Unlocking the Economic Potential of Nigeria’s Mining Sector
The Honourable Minister of Solid Minerals Development, Dele Alake, has reiterated his unwavering dedication towards the attainment of the mining sector’s target of making a 50% contribution to the nation’s gross domestic product (GDP). During a recent visit to the Mining Cadastre Office (MCO), an agency under the Ministry, Alake underscored the government’s steadfast commitment to resolving the issues impeding revenue collection in the sector.
It is paramount to eliminate all avenues for revenue leakage and exploitation across the various agencies of the Ministry in order to bolster revenue generation. This aligns with the government’s lofty expectations for solid minerals sector revenue, which will in turn support poverty alleviation, job creation, and wealth generation as part of the Renewed Hope Agenda of the current administration.
Minister Alake affirmed, “We will decisively address all sources of revenue leakage and exploitation to enhance revenue generation, expedite the review of all fees paid by operators and businessmen across all the agencies of the Ministry.”
Additionally, the Minister expressed confidence in the sector’s capacity to achieve the 50% GDP contribution target, likening it to “the next oil.” He underscored the Ministry’s determination to leverage all legitimate means to plug revenue leaks and meet the established objective.
Acknowledging the valuable contribution of the Mining Cadastre Office, Alake urged the staff to sustain their achievements and strive to surpass the targets set by the Federal Government.
Simon Nkom, the Director-General of the Mining Cadastre Office (MCO), emphasised the significance of upgrading the agency’s e-MCO+ to a new system for more efficient administrative management of Cadastre applications.
The commitment of the Ministry of Solid Minerals Development to actualising the 50% GDP contribution target from the mining sector marks a positive stride towards advancing Nigeria’s economic development. By prioritising the resolution of revenue collection challenges and enhancing efficiency, the Ministry is poised to unlock the economic potential of the sector. This is in alignment with the broader national objective of poverty reduction, job creation, and overall wealth generation as part of the government’s Renewed Hope Agenda.
The endeavours to seal off revenue leakages and eradicate loopholes are pivotal in ensuring the sector’s substantial contribution to the country’s GDP. The Ministry’s resolve to deploy all lawful means to meet its targets underscores its commitment to sustainable economic growth and development.
As such, the upgrade of the Mining Cadastre Office’s administrative management system reflects the Ministry’s devotion to improving operational efficiency and amplifying the overall performance of the mining sector.
The Minister’s recent visit and reiteration of the government’s commitment to the mining sector’s success manifest a positive and proactive approach to economic development. With a clear emphasis on addressing revenue collection challenges and enhancing administrative efficiency, the Ministry is taking the necessary steps to unlock the sector’s potential and make a significant contribution to Nigeria’s GDP.
