Would you like to receive notifications on latest updates of the following headlines?

Investment Opportunities: French companies eye Nigerian mining sector

POSTED ON January 21, 2025 •   BUSINESS      BY Abiodun Saheed Omodara
Minister of Solid Minerals Development, Dele Alake

Saudi Arabia, Nigeria, and France have refined the Memorandum of Understanding (MOU) that was signed last month in Paris, with France making specific commitments to enhance the laboratory, supply advanced technological equipment, and finance the exploration of geological data for the Nigerian Geological Survey Agency. 

During a meeting on the sidelines of the ongoing Future Minerals Forum in Riyadh, the capital of Saudi Arabia, the Minister of Solid Minerals Development, Dr. Dele Alake, and France’s Inter-ministerial Delegate for Strategic Minerals, Benjamin Gallezot, along with their teams, agreed to share information regarding the mining laws of both nations to compare cadastral management practices and address illegal mining issues.

Gallezot revealed that his department was reviewing a list of French companies interested in investing in the Nigerian mining sector and would send the final list of verified serious investors to the Ministry of Solid Minerals Development.

In his opening remarks, Alake expressed gratitude to Gallezot for collaborating on the MOU despite tight timelines during Nigerian President Bola Tinubu's visit to French President Emmanuel Macron, noting that efforts by political adversaries to mislead the public about the MOU's true objectives have been effectively countered.

He stated that the Future Minerals Forum provided an opportunity for both countries to advance their understanding by developing programs, policies, and projects to dispel doubts about their collaboration and yield positive results.

The discussions covered topics such as sustainable mining, artisanal mining, geological exploration, cadastral management, training, and funding. In his presentation, the Director-General (DG) of the Nigerian Geological Survey Agency (NGSA), Prof. Olusegun Ige, expressed the agency’s intention to acquire modern advanced technological equipment to improve geological data exploration.

He pointed out that the absence of such equipment has hindered the exploration of extensive mineralized areas.

Ige emphasized the necessity of upgrading the laboratory to analyze extracted rocks with the latest technology to produce precise information. Stressing the importance of training and skills transfer, Ige highlighted the need to cultivate local expertise with international exposure, as mining is a global industry.

In his remarks, the Director-General of the Nigerian Mining Cadastral Office, Engineer Simon Nkom, advocated for a comparison of the mining laws of France and Nigeria to identify areas of commonality and potential improvements, suggesting that this could aid in the ongoing review of mining regulations.

Simon encouraged the French delegation to motivate French investors to explore opportunities in the Nigerian mining sector by utilizing the MOU.

Executive Secretary of the Nigerian Solid Minerals Fund, Hajiya Fatima Shinkafi,  proposed co-funding early-stage exploration projects between the agency and French financial institutions, noting that the SMDF has gathered significant historical data and best practices from its current partnership with the Africa Finance Corporation to support mining entrepreneurs seeking exploration funding.

In response to the issues raised by NGSA, Deputy Director of the Bureau de Recherches Geologiques et Minieres (BRGM), the French geological agency, Christophe Poinssot, assured that Nigeria would be included among the countries benefiting from funds managed by France to enhance the capacity of geologists in Africa.

He mentioned that over 1,000 African geologists have benefited from the eight-year fund and that the request for capacity building aligned with the MOU coincided with the commencement of a new phase of the funding project.

Poinssot also announced that Nigeria would gain from France’s initiative to empower mining nations by establishing laboratories for geological analysis, stating that since Nigeria already has a laboratory, France would upgrade it to meet international standards.

Concluding the French delegation's stance on the discussions, Gallezot indicated that the proposals would be reviewed at various government levels, and a program for implementation would be developed.

He mentioned that the geological agencies of both countries could engage in joint exploration efforts on specific minerals to create a comprehensive database.

The parties agreed to formulate the program and assess its implementation during next month’s annual Indaba in Cape Town, South Africa.

0
READ ALSO
Naira Weakens 0.14% Despite Initial Gains, Closing at 1,532.34/$
BY Abiodun Saheed Omodara July 21, 2025 0

The naira ended the past week weaker than the week before, depreciating by 0.14% week-on-week to rea...

READ ALSO
Nigeria's Electricity Tariff Subsidy Soars to N1.94 Trillion in 2024, Marking a 219.67% Increase
BY Abiodun Saheed Omodara July 18, 2025 0

The electricity tariff subsidy from the Federal Government has increased significantly from N610 bil...

READ ALSO
Nigeria Should Aim for 60,000 Megawatts of Power Generation- Dangote
BY Abiodun Saheed Omodara July 17, 2025 0

President of the Dangote Group, Alhaji Aliko Dangote, argues that Nigeria's low electricity generati...

READ ALSO
FG Unveils Strategy to Enhance Aquaculture and Reduce Fish Imports in Nigeria
BY Abiodun Saheed Omodara July 16, 2025 0

The federal government is committed to reducing Nigeria's reliance on fish imports by enhancing loca...

READ ALSO
FG Partners CILSS to Enhance Food and Nutrition Safety in Nigeria
BY Abiodun Saheed Omodara July 16, 2025 0

The Federal Government is intensifying its initiatives to improve food and nutrition safety through...

READ ALSO
Dangote Aims to Cut Cooking Gas Prices, Plans Direct Sales to Consumers
BY Abiodun Saheed Omodara July 16, 2025 0

President of the Dangote Group, Alhaji Aliko Dangote,  has revealed intentions to lower th...

READ ALSO
US-Nigeria Trade Relations Face Significant Decline Amid New Tariffs
BY Abiodun Saheed Omodara July 14, 2025 0

The trade ties between the United States and Nigeria have encountered a notable decline, with offici...

READ ALSO
FG Commits to Clearing Legacy Debts for Gas Producers
BY Abiodun Saheed Omodara July 12, 2025 0

The Federal Government has announced its intention to clear all due payments to gas producers, inclu...

OUR CHANNELS:

Ogun Hospital Suspends Student Nurse, Warns Unit Head over Assault
BY Abiodun Saheed Omodara July 20, 2025 0

The Medical Director and Provost of Neuro Psychiatric Hospital in Abeokuta, Dr. Paul Agboola, &...


Lagos APC Defends Tinubu's Appointments, Slams ADC's Criticism as Malicious
BY Abiodun Saheed Omodara July 20, 2025 0

The Lagos Chapter of the All Progressives Congress (APC) has criticized the African Democratic Congr...


Police Rescue Three Kidnapping Victims, Eliminate Two Captors in Dramatic Operation
BY Abiodun Saheed Omodara July 20, 2025 0

The Ogun Police Command has successfully rescued three victims who had been kidnapped and eliminated...


Sleeping Prince' Al-Waleed bin Khalid Al-Saud Dies at 36
BY Abiodun Saheed Omodara July 21, 2025 0

Prince Al-Waleed bin Khalid Al-Saud, known as the "Sleeping Prince" in Saudi Arabia, has passed away...


Governor Otti Warns Against Economic Strain from Proposed 31 New States
BY Abiodun Saheed Omodara July 21, 2025 0

Abia State Governor, Alex Otti, expressed that the proposal for creating an additional 31 states, as...


Senator Akpoti-Uduaghan Set to Resume Duties Following Court Ruling
BY Abiodun Saheed Omodara July 21, 2025 0

Senator Natasha Akpoti-Uduaghan, who represents Kogi Central, has announced that she will return to...


EFCC Raids Cybercrime Training Facility in Umuahia, Arrests 23 Suspects
BY Abiodun Saheed Omodara July 20, 2025 0

The Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has raided a cyberc...


FG Unveils Legal Framework to Protect Endangered Species
BY Abiodun Saheed Omodara July 21, 2025 0

The federal government has announced plans to implement a legal framework aimed at safeguarding enda...


Kogi Lecturer Dies during Sex with Student
BY Abiodun Saheed Omodara July 21, 2025 0

The lifeless body of Olabode Ibikunle, a senior lecturer at Kogi State University, was discovered in...


Burkina Faso's Junta Dissolves Electoral Commission to Cut Costs, Boost Sovereignty
BY Abiodun Saheed Omodara July 21, 2025 0

The military government of Burkina Faso has abolished the Independent National Electoral Commission,...


More Articles

Load more...

Menu