Business & Economy
Dele Alake Receives Boost from Global Council for Critical Minerals to Fund Study Facility
- Alake emphasized the importance of creating an environment conducive to investment, asserting that when investors operate freely, their profit margins increase, ultimately leading to higher royalties and contributions to the government.
- The Global Council for Critical Minerals, a specialized organ of the Sustainable Energy for All – a United Nations agency established to implement the Agenda for Sustainable Development – will support the study conducted by UC Davis and Core International.
In a significant development for Nigeria’s solar power sector, Solid Minerals Development Minister Dr. Dele Alake has secured a commitment from the Global Council for Critical Minerals to fund a study facility focused on the country’s critical value chain, from extraction to beneficiation.
Eko Hot Blog gathered that this initiative emerged during the ongoing annual Mining Indaba in Cape Town, South Africa.
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The Global Council for Critical Minerals, a specialized organ of the Sustainable Energy for All – a United Nations agency established to implement the Agenda for Sustainable Development – will support the study conducted by UC Davis and Core International.
The research aims to analyze Nigeria’s critical minerals resources and reserves and set international best practices for value development, ultimately contributing to economic growth through value addition.
One of the expected outcomes of the study is the development of a local industrial sector for solar power production, reducing foreign exchange expenditures on imported solar products.
In exchange with Principal Specialist, Renewable Energy, Sustainable Energy for All, Mr. Divyam Nagpal, Dr. Alake expressed gratitude for the UN agency’s support, stating that it would enrich Nigeria’s solar power policy development.
His words: “Since we have the materials for the production of solar power, we should vigorously pursue the policy of stopping the importation of solar power products and localise the production in Nigeria.
We have a large market. Already, a lot of the products in Nigeria service the West African sub-region. So whatever material we are producing or manufacturing has a ready West African market.”
Alake reviewed steps taken by the administration of President Bola Tinubu in the mining sector since assumption of office assuring the UN agency that the investment climate is positive and friendly.
“We are putting in place a new security architecture that will ensure, not just the safety of the investor but also the protection of the mining environment.
We also had to re-draw the Community Development Agreement to ensure that the local populace benefit maximally from these developments, so that at the end of the day, it is a win-win for the investor, the populace and the State.” He said.
Alake emphasized the importance of creating an environment conducive to investment, asserting that when investors operate freely, their profit margins increase, ultimately leading to higher royalties and contributions to the government.
He emphasized the significance of fostering mutually beneficial relationships between investors and the government in driving economic growth.
During a briefing to the Minister, Mr. Nagpal explained that the critical minerals roadmap of Nigeria would play a crucial role in supporting the country’s policy formulation process and aiding the development of the critical minerals sub-sector.
This roadmap, supported by the Global Council for Critical Minerals and Sustainable Energy for All, aims to guide the sustainable development of Nigeria’s critical minerals resources, contributing to the nation’s economic prosperity.
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Furthermore, Mr. Nagpal extended an invitation to Minister Alake to attend this year’s Sustainable Energy for All Programme in Barbados.
The event, themed “Sustainable Energy for Equity, Security, and Prosperity,” brings together leaders from various sectors to stimulate investment and address interconnected energy, climate, and development challenges.
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