Nigeria and Saudi Arabia have renewed discussions on plans for capacity building of their geological agencies by leveraging the recent breakthroughs achieved by Saudi firms in mineral exploration.
Speaking at a closed-door meeting between Nigerian and Saudi authorities on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, the Saudi Minister of Mining, Engr Bandar Al-Khorayef, said the government and the private sector were collaborating to introduce new technologies for minerals exploration.
According to him, some of new products are being exhibited at the conference for prospective buyers and to enlighten them on how to deploy them in mining operations.
In his remarks, Nigeria’s Minister of Solid Minerals Development, Dele Alake, confirmed that he initiated the talks for the purposes of strengthening the two countries’ bilateral relations and position them at the leading edge of competition in the global mining market.
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Citing the Saudi Arabia’s famous gold market as an example, the minister pointed out that Nigeria’s gold refineries could gain access to the Saudi market under protective clauses, guaranteeing expansion opportunities for both countries in the solid minerals market.
Alake, who was accompanied by the Minister of State for Finance, Dr. Doris Uzoka-Anite, also opened discussions with some organized private sector groups, including the leadership of the Saudi Chamber of Commerce, soliciting their investment in Nigeria’s mining sector, with huge deposits of lithium and iron ore, among others.
To enlighten the prospective investors about huge solid mineral endowment, the Minister promised to direct the Nigerian Geological Survey Agency (NGSA) to provide relevant data on their minerals of interest.
While stressing that the global industry towards electric machines using lithium batteries has made Nigeria a major source of lithium, Alake maintained that partnering with Saudi Arabian investors would encourage the export of finished industrial inputs from Nigeria to the global markets.
