Posted by According to statements made by President Bola Ahmed Tinubu, the era of exporting raw materials such as gold, lithium, and other minerals has come to an end for good.
The leader of Nigeria stated that many local businesses have already readjusted their strategic plans to account for the new normal, and he urged other leaders to follow suit.
The President explained that his administration came up with the strategy of adding value to mineral resources before exporting them so that they could put an end to the enormous losses that had been recorded as a result of the sale of unprocessed mineral commodities.
He made his remarks in Abuja, the nation's capital, on the second day of the ninth annual Nigerian Mining Week, which was organized by the Miners Association of Nigeria.
Mr. Dele Alake, Minister of Solid Mineral Development, whose ministry co-hosted the event at the International Conference Centre (ICC) in cooperation with other organizations, stated that the end of the exports of raw materials is becoming closer.
“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,” said the President, who was represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume. The President was speaking on behalf of the President.
“The current administration has observed the huge losses recorded by the nation through the exports of crude mineral commodities, and as a result, it has developed a policy of value addition to its mineral resources before exportation; the policy will ensure that the thronging youths in the country will also be meaningfully absorbed in economic benches that will empower them while developing their skills.
“With the implementation of this policy, the age of Nigeria's export of raw minerals has come to an end. It is heartening to see that a good number of businesses in Nigeria have already adapted their strategic plans to account for the new norm, and we have high hopes that more will be motivated to do the same.
“We are resolute in our commitment to make the most of every opportunity to industrialize this magnificent nation. There is no valid justification for Nigeria and the rest of Africa not to be at the forefront of any of the essential resource value chains.
“The recent global trends in the energy transition initiatives have led to stunning discoveries,” which “has opened Nigeria to geological exploration works that have grown the availability of huge lithium resources of high grade across many states in Nigeria.” “The recent global trends in the energy transition initiatives have led to stunning discoveries.”