***Joint Technical Committee to Finetune Areas of Partnership
TOYIN ADEBAYO, ABUJA
In a significant move towards advancing the development of solid minerals amid the global transition to cleaner energy, Nigeria and the Kingdom of Saudi Arabia have pledged to strengthen collaboration.
The commitment was made during a bilateral meeting held on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, led by the Minister of Solid Minerals Development, Dr. Dele Alake, and his Saudi Arabian counterpart, Bandar AlKhorayef.
Dr. Alake emphasized the importance of forging partnerships, noting the abundance of critical minerals in Nigeria crucial for the global energy transition.
He stated, “For us to maximally utilize, exploit, and derive maximum revenue for our economic and infrastructural development, we need to have a very solid partnership with nations like Saudi Arabia.”
Highlighting the need for investments in exploration, exploitation, and local value addition, Dr. Alake expressed Nigeria’s openness to collaboration, especially in the mining sector.
He urged Saudi Arabia to consider investments in local value addition, which would lead to the establishment of factories in Nigeria, generating employment and fostering economic growth.
Dr. Alake also outlined incentives for foreign investors, including President Bola Tinubu’s policy on repatriation of profits, tax waivers on imported mining equipment, and an upcoming enhanced security architecture to secure mining areas in the country.
Mr. AlKhorayef affirmed Saudi Arabia’s commitment to diversifying the economy, echoing the emphasis on local value addition. Both countries agreed to establish a joint technical committee to follow through on areas of partnership, with a defined action plan and timelines to harness comparative advantages for mining sector development.
The Nigerian delegation included key figures such as Hajia Fatima Shinkafi, Executive Secretary of Solid Minerals Development Fund (SMDF), Dr. Obadiah Nkom, Director-General of Mining Cadastral Office (MCO), Dr. Abdulrasak Garba, DG of Nigeria Geological Survey Agency (NGSA), and Ime Erikpo, Director of Investments Promotion and Mineral Trade (IPMT). Representing Saudi Arabia were Minister of Industry and Mineral Resources, HE Bandar AlKhorayef, Vice-Minister, Mining Affairs, Engr. Khaled AlMudifer, and other government officials.
