Economy
Commonwealth: FG Open Talks On Deep-Sea Mining
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Commonwealth: FG Open Talks on Deep-Sea Mining
By Haruna Yusuf, Abuja
The Federal Government has started discussions about deep-sea mining in the country’s coastal waters.
This is part of efforts to make use of the profitable opportunities and abundant mineral resources available.
During a visit to the Commonwealth Secretariat, Minister of Solid Minerals Development, Dr Oladele Alake, led a Nigerian delegation and highlighted this action as a priority, emphasizing that the government intends to seek international assistance to enhance the solid minerals sector’s competitiveness on a global scale.
”President Bola Ahmed Tinubu has identified the solid minerals sector as a fundamental component of Nigeria’s ongoing economic diversification efforts. To support this objective, the Ministry of Solid Minerals Development has established a seven-point agenda. This agenda encompasses the establishment of a solid minerals company, collecting comprehensive data on mineral reserves to minimize investment risks, ensuring better security measures for the mines, and promoting socio-economic development in mining communities through effective community development agreements.”
Dr Alake emphasized that the Commonwealth, with its wealth of expertise, should support the Tinubu administration’s endeavours.
In response, Paul Kautoke, the Senior Director of the Trade, Oceans, and Natural Resources Department, welcomed the Nigerian delegation and acknowledged Nigeria’s potential to explore deep-sea mineral extractions like copper, cobalt, nickel, gold, and rare earth elements.
He highlighted how other Commonwealth countries in the Pacific region are making progress in deep-sea mining and assured Nigeria of the Commonwealth’s assistance in developing a policy in this regard.
Other speakers at the forum, including Victor Kitange, Director of Natural Resources, Opeyemi Abebe, Trade and Investment Adviser, Daniel Wilder, Economic Adviser of Trade, Oceans, and Natural Resources; and Allison Swaddling, Adviser on Ocean Governance, expressed their concerns regarding the slower progress of African countries in deep sea mining.
They also mentioned that the department’s online training programs could enhance Nigeria’s capabilities in this field.
Dr Alake responded by acknowledging the importance of the discussion and ensuring that the Ministry of Solid Minerals Development would collaborate with other ministries to assess the potential for deep-sea mining.
He added that they would present a proposal for the country’s consideration based on this new dimension of mineral development.
