Resurgence of Mining Sector Expected to Boost GDP in 2024 — Insights from Dr. Dele Alake
The Honourable Minister of Solid Minerals Development, Dr. Dele Alake, has expressed a positive outlook for the resurgence of the mining sector in 2024, noting its potential to make a substantial contribution to the nation’s Gross Domestic Product (GDP).
In his New Year address to the Nigerian populace, Dr. Alake reaffirmed President Bola Tinubu’s dedication to diversifying the economy through a renewed emphasis on solid minerals. He underscored the ongoing reforms in the sector and their anticipated significant impact in the approaching year.
Dr. Alake conveyed his sincere congratulations to Nigerians for successfully navigating through 2023 and entering the year 2024. He underscored the importance of looking ahead to the possibilities of the new year with renewed optimism, particularly as it marks the first fiscal year of the Tinubu administration.
As part of the ministry’s initiatives, Dr. Alake outlined the continuation of the reforms set in motion with the ambitious 7-point agenda introduced upon assuming office four months ago. He assured Nigerians that an effective governance structure in the mining sector will be realized in the new year, with the goal of transforming its previously opaque nature.
The Minister also highlighted the revocation of 1,633 mining licenses from defaulters who neglected to pay annual service fees the preceding year. Moreover, he indicated forthcoming revocations for other categories of defaulters in 2024.
In addressing the challenges of insecurity in mining areas and combatting illegal mining activities, Dr. Alake reported on the progress of efforts to revamp the security architecture. He expressed confidence in the forthcoming outcomes of extensive consultations with heads of security agencies, aimed at halting the exploitation of Nigeria’s mineral resources.
With regards to the exploration of critical minerals, Dr. Alake disclosed the Federal Government’s intensified collaboration with German firm, GeoScan GmbH, to utilize proprietary technology for mineral exploration up to 10,000m underground. This initiative is deemed crucial for generating comprehensive geo-data, which will assist global investors in making informed decisions about investing in the industry.
In conclusion, Dr. Alake urged Nigerians to maintain their trust in the Tinubu administration, underlining that reforms in the mining sector and other areas will kickstart the real sector and result in the creation of numerous jobs and prosperity for all citizens.
He also emphasized the government’s focus on value addition for potential investors in the mining sector, signaling a shift away from mere resource extraction. The goal is to promote industrialization, create employment opportunities for the youth, and significantly contribute to the country’s economic development in the new year.
