Investment prospects in Nigeria’s mining sector took center stage as Minister of Solid Minerals Development, Dr. Dele Alake, met with Venezuelan Deputy Minister of Mining, Alejandro Martinez, on the sidelines of the ongoing Mining Indaba in Cape Town, South Africa.
Welcoming the Venezuelan delegation, Dr. Alake highlighted the historical economic similarities between both countries, recalling how they relied heavily on petroleum revenue before the global shift toward green energy and economic diversification.
“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,” Alake stated.
He pointed out that Nigeria possesses critical minerals such as lithium, cobalt, nickel, and rare earth elements, which are essential for global energy transition.
Alake emphasized the need for both nations to collaborate in sustainable mineral exploration to maximize economic benefits. He assured Martinez of Nigeria’s readiness to partner with Venezuela in mineral exploitation, trade, and full-scale value-chain production.
“Take lithium, for instance. We don’t want our lithium to be extracted and carted away. We want it to be processed and used to produce electric batteries, phone batteries, and solar power batteries. This will generate local employment and create a multiplier effect for our economy,” he explained.
Alake also invited Venezuela to join the newly formed “Super Region” coalition, which comprises African, Asian, and Middle Eastern countries working together to strengthen mining trade and economic independence.
“We are ready and open for business with any investor or nation that demonstrates seriousness and a clear pathway for legitimate, sustainable, and local value addition,” he added.
In response, Deputy Minister Alejandro Martinez acknowledged the economic similarities between Nigeria and Venezuela and expressed gratitude for the country’s willingness to collaborate.
He conveyed President Nicholas Maduro Moros’ appreciation to President Bola Tinubu for his leadership and support in fostering global economic partnerships.
Martinez also revealed that Venezuelan investors, particularly manufacturers of mining machinery and equipment, are keen on entering the Nigerian market. He sought Alake’s assistance in facilitating their visit to Nigeria to explore potential business opportunities.
The Venezuelan delegation included Ambassador Carlos Fed Acevedo and Ambassador Magaly Henriquez, who reiterated their country’s commitment to strengthening bilateral trade ties in the solid minerals sector.
