Nigeria, Saudi Arabia renew plans for mining projects
The governments of Nigeria and Saudi Arabia have renewed their commitment to strengthening geological and mineral exploration capabilities through collaboration.
The renewal plans were revealed during a bilateral meeting between Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, and Saudi Arabia’s Minister of Mining, Bandar Al-Khorayef, at the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.
Dr. Dele Alake proposed a partnership that leverages the comparative advantages of both countries in the mining sector. He emphasized Nigeria’s potential as a supplier of critical minerals like lithium and iron ore, vital for industries such as electric vehicles and steel production. Highlighting Saudi Arabia’s renowned gold market, he suggested that Nigeria’s gold refineries could gain access under mutually beneficial agreements, fostering economic growth in both nations.
Demand for minerals
Saudi Arabia’s Minister of Mining, Bandar Al-Khorayef, welcomed the proposal, noting the country’s advancements in integrating new technologies for mineral exploration. He highlighted the collaborative efforts between the government and the private sector, with several innovative products showcased at the FMF to raise awareness of their applications.
Dr. Alake, joined by Dr. Doris Uzoka-Anite, Nigeria’s Minister of State for Finance, and senior officials, also met with representatives of the Saudi Chamber of Commerce. They encouraged Saudi investment in Nigeria’s mining sector, supported by the Nigerian Geological Survey Agency’s (NGSA) provision of mineral data to mitigate risks.
The Nigerian delegation outlined the country’s capacity for value addition in mining, citing certified laboratories for mineral analysis as an asset for facilitating mining projects. Dr. Alake emphasized the growing demand for minerals such as lithium, crucial for electric battery production, and invited Saudi investors to collaborate in processing these resources into finished products for export.
Both countries aim to leverage their respective strengths, with Saudi Arabia’s expertise in advanced mineral processing and Nigeria’s rich mineral deposits, to foster mutually beneficial economic opportunities and drive growth in the global mining sector.
