Market News

By TOYIN ADEBAYO

ABUJA – As global energy dynamics continue to shift towards sustainability, Nigeria and Venezuela are exploring new frontiers for economic cooperation in the solid minerals sector.

This was the highlight of discussions between Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, and Alejandro Martinez, Venezuela’s Deputy Minister of Mining, on the sidelines of the Mining Indaba in Cape Town, South Africa.

The meeting underscored the prospects of Venezuelan investment in Nigeria’s mining sector, particularly in critical minerals such as lithium, cobalt, nickel, and rare earth elements, which are crucial for the global energy transition.

Welcoming the Venezuelan delegation, Dr. Alake reflected on the historic reliance of both nations on petroleum revenues and how the realities of climate change and economic recessions have necessitated a shift towards solid minerals exploration.

“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 minerals that the world requires,” Alake stated.

The minister emphasized the importance of sustainability in mining investments, urging Venezuela to collaborate with Nigeria in resource exploitation, mineral trade, and industrial processing to maximize local value addition.

“Take lithium, for instance. We don’t want our lithium to be extracted and carted away. We want it to be processed locally to produce electric batteries, phone batteries, and solar power batteries, creating employment and boosting our economy. I assume that is also your objective,” Alake added.

As part of its broader strategy, Nigeria is playing a leading role in the formation of a new coalition of African, Asian, and Middle Eastern countries in mining, dubbed the ‘Super Region’.

According to Dr. Alake, this initiative is designed to enhance trade among member nations, drive economic independence, and create shared opportunities in the mining sector.

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

Alejandro Martinez, in his remarks, expressed gratitude for Nigeria’s understanding of Venezuela’s economic transition, acknowledging the similarities in their oil-producing backgrounds and their shared quest for diversification.

Martinez conveyed President Nicolás Maduro’s appreciation to President Bola Tinubu for his leadership and support, reaffirming Venezuela’s interest in exploring investment opportunities in Nigeria’s mining sector.

“Venezuelan investors, particularly producers of mining machinery and equipment, wish to explore the Nigerian market for opportunities,” Martinez said.

To facilitate this collaboration, the Venezuelan delegation sought Nigeria’s support in welcoming investors to conduct feasibility studies and explore potential partnerships.

The discussions at Mining Indaba 2025 mark a significant step in Nigeria-Venezuela mining cooperation, with both nations keen on leveraging their resources for mutual benefit.

As Nigeria pursues its solid minerals development agenda, partnerships with strategic global players like Venezuela will be crucial in driving economic growth, industrial expansion, and sustainable development in the sector.

With a shared vision for resource-based prosperity, the coming years could witness greater collaboration in mining technologies, equipment production, and value-added mineral processing a win-win for both nations.