyam Nagpal, Solid Minerals Minister Dr. Alake appreciated the UN Agency for the gesture, saying it would enrich the development of Nigeria’s policy on solar power.
The meeting leading to the agreement was held by the Minister and the UN team on the sidelines of the ongoing annual Mining Indaba holding in Cape Town, South Africa.
He said: “Since we have the materials for the production of solar power, we should vigorously pursue the policy of stopping the importation of solar power products and localise the production in Nigeria. We have a large market. Already, a lot of the products in Nigeria service the West African sub-region. So whatever material we are producing or manufacturing has a ready West African market.”
Alake reviewed steps taken by the administration of President Bola Tinubu in the mining sector since assumption of office assuring the UN agency that the investment climate is positive and friendly.
“We are putting in place a new security architecture that will ensure, not just the safety of the investor but also the protection of the mining environment. We also had to re-draw the Community Development Agreement to ensure that the local populace benefit maximally from these developments, so that at the end of the day, it is a win-win for the investor, the populace and the State.” he said.
Alake noted that if investors have unfettered environment to operate, their profit margin will increase, and they will pay their royalties and discharge their obligations to the government.
Briefing the Minister earlier, Mr. Nagpal said the critical minerals’ roadmap of Nigeria will support the country’s policy formulation process and aid the development of the critical minerals sub-sector.
He invited the Minister to this year’s Sustainable Energy for All Programme in Barbados with the theme, Sustainable Energy for Equity, Security and Prosperity.
The event is considered the pivotal gathering for leaders from government, business, finance, and communities to stimulate investment and tackle the inter-connected challenges of energy, climate, and development.