Financial Energy Review
The Federal Government of Nigeria and France have entered into a historic agreement to develop joint projects aimed at promoting and diversifying the value chain of critical minerals in the solid minerals sector. The partnership, which was formalized through a Memorandum of Understanding (MoU), promises to open new opportunities in the mining industry, particularly in the remediation of over 2,000 abandoned pits across Nigeria.
Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are pivotal for the advancement of clean energy technologies. This collaboration, which took place during the official visit of President Bola Tinubu to France, seeks to foster research, training, and student exchanges between the two countries, ensuring a transfer of knowledge and skills.
According to a statement by Segun Tomori, the Special Assistant on Media to the Minister, the agreement includes several key components aimed at promoting sustainable mining practices. The initiative emphasizes the reduction of the environmental impact of mining activities, focusing on issues such as carbon emissions, water consumption, and climate change. Additionally, the countries will establish joint extractive and processing projects, co-financed by both public and private entities, to diversify and secure the supply of critical minerals essential to decarbonizing energy systems.
“The MOU also places a premium on transparency and international best practices, ensuring that local communities affected by mining benefit from improved conditions,” the statement read.
Dr. Dele Alake, Nigeria’s Minister for Solid Minerals Development, and Mr. Benjamin Gallezot, Inter-Ministerial Delegate for Critical Ores and Metals of France, signed the agreement on behalf of their respective countries. Dr. Alake described the deal as a significant boost to the efforts of the Tinubu administration to reposition Nigeria’s solid minerals sector for international competitiveness and to attract French investors.
