President Bola Ahmed Tinubu has said that the era of exporting raw gold, lithium, and other minerals is gone for good.
The Nigerian leader said that many local companies have already adjusted their business plans to the new normal, urging others to do the same.
The President said the creation of the policy of value addition to mineral resources before exportation by his administration was to halt the huge losses recorded through the exports of unprocessed mineral commodities.
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He spoke in Abuja on the second day of the eighth edition of the Nigerian Mining Week which was organized by the Miners Association of Nigeria
Solid Mineral Development Minister, Mr. Dele Alake, whose ministry hosted the event at the International Conference Centre (ICC) in conjunction with others, said an end is in sight for the exportation of raw materials.
The President, who was represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume said: “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 present administration has observed the huge losses recorded by the nation through the exports of crude mineral commodities and therefore 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.
“Through this policy, the era of export of crude minerals from Nigeria is gone. It is gratifying to note that many companies in Nigeria have already adjusted their business plans to this new normal and we hope others are encouraged to do the same.
“We are determined to use every potential to industrialize this great country. There is no reason Nigeria and Africa should not be leading in any of the critical mineral value chains.
“The recent global trends in the energy transition initiatives have led to stunning discoveries which have opened Nigeria to geological exploration works that have grown the availability of huge lithium resources of high grade across many states in Nigeria.”