The Minister of Solid Minerals Development, Dr Dele Alake, has urged Obafemi Awolowo University (OAU) to commercialise its mineral assets and leverage its technical expertise to generate revenue and reduce reliance on government funding.
Alake made the call when he received a high-powered delegation of the university’s Governing Council, led by Professor Ralph Akinfeleye, according to a statement by the Special Adviser on Media to the Minister, Lara Owoeye-Wise.
He said the commercial value of minerals available within the institution could help reduce the share of government subvention in its overall budget if properly developed.
Read Also: Amotekun busts foreigners’ criminal network in Ondo
The minister encouraged OAU to partner with private investors through joint ventures, noting that investors could provide capital and equipment while the university contributes its technical expertise and earns revenue from its mineral assets.
Alake explained, “You have the resource endowment underground, and you have the intellectual capacity. You can bring in investors through a joint venture, and they can provide the capital and machinery.”
He also clarified that ownership of land did not automatically confer ownership of the mineral resources beneath it, stressing that mineral resources were vested in the Nigerian Government under the Constitution and relevant mining laws.
The minister disclosed that the Nigerian Government had restructured the development of Nigeria’s bitumen resources by opening designated bitumen blocks to competitive bidding by qualified investors.
Alake urged OAU to deepen its contribution to Nigeria’s mining sector through mineral exploration, research, innovation, training and commercialisation.
He stressed the need to bridge the gap between academic knowledge and practical application.
“Universities should not only generate knowledge; they should translate that knowledge into solutions, enterprises and economic value for society,” the minister stated.
Alake reaffirmed the Ministry’s commitment to a transparent and investment-friendly regulatory environment that promotes responsible mining, value addition and sustainable economic benefits for Nigerians.
