POLITICAL Economy

Alake Urges OAU to Commercialise Mineral Assets for Revenue

by admin on | 2026-09-07 11:57:04

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Alake Urges OAU to Commercialise Mineral Assets for Revenue

By Muhammad Bala Imam

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.

According to a statement by the Special Adviser on Media to the Minister, Lara Owoeye-Wise, Alake made the call when he received a high-powered delegation of the university’s Governing Council, led by Professor Ralph Akinfeleye.

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.

The Minister encouraged OAU to partner with private investors through joint ventures, explaining that investors could provide capital and equipment while the university contributes its technical expertise and earns revenue from its mineral resources.

“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,” Alake stated. 

Alake also clarified that ownership of land does not automatically confer ownership of the mineral resources beneath it, stressing that mineral resources are vested in the Federal Government under the Constitution and relevant mining laws.

He said the Federal Government had restructured the development of Nigeria’s bitumen resources by opening designated bitumen blocks to competitive bidding by qualified investors.

The Minister 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 said. 

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.