The Minister of Solid Minerals Development, Dr. Dele Alake, has urged the authorities of Obafemi Awolowo University, OAU, to harness its mineral and intellectual resources to establish a world-class centre of mining excellence and enhance the institution’s financial sustainability.
Dr. Alake gave the charge when he received a high-powered delegation of the University’s Governing Council, led by Professor Ralph Akinfeleye.
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He said the institution’s mineral resources have significant commercial value that could help reduce its dependence on government subvention.
The Minister urged the university to explore partnerships with the private sector to unlock the potential of its mineral resources, noting that such partnerships could provide the technical expertise, capital and machinery required to attract investors.
Dr. Alake said the University could generate revenue from such ventures while its experts participate as consultants and technical partners.
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He commended OAU for its longstanding contribution to the training of geologists and other professionals in Nigeria’s mining industry, urging the institution to deepen its role in mineral exploration, research, innovation and commercialisation.
The Minister stressed the need to bridge the gap between academic knowledge and practical application, saying universities should not only generate knowledge but also translate it into solutions, enterprises and economic value for society.
Dr. Alake also clarified that ownership of land does not automatically confer ownership of mineral resources beneath it, explaining that such resources are vested in the Federal Government in accordance with the Constitution and relevant mining laws.
He disclosed that the Federal Government had restructured the development of Nigeria’s bitumen resources through designated bitumen blocks and competitive bidding by investors.
The Minister assured that the Ministry remained committed to creating a transparent, predictable and investment-friendly regulatory environment that promotes responsible mining, value addition and sustainable economic benefits for Nigerians.
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Other members of the delegation included Ambassador Edward Sarki, Barrister Joseph Abaagu, Professor Olatunbosun Adedayo and Barrister Yinka Ayanfola.