Nigeria won't allow cartels jeopardise its extractive industry - FG

…Says 40% of global gold in Nigeria

Nigeria on Wednesday, called for good governance and transparency, from leaders and industry players in harnessing Africa’s resource wealth, adding that it won’t allow cartels and vested interests to jeopardise its extractive industry.

Vice President Kashim Shettima stated the nation’s position on Wednesday during the inaugural International Exhibition of Extractive and Energy Resources (Salon International des Ressources Extractives et Energétiques – SIREXE) in Abidjan, Côte d’Ivoire.

Shettima, while acknowledging challenges posed by vested interests and conflicts in resource-rich regions, Shettima said, “We cannot afford to allow cartels and instability to jeopardize our aspirations. That’s why Nigeria is investing in specialised policing frameworks to secure mining sites and ensure sustainable growth.

“Our continent is home to 40% of the world’s gold, 10% of its oil, and critical minerals like cobalt and lithium. Yet, our potential remains untapped. Let us rise to this moment, not as isolated nations but as a unified region,” he added.

The Nigerian government also reaffirmed its commitment to creating an inclusive extractive industry anchored on the principles of transparency, regional partnerships, and local capacity building.

He noted that effective institutions are the cornerstone of turning natural resources into national prosperity.

The summit with the theme, “Policies and Strategies for the Sustainable Development of the Extractive and Energy Industries,” brought together leaders from across Africa to discuss innovative solutions for resource management and energy security.

According to the Vice President, “This is not just about resources; it’s about people, prosperity, and posterity.

He noted that the strength of the governance institutions will determine whether resource wealth becomes a blessing or a curse.

He, however, added that ” With the right policies, transparency, and accountability, we can ensure that our mineral wealth fuels development rather than division,” he pointed out.

Vice President Shettima noted Nigeria’s leadership in transparency reforms with the creation of the Nigeria Extractive Industries Transparency Initiative (NEITI) in 2004.

“We became the first country in the world to domesticate the Extractive Industries Transparency Initiative because we understood that opacity breeds inefficiency and corruption. Transparency is non-negotiable for building trust and ensuring inclusive benefits for all”.

Shettima who stressed the need for regional cooperation in addressing shared challenges, said “Africa’s energy future is intertwined. The progress of one state ripples across others. Nigeria stands ready to share its lessons and collaborate with ECOWAS partners to build an extractive industry that works for our people.”

The VP described how restructuring the Nigerian National Petroleum Corporation (NNPC) under the Petroleum Industry Act (PIA) 2021 into a commercially oriented entity has transformed the sector.

“NNPC Limited now operates with agility, transparency, and reduced government interference. This shift is setting a new standard for resource governance in Africa,” he explained.

The Vice President reiterated the critical role of local content development in driving economic growth, just as he noted: “Through our Local Content Act of 2010, we increased local participation in the oil and gas industry from 5% to nearly 30%.

“The success of projects like the Dangote Refinery, the world’s largest single-train refinery, showcases what is possible when we prioritise indigenous capacity and innovation.”

In his remarks, the Vice President of Côte d’Ivoire, Tremoko Meyliet Kone, expressed his appreciation for the visit of Vice President Shettima and others who came from different countries for the event