By Rosheedat Akinkunle, JKNewsMedia Reporter
SECURING FUNDING for Nigeria’s critical minerals value chain has taken a significant step forward with the establishment of a dedicated study facility.
The Global Council for Critical Minerals, a specialised branch of the UN-backed Sustainable Energy for All (SEforALL), has provided financial support to develop a roadmap covering extraction, processing, and value addition.
This milestone was achieved during the annual Mining Indaba in Cape Town, South Africa, and it is expected to transform Nigeria’s mining sector by aligning it with international best practices.
A study led by UC Davis, with support from Core International, will evaluate the nation’s critical minerals resources, ensuring their sustainable development contributes to economic growth.
One of the major anticipated benefits is the expansion of Nigeria’s solar power production industry, according to a release issued on the development.
By developing a local supply chain, the country could significantly reduce its reliance on imported solar products, easing foreign exchange pressures and boosting domestic manufacturing.
During discussions with Divyam Nagpal, Principal Specialist for Renewable Energy at SEforALL, Nigeria’s Solid Minerals Development Minister, Dr. Dele Alake, expressed appreciation for the agency’s support.
He highlighted how the collaboration would enhance Nigeria’s solar power policy and create new investment opportunities.
Alake outlined the progress made by President Bola Tinubu’s administration in the mining sector, assuring potential investors of a secure and business-friendly environment.
“We are implementing a new security framework to safeguard investors and protect the environment,” he said.
According to Alake, a stable operating climate would ensure increased investor confidence, leading to higher royalty payments and economic contributions to the government.
Nagpal reiterated the importance of Nigeria’s roadmap for critical minerals, noting that it would shape national policies and drive the growth of the sector.
He extended an invitation to the Minister for this year’s Sustainable Energy for All Programme in Barbados, themed “Sustainable Energy for Equity, Security, and Prosperity.”
Nagpal further explained that the Barbados event is a key global platform that brings together government leaders, financial institutions, and industry stakeholders to discuss investment strategies and address energy, climate, and development challenges.
