President Bola Tinubu has instructed the Federal Ministry of Solid Minerals Development to issue mining licenses only when they are linked to local value addition. This initiative aims to ensure that young Nigerians are actively involved in economic activities, gaining skills, and contributing to the nation’s development.
The president made this announcement on Wednesday, July 17, during the opening session of the African Natural Resources & Energy Investment Summit 2024, held at the State House Conference Centre in Abuja. His directive follows his statement that Nigeria has attracted over $2 billion in investments in the renewable energy sector, making it a rapidly growing part of the economy.
Represented by Vice-President Kashim Shettima, Tinubu reaffirmed his administration’s commitment to increasing private sector participation in renewable energy. He said, “In leveraging opportunities in the renewable energy space, Nigeria has attracted over $2 billion in investment in the renewable energy sector, making it a fast-growing sector in the economy.
”Our commitment is to continue this trajectory and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries.”
He, however, emphasised that discussions on the energy transition must also include the significance of the petroleum industry as a cornerstone of the nation’s economy.
“While we strive to embrace renewable and cleaner energy sources, we acknowledge that oil and gas continue to play a vital role in our energy and economic landscape,” he added.
He highlighted strategic priorities in the sector, including the goal of attracting more investment in the oil and gas industry and growing oil production to 2.1 million barrels a day by December 2024.
According to him, this is with a view to improving investment in midstream and downstream infrastructure, tackling theft, and holding developers accountable for the highest environmental standards.
Tinubu further restated the administration’s commitment to managing resources responsibly, minimising their ecological footprint, and maximising their benefits for the nation.