Mkpoikana Udoma
Port Harcourt — Nigeria and Venezuela have opened discussions on investment opportunities in the solid minerals sector, with a focus on critical minerals and local value addition, the Minister of Solid Minerals Development, Dr. Dele Alake, has said.
Speaking on the sidelines of the Mining Indaba in Cape Town, South Africa, Alake met with Venezuela’s Deputy Minister of Mining, Alejandro Martinez, to explore collaboration in mineral exploitation, trade, and industrial production.
Alake noted that both countries, having long depended on petroleum revenues, are now seeking economic diversification in response to the global shift to green energy and economic challenges.
“Nigeria focused on petroleum. Now, the world is moving to green energy. Compulsorily, we have to shift our attention to our minerals,” Alake said.
He highlighted Nigeria’s rich deposits of lithium, cobalt, nickel, and rare earth elements, essential for the energy transition and battery production.
The minister emphasized Nigeria’s commitment to processing minerals locally to maximize economic benefits rather than allowing foreign companies to extract and export raw materials.
“Take lithium, for instance. We don’t want our lithium to be extracted and carted away. We want it processed and used to produce electric batteries, phone batteries, and solar power batteries to generate local employment,” Alake stated.
Alake invited Venezuela to join a newly formed coalition of African, Asian, and Middle Eastern nations in the mining sector, known as the Super Region, aimed at fostering trade partnerships and economic independence.
“It is a platform for countries with similar challenges aspiring to be economically independent. We are open for business with any serious investor that has a clear pathway for legitimate, sustainable, and local value addition plans,” he said.
In response, Martinez welcomed the opportunity for collaboration, expressing interest in bringing Venezuelan mining machinery and equipment manufacturers into the Nigerian market.
He conveyed Venezuelan President Nicholas Maduro’s appreciation to President Bola Tinubu for his support and leadership.
“Venezuelan investors wish to explore the Nigerian market for opportunities,” Martinez said, urging Alake to facilitate business visits for investors to obtain relevant information for investment decisions.
Among those present were Venezuelan Ambassador to South Africa, Carlos Fed Acevedo, and Ambassador Magaly Henriquez.
With both nations looking to expand their mining industries, the discussions signal a potential long-term partnership that could drive investment, technology transfer, and job creation in Nigeria’s solid minerals sector.
