Trade volume with KSA developing; ample iron supply possible: Nigerian Minister

Nigerian Minister of Solid Minerals, Dele Alake, told Argaam that the trade volume between Saudi Arabia and Nigeria is in a developing stage, reflecting both countries' commitment to expanding and deepening trade relations.

On the sidelines of the Future Minerals Forum (FMF), Alake said he had a fruitful meeting with the Saudi Minister of Industry and Mineral Resources, Bandar Alkhorayef. This meeting is aimed to strengthen relations and explore cooperation in the mining industry, showing Nigeria's commitment to economic diversification, particularly in solid minerals.

Alake was informed by Alkhorayef of the Kingdom's need for iron ore. He affirmed Nigeria's ability to meet this demand due to its large iron ore reserves.

The Nigerian minister added that the strategic compatibility between the two countries promises mutual economic growth. The Kingdom and private sector companies could contribute capital to Nigeria's “thriving” solid minerals sector.

He noted Nigeria's need for an influx of direct foreign investment, especially in the solid minerals sector. This is crucial for diversifying the economy away from oil and towards clean energy, Alake explained.

According to Alake, Nigeria is widely known for its agricultural products, boasting about 44 types of solid and critical minerals, including lithium, gold, limestone, magnesite, coal, and more.

He also emphasized Nigeria's commitment to improving its investment climate. President Bola Tinubu's administration is implementing strong policies to attract foreign investors, including enhanced investment security, the introduction of profit repatriation incentives, and the establishment of various financing channels such as the Solid Minerals Development Fund for the procurement of machinery.