Cape Town, South Africa — Nigeria is set to launch a strategic roadmap aimed at developing a critical minerals value chain, paving the way for local solar power production and reducing reliance on imports.
The initiative, funded by the Global Council for Critical Minerals under the Solid Minerals Development Ministry, seeks to optimize the extraction and beneficiation of essential minerals.
The roadmap will not only foster industrial growth in the solar energy sector but also boost foreign exchange savings by minimizing imports of solar power products.
UN Partnership and Global Best Practices
The Global Council for Critical Minerals, a specialized arm of the United Nations Sustainable Energy for All initiative, has commissioned UC Davis, with support from Core International, to conduct the study. The research will assess Nigeria’s mineral resources, establish international best practices, and enhance value addition to stimulate economic growth.
During a meeting with Divyam Nagpal, Principal Specialist for Renewable Energy at Sustainable Energy for All, Nigeria’s Minister of Solid Minerals, Dr. Dele Alake, welcomed the partnership, describing it as a crucial step toward achieving energy security.
“Since we possess the raw materials for solar power production, it is imperative to end reliance on imports and localize manufacturing. Nigeria already serves the West African sub-region, making it a viable market,” Alake stated.
Investment Climate and Security Reforms
Speaking on the sidelines of the Mining Indaba conference in Cape Town, South Africa, Alake highlighted reforms under President Bola Tinubu’s administration, assuring investors of a secure and business-friendly environment.
“We are implementing a new security framework to protect both investors and mining communities. Additionally, we have restructured the Community Development Agreement to ensure local populations benefit from these investments, creating a win-win scenario for all stakeholders,” he said.
Alake emphasized that fostering a stable investment climate would enhance profitability, ensuring companies fulfill their obligations, including royalty payments to the government.
International Collaboration and Future Engagements
Nagpal affirmed that Nigeria’s critical minerals roadmap would strengthen policy formulation and advance the country’s minerals sub-sector.
He extended an invitation to Alake for the Sustainable Energy for All Programme in Barbados, themed Sustainable Energy for Equity, Security, and Prosperity.
The event, regarded as a premier global forum, will bring together leaders from government, finance, and business to drive investment and address pressing energy and climate challenges.
By Taiwo Olatinwo |February 7, 2025.
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