Posted by It has been declared by President Bola Ahmed Tinubu that the days of exporting raw materials such as gold, lithium, and other minerals are over.
The Nigerian head of state has urged other businesses to adapt to the new circumstances, saying that many already have.
In order to stop the massive losses incurred from the sale of raw mineral commodities, the President announced that his administration would institute a policy of value addition to mineral resources before exporting.
On the second day of the Miners Association of Nigeria’s seventh annual Nigerian Mining Week, he delivered a speech in the capital city of Abuja.
Mr. Dele Alake, Minister of Solid Mineral Development, whose ministry co-hosted the event at the International Conference Centre (ICC), claimed that the country will soon stop exporting raw materials.
Sen. George Akume, speaking on behalf of the President as the SGF (Secretary to the Government of the Federation), remarked, “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 current administration has seen the huge losses recorded by the nation through the export of crude mineral commodities, and as a result has evolved a policy of value addition to its mineral resources before exportation; the policy will ensure that the teaming youths in the country will also be meaningfully absorbed in economic benches that will empower them while developing their skills.
The days of Nigerian crude resource exports are over thanks to this strategy. The fact that so many Nigerian businesses have adapted to the new normal gives us hope that others will follow suit.
We will not rest until we have exhausted all options for industrializing this vast country. There is no reason for Nigeria and Africa not to be at the forefront of any of the value chains including essential minerals.
Geological exploration works have increased the availability of massive, high-grade lithium resources throughout numerous states in Nigeria thanks to current worldwide trends in energy transition projects.