Cape Town, South Africa — Nigeria and Venezuela have announced plans to collaborate on investment opportunities in the mining sector, reinforcing their commitment to economic diversification and sustainable resource development.
The agreement was reached following high-level discussions between a Venezuelan delegation led by Deputy Minister of Mining, Alejandro Martinez, and Nigeria’s Minister of Solid Minerals Development, Dr. Dele Alake, during the ongoing Mining Indaba in Cape Town, South Africa.
A Shift Towards Solid Minerals
In a statement issued by Mr. Kehinde Bamigbetan, Special Adviser to the Minister, Dr. Alake welcomed the Venezuelan delegation, acknowledging both nations’ long-standing reliance on petroleum.
With the global shift towards green energy, he emphasized the necessity of exploring alternative revenue sources, particularly in the solid minerals sector.
“Nigeria has historically focused on petroleum, but as the world transitions to green energy, we must turn our attention to our abundant mineral resources,” Dr. Alake stated. “Economic diversification is a key priority under President Tinubu’s Renewed Hope Agenda, and Nigeria possesses critical minerals such as lithium, cobalt, nickel, and rare earth elements, that are essential for global energy transition.”
Dr. Alake highlighted the common political and economic challenges faced by both nations and underscored the need for collaboration to harness their mineral wealth for the benefit of their people.
“Nigeria is eager to partner with Venezuela in mineral exploration, trade, and production across the entire value chain,” he said. “For instance, rather than exporting raw lithium, we aim to process it locally into electric batteries, phone batteries, and solar power solutions. This will create jobs, stimulate industrial growth, and strengthen our economy which is an objective we believe Venezuela shares.”
As part of the partnership, Dr. Alake invited Venezuela to join the newly formed Super Region, a coalition of African, Asian, and Middle Eastern nations in mining, aimed at fostering trade and shared opportunities.
“This platform is designed for countries seeking greater economic independence and sustainable development. Nigeria welcomes serious investors with clear plans for legitimate and locally beneficial projects.”
Venezuela Expresses Interest in Nigerian Market
In response, Deputy Minister Alejandro Martinez expressed appreciation for Nigeria’s proactive approach, acknowledging the shared challenges of oil-dependent economies transitioning to solid minerals.
He noted that Venezuelan investors, particularly those in mining machinery and equipment, oftentimes are eager to explore business opportunities in Nigeria. He further requested the Minister’s support in facilitating investor visits to gather firsthand knowledge of the Nigerian market.
Martinez, accompanied by Venezuelan Ambassador to South Africa, Carlos Fed Acevedo, and Ambassador Magaly Henriquez, also conveyed President Nicolás Maduro Moros’ gratitude to President Bola Tinubu for his support and leadership in fostering international cooperation.
The statement concluded with both parties reaffirming their commitment to strengthening bilateral relations and unlocking the full potential of their mineral resources.
By Taiwo Olatinwo|February 10, 2025
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
