Era Of Exporting Raw Gold, Lithium, Others Gone For Good – President Tinubu

President Bola Ahmed Tinubu emphasized that Nigeria is moving away from the era of exporting raw minerals like gold and lithium.

He stated that many local companies have already adapted their business strategies to align with this new approach, and he urged others to follow suit.

This shift is part of a policy to add value to mineral resources before exporting them, which aims to prevent significant losses associated with exporting unprocessed mineral commodities.

The President’s comments were made during the eighth edition of the Nigerian Mining Week, organized by the Miners Association of Nigeria.

VerseNews reports that President Tinubu was represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume.

Speaking on the event, Akume said; “This administration has hit the ground running with remodeling the former Ministry of Mines and Steel Development into the Ministry of Solid Minerals and Steel Development.

“The present administration has observed the huge losses recorded by the nation through the exports of crude mineral commodities and therefore has evolved a policy of value addition to its mineral resources before exportation; the policy will ensure that the teaming youths in the country will also be meaningfully absorbed in economic benches that will empower them while developing their skills.

“Through this policy, the era of export of crude minerals from Nigeria is gone. It is gratifying to note that many companies in Nigeria have already adjusted their business plans to this new normal and we hope others are encouraged to do same.

“We are determined to use every potential to industrialise this great country. There is no reason Nigeria and Africa should not be leading in any of the critical mineral value chains.

“The recent global trends in the energy transition initiatives have led to stunning discoveries which has opened Nigeria to geological exploration works that have grown the availability of huge lithium resources of high grade across many states in Nigeria.”

The Minister of Solid Mineral Development, Mr. Dele Alake, also expressed confidence that the era of exporting raw materials is coming to an end.

The policy of value addition to mineral resources before exportation is designed to promote economic development and skill development while preventing the export of unprocessed minerals.

The President’s administration aims to harness the potential of the country to industrialize and lead in critical mineral value chains.

Nigeria is also exploring significant lithium resources of high grade in various states, thanks to recent global trends in energy transition initiatives.