Economy
THE Africa Minerals Strategy Group (AMSG), has reiterated its commitment to setting new standards in the mining industry.
Chairman of the group, Dr Dele Alake said this at the opening of the 2024 African Natural Resources and Energy Investment Summit (AFNIS), on Wednesday in Abuja.
The News Agency of Nigeria (NAN) reports that the AMSG established in February, is an initiative by African Governments to facilitate international cooperation in sustainable critical minerals development.
Alake, who is also the Minister of Solid Minerals Development, said that the group would ensure that Africa secured an equitable share in supplying the world with critical minerals.
He said that AFNIS provides a unique opportunity for African countries to forge partnerships aimed at attracting investments that would drive the development of the region’s natural resources.
According to him, AMSG is committed to creating a business-friendly environment that encourages foreign direct investment, and fosters mutually beneficial collaborations.
“By leveraging global expertise, technology, and capital, we can transform our natural resources into a catalyst for sustainable development.
“Innovation is a key driver of growth in the natural resources ecosystem, therefore, we will continue to embrace technological advancements that enhance efficiency, reduce costs, and promote sustainable practices,” he said.
According to him, Africa is determined to extend the benefits of natural resource development to local communities.
He said that they would ensure that mining activities served as catalysts for local economic growth, which would improve the quality of life for its citizens.
“Through robust Corporate Social Responsibility initiatives and proactive community engagement, our goal is to empower communities and foster inclusive development.
“This commitment is reinforced by the recent revision of the Community Development Agreement (CDA), which I initiated shortly after assuming office as minister.
“This updated framework ensures that local communities are integral partners in mining ventures, safeguarding their interests and ensuring direct participation in and benefits from resource extraction projects.
“The CDA exemplifies our unwavering dedication to sustainable development, transparency, and the enduring prosperity of all communities involved,” he said.
The minister described the summit as a significant milestone in collective efforts toward harnessing Africa’s vast natural resources for sustainable economic development.
Alake said the summit would explore how Africa’s abundant resources could be leveraged to drive economic growth, social equity, and environmental sustainability.
According to him, the Renewed Hope Agenda of President Bola Ahmed Tinubu is committed to transforming Nigeria’s solid minerals sector as part of its commitment to economic diversification.
He said that the approach of the agenda was multifaceted, focusing on policy reforms, sustainable practices, infrastructure development, and human capital enhancement.
The minister said that Nigeria was currently implementing comprehensive reforms that would create a conducive environment for investment in the solid minerals sector.
According to him, the reforms aims to enhance transparency, regulatory clarity, and investor confidence, fostering a competitive and thriving industry.
“We are adopting best practices that minimise environmental impact and promote social responsibility.
“Our goal is to ensure that mining activities contribute positively to the economy while safeguarding the environment and enhancing the well-being of local communities, reflecting the ethos of the Renewed Hope Agenda,” he said.
“Recognising the critical role of infrastructure in enabling mining activities, we will encourage investments in key projects, including transportation, power supply, and technological advancements.
“These investments will facilitate efficient extraction, processing, and transportation of minerals, thereby, boosting productivity and competitiveness,” he said.
He said that the solid minerals industry would continue to enhance the capacity of its workforce to participate meaningfully in the industry as well as drive growth.
NAN reports that the theme of the summit, which opened on July 16, and will close on July 18 is “Natural Resources for Economic Development.’’
The summit is the third edition and is being hosted by the Federal Government in partnership with Core International Mining Company. (NAN)
17th July, 2024.
C.E.
Tags: AFNIS Africa Minerals Strategy Group African Natural Resources and Energy Investment Summit AMSG Dr Dele Alake
