Nigeria’s Minister of Solid Minerals Development, Dele Alake, has met with his Saudi Arabian counterpart to discuss strengthening bilateral cooperation in mining and exploration. The meeting took place ahead of the Future Minerals Forum (FMF) scheduled to be held in Riyadh from January 13–15.
During discussions with Saudi Arabia's Minister of Industry and Mineral Resources, Ibrahim Al-Khorayef, Alake highlighted Nigeria's ambition to become Africa's leading minerals hub. He pointed to ongoing value-addition projects such as a gold refining plant in Lagos, three new gold refineries under development, and a ₦600 million lithium processing facility in Nasarawa State ready for commissioning.
The minister emphasized Nigeria's interest in partnerships focusing on technology transfer, capacity building for mining professionals, and enhancing exploration activities—an area where Saudi Arabia has notable expertise. Alake also stressed the importance of equitable partnerships in developing Nigeria’s vast deposits of critical minerals and rare earth elements.
“There are areas of comparative advantage where Saudi Arabia excels and others where Nigeria has strengths,” Alake said. “We are keen on structuring agreements that will enable us to engage meaningfully and constructively.”
In response, Minister Al-Khorayef reaffirmed Saudi Arabia’s commitment to its long-standing alliance with Nigeria. He proposed that a joint working group—already active between the Nigerian delegation and the Saudi Chamber of Commerce—draft a memorandum of understanding (MoU) to formalize the collaboration, with the possibility of signing during the FMF.
Other priority areas for cooperation outlined by Alake include mineral traceability, environmental and social governance (ESG) standards, and mine-site remediation.
This push for international partnership comes as Nigeria's solid minerals sector shows signs of growth, with projected revenues expected to rise from ₦38 billion in 2024 to ₦70 billion in 2025.
0 Comments