Nigeria Sets Sights on Boosting Solid Minerals Revenue
The Nigerian government has undertaken decisive measures to increase revenue from the solid minerals sector and elevate its role as a significant contributor to the country’s economy. Dr. Oladele Alake, Minister for Solid Minerals Development, has pledged to address leaks and loopholes that have hindered revenue collection in the sector. The Minister’s focus is on achieving the government’s target of having the solid minerals sector contribute 50% to the country’s gross domestic product.
During a visit to the Mining Cadastre in Abuja, an agency of the Ministry, Dr. Alake emphasized the imperative of addressing leaks and enhancing revenue collection. He underscored the importance of maximizing revenue from the solid minerals sector to fund poverty alleviation programs, create employment opportunities, and drive economic growth as part of the Renewed Hope Agenda.
“We will take decisive actions to block all leaks and loopholes, review all fees, and enhance revenue across all agencies of the Ministry,” stated Dr. Alake.
The Minister stressed the significance of the solid minerals sector, likening it to the next oil, and expressed the Ministry’s commitment to employing legitimate measures to eliminate leaks. He commended the Mining Cadastre Office for its contributions and urged its staff to strive for even greater achievements.
In addition to the Mining Cadastre, Dr. Alake also visited the Nigeria Geophysical Survey Agency (NGSA) and the Council of Nigerian Mining Engineers and Geoscientists (COMEG). At the NGSA, he acknowledged the agency’s critical role in providing essential data for various sectors of the economy, emphasizing the power of data, information, and intelligence. The Minister was briefed on the NGSA’s activities and programs, and toured the agency’s museum.
During his visit to COMEG, Dr. Alake underscored the agency’s role in ensuring quality control in the training and practices of professionals in the Nigerian extractive industry. He emphasized the importance of COMEG as a quasi-academic body that significantly contributes to the sector’s sustainability.
The Minister assured the heads of the agencies visited of the Ministry’s support and collaboration in addressing their respective challenges.
The government’s efforts to boost revenue from the solid minerals sector are a crucial component of its strategy to stimulate economic growth, reduce poverty, and create employment opportunities. Dr. Alake’s commitment to eliminating leaks and enhancing revenue collection demonstrates the government’s determination to harness the potential of the country’s solid minerals resources for the benefit of its people.
