At the ongoing 4th African Natural Resources and Energy Investment Summit (AFNIS) holding at the State House Abuja, Nigeria’s minister of solid minerals development, Dr Dele Alake, said the ongoing efforts towards collaboration by African countries to harmonise its energy resources is a good development for the continent.
In realising this vision, Alake said it requires more than good intentions, but demands bold investments, regional cooperation and modern technology.
“We are already working with partners to mobilise blended financing, harness the support of development banks and tap into green bond markets. We are also introducing innovative grid technologies and advanced systems to integrate variable renewable energy sources effectively.
“Our goal is not simply to make our grids larger, but to make them smarter, more stable, and climate-resilient,” he said.
He said, “Imagine a scenario where surplus hydropower from Ghana during the rainy season helps to stabilise Nigeria’s grid; or excess gas-fired electricity from Nigeria supports our neighbours during peak demand. Interconnection makes all of this possible, allowing countries to optimise their generation, reduce redundant investments, attract larger-scale capital, and deliver affordable power to more people.”
He said for a long while now, Africa had remaines a supplier of raw materials and in doing so, has forfeited jobs, industrial growth and absolute economic sovereignty,a trend, he said, must come to an end.
“The actual value of our minerals lies not in the dust and rock, but in the refined products, batteries, alloys, steel and technologies that emerge when we process them ourselves.
“Our campaign for value addition began with a renewed consciousness to preserve and maximise our mineral wealth, thereby gaining more market value and translating to a better life for our people. This campaign is the reason for the formation of the Africa Minerals Strategy Group, the influential association of mining ministers which I chair.
“AMSG also adopted a proposal to adopt and apply the recently developed African Mineral and Energy Resources Classification and Management System, AMREC and the Pan-African Resources Reporting Code, PARC.
“This capacity-building initiative is good news for Africa by providing a mineral resource reporting framework across the continent, boosts investors’ confidence, promotes comparative evaluation of assets and increases access to development financing,” he said.
He used the opportunity to welcome leaders, investors, and experts from the mining, energy, power and finance sectors worldwide to engage in transformational conversations that would set the tone for the future, saying,
“This summit is not just for exchanging ideas; we seek to build a future where Africa’s natural wealth is no longer a statistic in someone else’s report. We aspire to a continent where its natural wealth serves as a driving force for industrial growth, equity and sustainable development,” he said.