Meanwhile, the minister called on the OAU to collaborate with private investors in joint ventures, observing that the investors could provide capital and equipment, while the university could contribute its technical expertise and earn from its mineral resources.
“You have the resource endowment underground and you have the intellectual capacity,” Alake said. “You can bring in investors as a joint venture and they can provide the capital and the machinery.
He further said that ownership of land does not automatically mean ownership of mineral resources under the land, adding that such resources are vested in the Nigerian Government by the Constitution and relevant mining laws.
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The minister said the Nigerian Government had restructured the development of Nigeria’s bitumen resources by opening up specific bitumen blocks to competitive bidding by qualified investors.
Alake asked the OAU to increase its contribution in the mining sector of Nigeria through mineral exploration, research, innovation, training and commercialization.
He highlighted the significance of closing the gap between theoretical knowledge and implementation.
Universities should not simply create knowledge but translate that knowledge into solutions, enterprises and economic value for society, the minister said.
Alake said the Ministry was committed to creating a transparent and investment-friendly regulatory environment that encourages responsible mining, value addition and sustainable economic benefits for Nigerians.
