FG To Establish Six Mineral Centres Across Nigeria

Date:

June 3, 2024.

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Azonuchechi Chukwu.

The Federal Government has announced plans to establish six mineral centres in the six geo-political zones of the country to boost the mining sector.

The Minister of Solid Minerals Development, Dr. Dele Alake, disclosed this in an interview with NAN on Sunday.

Alake said that the plan was part of President Bola Tinubu’s administration’s commitment to diversify the country’s economy, by developing key sectors such as the solid minerals industry.

According to the Minister, the centres are also part of the government’s commitment to promoting value addition to its minerals, aimed at facilitating multiplier effects on the economy.

Emphasizing that the country’s mineral resources are spread across the country, the Solid Minerals Minister said.

“We have our minerals all over the country and we cannot concentrate the mineral processing centres in one area, and as we speak those plans are ongoing in the zones.”

Alake added that the government has developed a new policy to ensure that Nigeria derives maximum value from all minerals extracted from the country. According to him, investors in the past extracted raw mineral resources from Nigeria without adding value to them, which he described as a great loss to the country’s economy.

“Lithium is one of the finest qualities in the world, and it has other associated minerals like nickel, cobalt, and copper.

“So when an operator takes an ounce of our Lithium out of Nigeria, perhaps he declares Lithium. But when he gets to his host country, he now has other associated minerals to his gain and the loss of Nigeria.

“So our major policy which we enacted is that, henceforth, we would no longer approve applications from an investor that does not show us a concrete plan for local value addition. “Which means processing here to add local value addition, and this will generate a multiplier effect like local employment, technology, and skills transfer,” he said.

He said that the move was in line with plans to locally produce Electric Vehicle (EVs) batteries in Nigeria, whose major ingredient is Lithium. The Minister said that the local value addition policy had also been widely accepted by other African countries aimed at developing their local economies.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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