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UNGA 2023 : Nigeria’s minerals deposit is worth $700billion,”We are ready to play an important role,” Says Alake
The Minister of Solid Minerals Development, Dele Alake, said Nigeria’s minerals deposit is worth $ 700 billion, saying the nation’s mineral resources make it one of the top 10 players in the energy sector.
Alake said this at a special session on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York, where he added that Nigeria is ready to play an important role in meeting the global demand for critical minerals.
The minister spoke on the topic: “From critical minerals to energy transition: Africa in the driver’s seat” at the event organised by the Corporate Council of Africa.
The deputy director of information, Ministry of Solid Minerals, Alaba Balogun, made this known in a press release.
Balogun added: “Alake who was speaking at a special session on the sidelines of the ongoing United Nations General Assembly in New York, said the nation’s mineral resources make it one of the top 10 players in the energy sector.
“He said despite being behind other African countries in mining, Nigeria’s mineral deposit is valued at over $700bn with very huge potential to increase. Speaking broadly of the continent, Alake said Africa is fit for the driver’s seat of the global energy transition that will be driven by critical minerals.”
He said: “Nigeria has always occupied a special position in global energy discourse. Nigeria played a vital role as a key oil exporter during the era of hydrocarbon and became a top 10 exporter of oil. As the face of global energy changes, Nigeria once again emerges as a key supplier of gas which we know is an important energy transition fuel today. Last year in the midst of the Russia-Ukraine crisis, Nigeria was one of the top exporters of LNG to Europe and was the 6th largest LNG global exporter in 2022. As you can see, there is a clear trend, whenever Nigeria is active in the global energy space, it emerges as a top 10 global player and it will be no different with critical minerals.
“Nigeria is endowed with a vast deposit of minerals critical to our new world. In our new world mobility requires a new form of energy driven by minerals in our new electric vehicle world; technology is more mineral-dependent; our energy source will depend more on the energy converted from the sun and other sources; and energy storage is even more mineral-reliable.
“This trend does not have any reversal in sight and demand will only continue particularly as the world seeks and envisions a lower carbon future where environment, social, and governance (ESG) factors are prioritized in governance and investment decisions. Therefore, minerals are at the forefront.
“He also traced the transition from different sources of energy to the now prominent renewable sources of energy. The shift from fossil-based energy systems to renewable energy such as wind and solar has meant that minerals that were not a part of general and public parlance have become a part of everyday speech. Today, lithium for example is woven through everyday conversations, and this is only just the beginning.
“Without a doubt, minerals are a major focus of our world today, and rightly so. Nigeria is well-positioned to play an important role in our new world. Our Solid mineral sector is valued at over USD$700bn and we know there is more to be discovered. Endowed with critical minerals, Nigeria should not and dare I say, cannot be ignored.
“We may not have a strong historic mining history like some of our neighbours such as Ghana, Mali and those in the South such as South Africa, Botswana, etc. but things are about to change.”
According to him, Lithium pegmatite rocks are available in Nigeria across states such as Nasarawa, Kwara, Oyo, Abuja, Kebbi, and much more and Graphite is found in states such as Kaduna.
One of the key objectives of President Bola Tinubu’s administration according to Alake is to develop the entire value chain in-country – in the case of lithium, saying “We want to go from Ore to concentrate to lithium hydroxide to end product.”
He also listed states with rare Earth elements critical for wind turbines and EV motors as Nasarawa and Plateau.
He added: “Platinum group minerals can be seen in the middle belt such as Benue and other regions. We have nickel in Kaduna and other locations. Zinc which is vital to offshore and onshore wind power generation has been a mainstay in Nigeria and is available in Ebonyi, Nasarawa, Plateau and many other Nigerian states.
“He further added that the nation was ready for foreign investment in the solid mineral sector, with President Bola Tinubu giving it prominence.
“It is clear that Nigeria is important to the world and we are ready for investment, collaboration, and partnerships in our solid mineral sector. Our new president, President Bola Ahmed Tinubu has made the solid mineral development sector vital in his administration and we are committed to making it a key contributor to our national GDP. A lot of work has been done in the sector under former administrations and we plan to take it further. Nigeria is prime to becoming a mining destination on the continent and it will happen in our time.”
Senator Ifeanyi Araraume, a prominent chieftain of the All Progressives Congress (APC), has extended warm felicitations to Muslims in Nigeria and across the globe on the joyous occasion of Eid-el-Fitr.
In a statement to mark the end of Ramadan, Araraume highlighted the significance of the month long period of spiritual reflection, fasting, and devotion. “As Muslims gather with loved ones to share in the festivities, I join in the cheer, wishing everyone a blessed and peaceful Eid,” he said.
The Senator expressed profound appreciation to Muslim Nigerians for their contributions to the nation’s growth, describing their faith, resilience, and patriotism as beacons of hope. “Your unwavering commitment to Nigeria’s progress is truly commendable,” he stated.
As the country navigates its current challenges, Araraume called for unity, understanding, and collective effort. “Let us embrace the spirit of Eid, forgiveness, generosity, and kindness, to build a brighter future for ourselves and generations to come,” he urged.
Araraume also extended solidarity to President Bola Tinubu, a distinguished Muslim and the leader of APC, praising his visionary leadership and dedication to nation building. “President Tinubu’s commitment to serving Nigeria has been exemplary, and we assure him of our continued support,” he said.
Reaffirming the APC’s commitment to national prosperity, Araraume emphasized that the values of compassion, unity, and progress embodied by Eid align deeply with the party’s ethos. “As we mark this occasion, we reaffirm our dedication to creating a Nigeria where faith and ethnic background are not barriers to success,” he concluded.
President Bola Tinubu is currently meeting with United Kingdom Prime Minister Keir Starmer in a high-level bilateral engagement aimed at strengthening ties between Nigeria and Britain.
A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Monday, said the meeting will culminate in the signing of various Memoranda of Understanding and agreements, including those on trade, investment, defence, and cultural cooperation.
The statement said the meeting reinforces Nigeria’s commitment to deepening bilateral relations, attracting foreign investment, and modernising key infrastructure to support economic growth.
It added that a major highlight of the visit was the signing of a £746 million financing agreement between UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance.
Morning Recap: Nigeria, Britain set for fresh security alliances, Saudi Arabia declares Friday Eid-el-Fitr, other top stories
The statement said the deal will fund the refurbishment of two key maritime infrastructures — the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex.
The President and the First Lady had earlier been the guests of their Majesties King Charles III and Queen Camilla at Windsor Castle.
Tinubu was accompanied by a high-profile delegation, including Senate President Godswill Akpabio; Attorney General and Minister of Justice, Prince Lateef Fagbemi; Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.
Other members of the delegation include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Mohammed Mohammed.
Morocco have been officially crowned champions of the 2025 Africa Cup of Nations after the CAF Appeal Board overturned the result of the final against Senegal. The decision comes after extraordinary scenes in Rabat where the Lions of Teranga walked off the pitch in protest, leading to a retrospective 3-0 forfeit victory for the host nation.
In a detailed statement, the CAF Appeal Board confirmed that the appeal lodged by the FRMF was “declared admissible in form and the appeal is upheld.” This landmark ruling effectively strips Senegal of what would have been their second continental crown, rewarding the hosts for a match that descended into chaos during extra time.
The roots of the controversy lie in a heated moment deep into stoppage time when Morocco’s Brahim Diaz went down in the box. While the referee initially waved play away, a VAR review resulted in a spot-kick for the hosts. This sparked a furious reaction from the Senegalese bench, with head coach Pape Thiaw instructing his players to return to the dressing room in a protest that lasted several minutes.
The CAF Appeal Board found that “the conduct of the Senegal team falls within the scope of Articles 82 and 84 of the Regulations of the Africa Cup of Nations.” By leaving the field of play, Senegal was deemed to have infringed on the regulations, leading to the administrative 3-0 defeat. The ruling sets aside the previous CAF Disciplinary Board decision and confirms that the protest lodged by Morocco has been fully upheld
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