President Bola Ahmed Tinubu said Wednesday that the federal government would maximise the utilisation of the abundant natural resources deposited in the country for the progress of the nation.
The president said this at the opening of a two-day African Natural Resources and Energy Investment Summit, held at the conference centre of the presidential villa, Abuja.
“Nigeria is indeed blessed with abundant mineral resources and it is our duty to maximize their potential in a sustainable and inclusive manner.
“We understand that mining is not solely about extraction but about creating a value chain supporting our industrialization goals. This entails mining, processing, refining and harnessing these resources to fuel our growth,” he said.
The president said the current administration would continue to provide an enabling environment for business to thrive, especially in the solid minerals sector.
“This government is fully committed to creating an enabling business environment to attract investments that encourage value addition on solid minerals before they are exported. We recognise the losses incurred from exporting crude mineral commodities and understand that this is the time to change this narrative.
“By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills and contributing to the nation’s foreign exchange earnings,” he said.
The president, who was represented by Vice President Kashim Shettima, expressed intention to make the country a pacesetter in the development of metals in Africa.
“This administration wants to make Nigeria a leader in critical metals and I welcome the establishment of an African minerals strategy group with our Minister of Mines and Steel as the first Chairman of this initiative.
“We aim to set new standards in the mining industry and ensure that Africa gets an equitable slice of supplying the world with critical metals,” he said.
The president reiterated his administration’s commitment to promoting the use of clean energy as a way of safeguarding the environment.
“In our transition to cleaner and more sustainable systems, we also recognize the pivotal role that natural gas plays. Natural Gas is a transition fuel that will fundamentally restructure our nation’s economy.
“Renewable energy; particularly solar energy, remains the most cost effective solution for connecting our rural communities to electricity. Over the past decade, Nigeria has attracted over $2 billion investments in the renewable energy sector, making it the fastest growing sector in the economy.
“Our commitment is to ensure this trajectory and attract more private sector involvement in the renewable energy space including manufacturing locally produced solar panels and batteries,” he said.