NIGERIA AND SAUDI ARABIA FORGE PARTNERSHIP FOR MINING DEVELOPMENT

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Nigeria and the Kingdom of Saudi Arabia have joined forces to advance the development of their respective mining sectors, recognising the economic potential within this industry. The collaboration will primarily focus on technology transfer and capacity building, leveraging Saudi Arabia’s advanced mining industry to share knowledge and expertise with Nigeria. This initiative aims to foster sustainable and responsible mining practices by developing essential infrastructure, skills, and regulations.

The Minister of Solid Minerals Development, Dr. Dele Alake, and his Saudi Arabian counterpart, Bandar AlKhorayef, led delegations from both countries during bilateral talks at the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia.

Optimistic about the long-term benefits, both nations have agreed to establish a joint task force responsible for overseeing the implementation of the partnership. This task force will facilitate regular information exchange, coordinate investments, and address any challenge that may arise during the mining sector’s development.

Dr. Alake emphasised the importance of this collaboration, noting that global energy transition relies on critical minerals abundant in Nigeria. He highlighted the necessity for investments across the entire mining value chain, from exploration to local value addition. The establishment of solid partnerships, particularly with nations like Saudi Arabia, becomes crucial for maximising revenue for Nigeria’s economic and infrastructural development.

Saudi Arabian counterpart AlKhorayef echoed Nigeria’s stance on diversifying the economy; emphasising the significance of local value addition in the mining sector. Both countries have committed to forming a joint technical committee to execute their collaboration, ensuring a guided action plan with timelines to harness their comparative advantages for the development of the mining sector.

 

 

 

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