Nigeria’s Mining Sector Set for Major Economic Boost in 2024, Predicts Minister Alake

The Minister of Solid Minerals Development, Dele Alake, has expressed an optimistic outlook for Nigeria’s mining sector in 2024, anticipating a substantial increase in the sector’s contribution to the country’s Gross Domestic Product (GDP).

In a statement issued by the special assistant on media to the minister, Segun Tomori, Alake conveyed his positive perspective on the future of the mining industry during his new year goodwill message to Nigerians. He reiterated the government’s dedication to economic diversification and emphasis on solid minerals, as envisioned by President Bola Tinubu.

Alake underscored that the reforms initiated in the mining sector are poised to yield noteworthy outcomes in the upcoming year. The minister also addressed the revocation of mining licenses of defaulters and plans to address insecurity in mining areas attributed to illegal miners, signifying a firm stance on compliance and security.

Moreover, Alake highlighted the government’s initiatives in exploration, including the signing of a memorandum of understanding (MOU) with a German firm, GeoScan GmbH, for the utilization of technology to explore minerals up to 10,000 metres underground. This initiative aims to generate geo-data for potential investors to make well-informed decisions about investing in the industry.

The minister urged Nigerians to maintain confidence in the government’s vision, ensuring that reforms in the mining sector will propel industrialization, create job opportunities, and significantly contribute to economic development in the new year.

Alake also emphasized the government’s emphasis on value addition in the mining sector, indicating a shift towards encouraging investors to process raw materials into finished products or add value to host communities before being licensed as operators.

In conclusion, Minister Alake’s sanguine perspective on the future of Nigeria’s mining sector presents a promising narrative for the country’s economic growth and development in 2024. As the government continues to implement reforms and prioritizes value addition, the mining industry is poised to play a pivotal role in driving industrialization and creating employment opportunities for the nation’s youth.