Nigeria, Venezuela Explore Mining Opportunities

Prospects of investment in the mining sector by investors from the Republic of Venezuela topped discussions between the Minister of Solid Minerals Development, Dr Dele Alake, the Venezuelan Deputy Minister of Mining, Alejandro Martinez on the sidelines of the on-going Mining Indaba in Cape Town, South Africa.

Welcoming the delegation, Alake went down memory lane to recall how both countries benefitted immensely from petroleum production and sales until the campaign against global warming and economic recession compelled them to seek alternative revenues from solid minerals.

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Alake said: “ Nigeria focused on petroleum. Now, the world is moving to green energy. Compulsorily, we have to shift our attention to our minerals. Diversification of the economy is a core component of President Tinubu’s Renewed Hope Agenda, and we have a lot of the minerals that the world requires. These include critical minerals like lithium, cobalt, nickel, and rare earth elements required by the world for energy transition.

The minister said the fact that both countries have had a fair share of political and economic challenges should encourage them to co-operate to explore their resources in a sustainable manner and to the highest benefit of the people.

“I can assure you of Nigeria’s readiness to co-operate with Venezuela in areas of exploitation of our minerals, trade in minerals, and production spanning the entire value chain. Take lithium, for instance, we don’t want our lithium to be extracted and carted away. We want our lithium to be processed and used to produce electric batteries, phone batteries , and solar power batteries to generate local employment that would create a catalys and multiplier effect for our economy. I assume that is also your objective,” he said.

The minister invited Venezuela to join a new coalition of African, Asian and Middle East countries in mining named the Super Region formed to ensure trade among members, and take advantage of the opportunities.

“It is a platform for countries with similar challenges aspiring to be economically independent, so we are ready and open for business with anyone, any nation, any investor that shows seriousness and clear pathway for legitimate, sustainable and local value addition plans.”

Addressing the minister and his team, Martinez thanked Alake for his understanding of the peculiar similarities of both oil producing countries now seeking alternatives for their economies in the solid minerals sector.

Members of his delegation included the Venezuelan Ambassador to South Africa, Ambassador Carlos Fed Acevedo, and Ambassador Magaly Henriquez

Martinez conveyed the appreciation of Venezuelan president Nicholas Maduro Moros to Nigeria’s President Bola Tinubu for his support and leadership.
Martinez said Venezuelan investors, particularly producers of mining machinery and equipment, wish to explore the Nigerian market for opportunities.

He sought the assistance of the Minister of Solid Minerals Development to facilitate the collaboration by encouraging the investors to visit the country and obtain information to aid investment.