Vice President Kashim Shettima has reiterated the resolve of the current administration to make Nigeria the top mining destination in Africa. VP Shettima made the statement on Wednesday while representing the President at the African Natural Resources and Energy Investment Summit in Abuja.
The summit, which has the ministers of mining from across the African continent in attendance, is aimed at catalysing investment in the natural resource ecosystem. It is also to drive economic growth through the non-oil sector by transforming Africa’s natural resources as sources of wealth.
Shettima also said the administration is fully committed to creating an enabling business environment to attract investment that encourages ‘value addition’ on solid minerals before they are exported.
“We recognize the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative. By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings. Therefore, the Ministry will only issue mining licenses if they are tied to local value addition,” he said.
While commending stakeholders for the establishment of the African Minerals Strategy Group with Nigeria as the first chairman of the initiative, Shettima said, “We aim to set new standards in the mining industry and ensure that Africa gets an equitable slice of supplying the world with critical metals.
According to him, “In our transition to cleaner and more sustainable energy systems, we also recognize the pivotal role that natural gas plays. Natural gas is a transition fuel that will fundamentally restructure our nation’s economy.”
He, however, emphasized that discussions on the energy transition must also include the significance of the petroleum industry as a cornerstone of the nation’s economy.
“While we strive to embrace renewable and cleaner energy sources, we acknowledge that oil and gas continue to play a vital role in our energy and economic landscape,” he stated.
