According to President Bola Ahmed Tinubu, the age of exporting unprocessed gold, lithium, and other minerals is permanently over.
The Nigerian leader urged others to follow suit, noting that many local businesses have already modified their business strategies to fit the new standard.
The President said that his government created the policy of adding value to natural resources before exporting them in order to stop the enormous losses experienced as a result of the exports of raw mineral products.
He spoke in Abuja on the second day of the eighth Nigerian Mining Week, which the Miners Association of Nigeria organized.
The event was held at the International Conference Centre (ICC), which was co-hosted by the Ministry of Solid Mineral Development and Mr. Dele Alake. Mr. Alake stated that the exports of raw materials is about to come to an end.
“This administration has hit the ground running with remodeling the former Ministry of Mines and Steel Development into the Ministry of Solid Minerals and Steel Development,” the president, who was represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume, remarked.
The current administration has developed a policy of adding value to the country’s mineral resources before exporting them. This policy will ensure that the country’s burgeoning youth population is also meaningfully absorbed in economic benches that will empower them while developing their skills.
The age of Nigerian crude material exports is over thanks to this strategy. It is encouraging to see how many businesses in Nigeria have already changed their business strategies to fit this new normal, and we hope that this will inspire more businesses to follow suit.
“We are resolved to industrialize this wonderful land to the fullest extent possible. There is no justification for why Nigeria and Africa shouldn’t be at the top of any important resource value chains.
“Recent global trends in energy transition initiatives have produced stunning discoveries, opening Nigeria to geological exploration work that has increased the availability of enormous lithium resources of high grade across many states in Nigeria.”