Nigeria and Venezuela engage in discussions aimed at boosting mining sector investments. As both countries seek to shift from oil dependency towards solid minerals, they emphasize collaboration for sustainable resource exploitation. The partnership also aims at enhancing local value addition to create jobs and economic benefits.
In recent discussions held at the Mining Indaba in Cape Town, South Africa, Nigeria and Venezuela explored potential investments in the mining sector. Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, met with Alejandro Martinez, the Venezuelan Deputy Minister of Mining, emphasizing the need for both countries to pivot from petroleum to mining as part of their economic strategy.
Minister Alake reflected on the historical reliance of both nations on petroleum and the urgent need to shift focus due to global trends toward green energy. He reiterated that diversification into minerals, including lithium and cobalt, is essential as part of President Tinubu’s Renewed Hope Agenda for economic stability and growth.
Alake proposed that both nations cooperate on mineral resource management and value chain production, specifically mentioning the local processing of lithium to create jobs and boost economic development. He extended an invitation to Venezuela to collaborate within a newly formed coalition aimed at enhancing trade between resource-rich countries seeking economic independence.
Deputy Minister Martinez expressed appreciation for Alake’s recognition of the mutual challenges faced by both countries in transitioning their economies. He led a Venezuelan delegation that included ambassadors seeking to explore investment opportunities in Nigeria’s mining sector.
The discussions between Nigeria and Venezuela highlight a strategic shift toward mining as both countries seek to diversify their economies away from oil dependency. The global shift towards sustainable energy has prompted these resource-rich nations to explore alternative revenue streams, particularly in the solid minerals sector. This initiative reflects a broader trend among countries reliant on fossil fuels to develop their mineral wealth to secure economic stability and growth. The formation of a coalition among African, Asian, and Middle Eastern nations represents an innovative approach to fostering collaboration in the mining sector, aimed at maximizing local benefits through sustainable practices and value addition.
Both Nigeria and Venezuela’s commitment to exploring mining opportunities illustrates a significant shift in their economic strategies. The emphasis on local value addition and sustainable practices could lead to job creation and economic development in both nations. By collaborating and forming strategic coalitions, they aim to optimize the benefits of their mineral resources while addressing common economic challenges.
Original Source: blueprint.ng
