Politics
Why Turkey is banking on Nigeria’s mining sector despite security concerns
The two countries signed a memorandum of understanding on solid minerals development at the Istanbul Natural Resources Summit (INRES) in Turkey, which officials described as a strategic move to strengthen economic and energy ties between Africa’s largest economy and one of Europe’s fastest-growing industrial powers.
For Nigeria, the deal comes at a critical time as the government has spent the past three years attempting to reposition the solid minerals sector as a major alternative revenue source amid pressure on oil revenues, growing debt concerns and growing demands for economic diversification.
Speaking at the signing ceremony, Nigeria’s Minister of Solid Minerals Development, Dele Alake, said the partnership would enable Nigeria to leverage Turkey’s mining technology, exploration expertise, digitized licensing systems and technical training capabilities.
“Nigeria is willing to work with the Turkish government to strengthen governance structures, improve technical capabilities and advance sustainable mining development in our country. » Alake said.
He added that President Bola Tinubu had fully supported efforts to expand bilateral cooperation with Turkey in the mining and energy sectors.
The Nigerian government is increasingly touting the mining sector as one of the country’s next big investment frontiers, particularly as global demand for critical minerals used in clean energy technologies, electric vehicles and industrial manufacturing increases.
More than 300 illegal miners arrested in nationwide crackdown
But authorities say one of the biggest threats to investor confidence remains illegal mining. Alake revealed that the government’s specially created mining commissioners have intensified nationwide enforcement operations targeting illegal operators and unauthorized mining activities.
According to the minister, more than 300 illegal mining operators, including foreign nationals, have been arrested so far, while more than 150 prosecutions are underway.
He also revealed that more than 100 illegal mining sites had been recovered and returned to legitimate license holders.
The minister argued that stricter enforcement measures, alongside reforms aimed at improving the ease of doing business, were already attracting more foreign direct investment to the sector.
“We have significantly improved the ease of doing business and strengthened institutional support for investors. » he said, stressing that foreign investors can now repatriate their profits after due process.
Turkish Minister of Energy and Natural Resources Alparslan Bayraktar described the partnership as “strategic and timely” arguing that growing global energy uncertainty now requires stronger international cooperation.
Bayraktar said Turkish companies were increasingly interested in expanding in Nigeria, not only in the mining sector but also in the energy and hydrocarbons sector.
“Nigeria is a major player in the hydrocarbon industry. We look forward to cooperation, support and guidance that will enable both countries to achieve significant results,” he said.
He added that Turkey views Nigeria as a key gateway to expanding economic and energy partnerships across Africa.
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Sources 2/ https://africa.businessinsider.com/local/markets/why-turkey-is-betting-on-nigerias-mining-sector-despite-security-concerns/g5wsw2j The mention sources can contact us to remove/changing this article |
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