Nigeria and Saudi Arabia have agreed to collaborate on enhancing their geological agencies' capabilities, leveraging Saudi Arabia's advancements in mineral exploration. Discussions took place at the Future Minerals Forum in Riyadh, with Nigerian Minister of Solid Minerals Development, Dele Alake, proposing partnerships across the mining sector value chain.
Nigeria and Saudi Arabia have renewed plans to strengthen the capabilities of their geological agencies, capitalizing on breakthroughs achieved by Saudi firms in mineral exploration. Segun Tomori, the Special Assistant on Media to the Minister of Solid Minerals Development, Dele Alake, announced this in a statement on Tuesday in Abuja. He stated that this development occurred during the Future Minerals Forum in Riyadh, Saudi Arabia.
Tomori explained that the decision stemmed from a private meeting between a Saudi delegation, headed by Minister of Mining, Bandar Al-Khorayef, and a Nigerian delegation led by Alake. Alake proposed collaboration between the two nations in areas of mutual economic benefit, particularly in partnerships across the entire mining sector value chain. Using Saudi Arabia's prominent gold market as an example, Alake suggested that Nigeria's gold refineries could gain access to the Saudi market through protective clauses, creating expansion opportunities for both economies.In response, the Saudi minister revealed that the government and private sector are jointly introducing new technologies for mineral exploration. He highlighted the unveiling of innovative products at the forum to cultivate business partnerships and raise awareness about their applications. Alake also met with officials from the Saudi Chamber of Commerce, where he actively promoted investment in Nigeria's mining sector. He urged them to capitalize on Nigeria's substantial reserves of lithium and iron ore, which are being processed in accordance with the country's value-addition policy. To mitigate investment risks, the minister assured them that the Nigerian Geological Survey Agency would provide pertinent data on minerals of interest. According to Alake, the global shift towards electric vehicles, which rely on lithium batteries, has positioned Nigeria as a crucial supplier of minerals. Tomori quoted Alake as saying: 'Partnership with Saudi investors will encourage the export of finished industrial inputs.' Recognizing Saudi Arabia's investments in steel production, Alake cited examples of Nigerian companies processing iron ore into steel as models that could be replicated. He reaffirmed Nigeria's commitment to creating a favorable environment for investors to ensure smooth mining operations. Alake mentioned plans to establish laboratories for mineral separation and analysis, among other facilities, emphasizing: 'Nigeria has the best-certified laboratories for minerals in West Africa.
MINERAL EXPLORATION NIGERIA SAUDI ARABIA MINING INDUSTRY INVESTMENT FUTURE MINERALS FORUM
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