Solid mineral investments will increase foreign exchange flows and job creation – Minister

According to Prince Shuaibu Audu, Minister of Steel Development, in order to increase foreign exchange inflow and job creation, the Federal Government will mandate the processing of industrial raw materials locally.

Speaking at the Africa Natural Resources and Energy Investment Summit’s second edition on Tuesday in Abuja, Audu noted that there have been suggestions for local production of transition metals with the necessary value addition.

Among these avenues, he claimed, was mandating local raw material processing.

“The government will create an atmosphere that encourages investments in mineral processing facilities around the nation.

This would guarantee the growth of FOREX and the creation of jobs in the mining industry for both skilled and unskilled labourers.

Enhancing promotional efforts for certain minerals is imperative, as is expanding upon multiple ongoing projects to expand Nigeria’s mining industry.

“In order to attract investments into the sector, local and global promotion needs to be intensified on limestone, gold, and lithium, among others,” he stated.

According to the minister, government funds will also be allocated to the search for mineable bankable data.

“Investments in identifying significant transition metal deposits and volumes will be encouraged by the government.”

“We must protect the mining environment; one of the issues that still needs immediate attention is making sure that the environment is secure through strengthened security measures.

“A fund for the mineral development of host communities must be established.

“This will solve the issues that investors typically have with local communities regarding mineral deposit ownership,” he stated.

According to Audu, Nigeria’s experience in the mining industry has been both revolutionary and progressive.

READ ALSO: 50% of the country’s GDP will come from solid minerals – Dele Alake

He said that with Nigeria about to enter a new age, value addition becomes critical, especially when it comes to transition metals.

Due to their importance in the creation of green technology, these metals are in high demand worldwide.

“Africa has a huge, mainly unrealized potential to supply this demand.

“Unleashing our potential to manufacture and refine these metals locally, in addition to extracting them, is crucial.

By doing this, we have the chance to keep control over our resource value chain, promote economic growth, and generate employment.

The minister emphasised, “We are adding value and also paving the way for sustainable development by investing in domestic refining and production capabilities.”

The speaker emphasised the need for cooperation among the federal government, subnational governments, industry players, and investors in order to establish a strong infrastructure, foster innovation, and initiate policies that assist local value addition.

In order to lessen any negative effects on the ecosystem, it also asks for a dedication to sustainability, the use of ecologically friendly production methods, and the integration of ethical mining practises.

“As the minister of steel development, I am dedicated to promoting programmes that encourage domestic transition metal manufacturing.

“We are dedicated to a sustainable future that necessitates innovation and transformation in the steel industry, making sure that our developments comply with international environmental norms,” stated Audu. In NAN