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Sunday, January 16, 2022

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Nigeria has mineral to power electric cars, phones – Minister

The Minister of Mines and Steel Development, Olamilekan Adegbite, said Nigeria has what she called “the metal of the future” that can power cars and electric telephones.

This came in Adigbet’s statements to international investors during one of the investor forums at the Mining Conference in Riyadh, Saudi Arabia, according to a statement by the ministry.

“The Minister of Mines and Steel Development, Olamilekan Adegbite, while speaking in a hall full of international investors, said Nigeria has the minerals of the future that can power electric cars and phones,” the statement said.

The minister urged investors to get involved in the Nigerian mining sector, describing it as one of the most attractive sectors for investors in the world.

He said that some major mining companies are starting to show interest in the Nigerian mining sector.

According to him, Nigeria intends to auction the rights to extract some strategic minerals later this year.

Adegbite said: “We have strengthened governance and transparency in the sector and provided assurances to investors by upgrading, automating and decentralizing the Land Registry Office. We are improving communication between investors and the public with important geological information by establishing the Nigeria Geodata Center at the Nigerian Geological Survey.

“As we deepen our efforts to revitalize the mining sector, we are doing so with lessons learned from half a century of resource extraction. We realize, for example, that it is not enough to seek investments just to exploit and extract.

“Instead of writing this new chapter of economic growth, our goal is to develop local industries, create jobs, and focus on resource enrichment to create wealth along the mineral value chain.”

The minister said the federal government has invested $50 million to explore gold, lithium, and many other minerals.

“To date, the country has discovered more than 44 types of minerals present in commercial quantities across the 36 states and the Federal Capital Territory. They include gold, lithium, copper, cobalt, oxide, and others.”

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