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Nigeria and the Kingdom of Saudi Arabia have committed to enhancing collaboration for the development of solid minerals as the world shifts from fossil fuels to cleaner energy.
The resolution was reached during a bilateral meeting on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.
The Minister of Solid Minerals Development, Dr. Dele Alake, and his Saudi Arabian counterpart, Bandar AlKhorayef, led the delegations of both countries.
Dr. Alake emphasized the importance of forging partnerships, noting that critical minerals crucial for global energy transition are abundant in Nigeria. He highlighted the need for investments in exploration, exploitation, extraction, processing, and local value addition.
The minister expressed Nigeria’s openness to collaboration with Saudi Arabia, especially in the mining sector, to maximize the utilization of natural resources for economic and infrastructural development.
Alake advocated for investments in local value addition, involving the processing of solid minerals to establish factories in Nigeria. This, he stated, would generate employment and have a multiplier effect on the economy.
The Nigerian delegation expressed readiness to work with their Saudi Arabian counterparts to fine-tune specifics and strategize areas of collaboration.
The Saudi Arabian Minister, Mr. AlKhorayef, shared Nigeria’s commitment to diversifying the economy with a focus on the mining sector.
Both countries agreed to establish a joint technical committee to follow through on areas of partnership and develop an action plan with timelines to harness comparative advantages for mining sector development.
The Nigerian delegation included representatives from the Solid Minerals Development Fund, Mining Cadastral Office, Nigeria Geological Survey Agency, and the Ministry of Industry and Mineral Resources.
The Kingdom of Saudi Arabia was represented by the Minister of Industry and Mineral Resources, the Vice-Minister for Mining Affairs, and other government officials.
