RIYADH: Nigeria is positioning itself as a supplier in the global minerals market with the country possessing multiple elements such as lithium, according to its minister of solid minerals development.
Henry Dele Alake conveyed a message of optimism and enthusiasm during an interview with Arab News at the Future Minerals Forum being held in Riyadh.
He highlighted Nigeria’s significant role in this collaborative effort, and said: “For us in Nigeria, being part of this (event) is quite a positive development.”
The minister added: “It creates another need for us to market minerals in Nigeria because we have the globally sought after minerals in Nigeria like lithium, which is in high demand. Now we have it in large quantity and of the highest grades.”
The forum signifies the collective efforts of nations with abundant mineral resources, working together to enhance exploration, processing and extraction as well as exportation and distribution. The ultimate objective is to create local value, boost revenue, and assert a strong presence in international economic affairs, Alake highlighted.
He also spoke about the opportunities the forum provides for networking and deal-making.
Alake shared a particularly fruitful interaction with a Saudi minister, saying, “Two days ago, I mentioned the minister of Saudi, who is our host here; we had very fruitful discussions. From our discussion, Saudi Arabia needs iron ore in large quantity. Nigeria has iron ore in large deposits. So, we have formed a technical committee to work out the details. That’s a takeaway, a very positive takeaway.”
Emphasizing Nigeria’s commitment to diversifying its economy away from oil, Alake highlighted the country’s pivotal role in the global energy transition.
The minister stressed that Nigeria possesses critical metals and elements in large quantities, acting as a “breadbasket” for the supply chain.
He said: “We are also opening our doors and telling the world that we are ready and open for business. We have what it takes to be part of this supply chain and are ready to do that.”
In conclusion, Alake highlighted the importance of the Future Minerals Forum as a platform for nations to collaborate, stating: “This forum is a very good opportunity and Nigeria is part of that supply chain. Now if we are deepening trade relations amongst the member states of this region, it expands the opportunities for Nigeria and other African countries to increase their revenue intake, which also indirectly and directly increases their welfare, the socioeconomic welfare of member states.”
The ongoing forum continues to be a catalyst for nations, fostering partnerships, exploring opportunities, and contributing to the diversification of the global mineral supply chain.
