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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.”
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2027: Tinubu Dares Obi, Atiku to Showcase Their Achievements in Office, Accuses Them of Abandoning Their Responsibilities
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President Bola Tinubu has criticised former Anambra State Governor Peter Obi and former Vice-President Atiku Abubakar over their political affiliations, questioning their leadership credentials ahead of the 2027 general elections.
Tinubu made the remarks on Friday during his visit to Akwa Ibom State, where he inaugurated projects executed by Governor Umo Eno’s administration and addressed supporters at a political gathering.
Although he did not mention either politician by name, he appeared to refer to Obi, the presidential candidate of the Nigeria Democratic Congress, and Atiku, who joined the African Democratic Congress after leaving the Peoples Democratic Party.
Referring to Obi’s tenure as Anambra governor, Tinubu accused him of failing to tackle erosion in the state, contrasting it with his own claim of confronting the Atlantic Ocean during his administration as Lagos governor.
“One, who said he is in one party they call NDC, who is running for president. He ran away from erosion. In Anambra State, he could not confront erosion.
“I, Bola Ahmed Tinubu, I confronted the Atlantic Ocean. I claim it for you. Umo Eno confronted the erosion in Akwa Ibom and is working for, he is stable,” the President said.
Tinubu also questioned the political loyalty of a former PDP member who moved to another party, in an apparent reference to Atiku’s defection to the ADC.
“If a man that was, once upon a time, was a baby of PDP, became a father of PDP. And because of a little inconvenience, he ran away from that party. And formed a dangerous ADC in another party. Is that a leadership trait? Is that a leadership character? And he wants you to vote for him?” he said.
Obi governed Anambra State between 2006 and 2014, while Atiku served as Nigeria’s Vice-President from 1999 to 2007 under the PDP.
Atiku contested the 2023 presidential election on the PDP platform, finishing second behind Tinubu, while Obi, who contested under the Labour Party, came third.
Obi left the Labour Party for the NDC in May 2026, while Atiku joined the ADC as part of opposition efforts ahead of the 2027 election.
Tinubu’s reference to Anambra’s erosion problem recalls his 2023 presidential campaign promise to tackle the menace in the state.
During a campaign rally in Awka in February 2023, the then APC presidential candidate promised to address gully erosion in Anambra, saying he would handle it in the same way he claimed to have tackled the Atlantic Ocean surge in Lagos.
“I have come here to promise you development. We will industrialise Nigeria and Anambra State. You know me, I am the city boy of Lagos; I caged the Atlantic Ocean in Lagos; the way I handled the Atlantic Ocean in Lagos, I will handle the erosion menace in Anambra State,” he said at the time.
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Ibom Deep Seaport Gets Presidential Approval as Tinubu Backs Project
President Bola Tinubu has approved the long-awaited Ibom Deep Seaport project in Akwa Ibom State.
Tinubu announced the approval on Friday while responding to a request by Governor Umo Eno during a reception and rally held in his honour at the Godswill Akpabio International Stadium, Uyo.
The President, who was in the state to inaugurate projects executed by the Eno administration, said the development must promote inclusive growth, create economic value and bring progress to the people.
“Now, development must be even inclusive and reasonable, must bring progress and create economic value. I heard from my friend, my governor, my pastor, on behalf of the people and leadership of Akwa Ibom, request for Ibom’s deep-sea port,” Tinubu said.
After repeating the request, the President asked the crowd, “Will you vote?”
He subsequently declared, “Okay, It’s approved.”
The approval followed a pledge by Eno that Akwa Ibom would deliver two million votes for Tinubu’s re-election in 2027 if the Federal Government delivered the seaport.
“Give us Ibom Deep Seaport, we will deliver two million votes. This deep seaport is capable of unlocking the economy of the state, the South-South region and Nigeria at large,” the governor said.
Eno described the seaport as the most important economic demand of the people of Akwa Ibom, saying it would transform the state’s maritime, industrial and employment landscape.
He said the people of the state had remained loyal to Tinubu since 2023 and were asking him to fulfil his promise to build the facility.
Tinubu had, during his 2023 presidential campaign rally at the same stadium, promised to build the deep seaport, citing the Lekki Deep Seaport, developed during his tenure as Lagos State governor, as an example of what he hoped to achieve in Akwa Ibom.
Eno said the project, conceived during the administration of former Governor Victor Attah as the Ibaka Deep Seaport and Industrial City, had remained unrealised for decades despite featuring in successive presidential campaigns.
“This seaport would serve as a major transhipment hub. It will create thousands of jobs for our people. It will open Akwa Ibom to international trade and investment,” he said.
The governor also said Akwa Ibom had aligned with the Federal Government by joining the All Progressives Congress to attract greater federal presence and development.
He assured Tinubu that the state would mobilise support for his re-election in 2027, saying the seaport would be a major dividend of his administration.
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JUST IN: Court Nullifies Atiku’s Candidacy, Sacks Mark-Led ADC NWC Ahead of 2027 Elections
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*Says ADC’s leadership that produced him, other candidates illegal
A Federal High Court in Abuja has nullified the process that led to former Vice President Atiku Abubakar’s emergence as the African Democratic Congress (ADC) presidential candidate for next year’s presidential election. FollowPolitics
In a judgment on Thursday, Justice Peter Lifu also voided the emergence of former Senate President David Mark, ex-Governor of Osun State Rauf Aregbesola, and others as ADC national officers.
Justice Lifu also voided the nominations of all ADC candidates for the 2027 general elections, holding that they emerged from the ADC’s illegal and unlawful leadership.
The judgment was delivered in a suit brought by an aggrieved ADC Deputy National Chairman, Nafiu Bala Gombe.
The judge upheld Gombe’s contention that David Mark and Rauf Aregbesola emerged as party leaders through an unlawful and illegal process.
Justice Lifu set aside all actions taken by the Mark-led leadership in the name of ADC, holding that they were unlawful.
Details shortly…
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