Another Goldmine for Nigeria Discovered Worth Trillions

By Tolulope Oke

Vice President, Yemi Osinbajo has revealed the exploitation of seabed as a gold mine, Nigeria and other African countries are yet to explore.

He stated that African nations must create policies for the long-term discovery and exploitation of seabed resources,  in order to sustainably build the continent’s blue economy.

The vice-president, who was represented by the Minister of State for Transportation, Prince Ademola Adegoroye, said Nigeria was blessed with abundant deep seabed minerals ready for exploration, News Agency of Nigeria (NAN) disclosed.

He said that no African nation had taken any action in this regard whereas nations like Germany, India, China, the United Kingdom, and Jamaica had signed numerous contracts for the exploitation of seabed resources.

As a result, he pushed Nigeria to lead Africa.

• READ ALSO: How CBN’s Input In Financing Government’s Budget Aids Inflation
• READ ALSO: Why You Should’t Use this 4 Cough SyRups From India – WHO says Killed 66 Children

“The UN Convention on Law of the Sea (UNCLOS) provides for all nations to explore and exploit mineral resources on the seabed beyond national jurisdiction for the common benefit of mankind.

“This is in accordance with regulatory framework provided by ISA.

“There is the need for Nigeria and indeed Africa’s industry stakeholders, relevant organisations and private entities to synergise toward strengthening the engagement of African States in the activities undertaken in the international seabed area,” Osinbajo said.

The International Seabed Authority organized the three-day training in cooperation with the Norwegian Agency for Development Cooperation (NORAD).

Other collaborators include, among others, the Nigerian Navy, the African Union, the Ministry of Transportation, and Nigeria’s Maritime Administration and Safety Agency (NIMASA).