Nigeria and Saudi Arabia have renewed plans to build the capacity of their geological agencies by leveraging the breakthroughs recorded by Saudi Arabia firms in mineral exploration.
Bandar Al-Khorayef, Saudi Minister of Mining, gave the assurance at a closed-door meeting between Nigerian and Saudi Authorities on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, a statement by the Ministry of Solid Minerals Development stated
Al-Khorayef, said the Government and the Private Sector were working together to introduce new technologies for mineral exploration, emphasising that new products were on exhibition at the conference for patronage and to raise awareness of their applications.
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He spoke while responding to the presentation by Dele Alake, Nigeria’s Minister of Solid Minerals Development, who opened the talks with a proposal for both Countries to collaborate on areas of economic advantage. Alake stressed that Nigeria and Saudi Arabia could form partnerships based on the sector’s value chain.
Alake, using Saudi Arabia’s famous gold market as an example, said Nigeria’s gold refineries could gain access to the Saudi market under protective clauses, guaranteeing both economies’ expansion opportunities.
The Minister, accompanied by Doris Uzoka-Anite, Minister of State for Finance and Directors-Generals of the Ministry’s Agencies, also met officials of the Saudi Chamber of Commerce, canvassing for investment in Nigeria’s mining sector by leveraging the large deposits of lithium and iron ore, which are being processed in line with the administration’s value addition policy.
“To de-risk their investment,” the Minister promised to authorise the Nigerian Geological Survey Agency (NGSA), to provide relevant data on their minerals of interest.
He asserted that the shift in the global industry towards electric machines using lithium batteries had made Nigeria a critical supplier of minerals, further affirming that a partnership with Saudi investors would encourage the export of finished industrial inputs.
The minister noting the investment in steel production in Saudi Arabia, cited examples of companies processing iron ore to steel in Nigeria as precedents that could be replicated.
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He listed laboratories for the separation and analysis of mineral samples among facilities in Nigeria to ease mining projects, adding that Nigeria has the best-certified laboratories for minerals in West Africa.
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