Nigeria Secures Strategic Funding for Mineral Development and Solar Manufacturing

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In a landmark development for Nigeria’s mining sector, the Minister of Solid Minerals, Dele Alake, has secured crucial funding to advance the nation’s critical mineral value chain. The funding, obtained at the Mining Indaba in Cape Town, is backed by the Global Council for Critical Minerals, a subsidiary of UN’s Sustainable Energy for All.

The University of California, Davis, alongside Core International, will spearhead comprehensive research into Nigeria’s mineral deposits, establishing global standards for local value optimization.

This initiative marks a significant step toward transforming Nigeria’s mining sector, which currently contributes less than 0.2% to the GDP despite housing mineral reserves valued at $700 billion.

The master plan encompasses the development of Nigeria’s abundant lithium and nickel resources, crucial components in the manufacturing of batteries, solar panels, and wind turbines. A key focus of the initiative is the localization of solar power product manufacturing, aimed at reducing the nation’s dependence on imports while capitalizing on the vast West African market.

Minister Alake emphasized the strategic importance of local production, stating, “Since we have the materials for the production of solar power, we should vigorously pursue the policy of stopping the importation of solar power products and localise the production in Nigeria.”

This development aligns with Africa’s broader initiative to maximize economic benefits from its mineral resources, moving away from the traditional practice of exporting raw materials. With Africa holding approximately 30% of global mineral reserves, this shift towards local processing and value addition promises significant economic advantages, including job creation and infrastructure development.

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