Unlocking the Potential of Nigeria’s Solid Mineral Sector through Reforms
The Honourable Minister of Solid Minerals Development, Dr. Dele Alake, has articulated the government’s strategy to revolutionise the mining sector with the aim of substantially enhancing the nation’s Gross Domestic Product (GDP) by 2024. In his New Year address, Dr. Alake underscored President Bola Tinubu’s vision of economic diversification through solid minerals, emphasising the pivotal role that sectoral reforms will play in realising this objective.
Dr. Alake affirmed that the Ministry of Solid Minerals Development will build upon the progress achieved with their 7-point agenda, which was inaugurated four months prior. The minister reassured Nigerians that the government is actively working towards instituting more effective governance frameworks to bring accountability and transparency to the mining sector in the forthcoming year. Furthermore, he announced the revocation of 1,633 mining licenses from defaulters who neglected to settle their annual service fees last year, with additional revocations planned for 2024.
A significant hurdle confronting the mining sector is the challenge of insecurity in mining areas, as well as the illicit activities of unauthorised miners. Dr. Alake affirmed the government’s dedication to confronting these challenges by reorganising the security architecture and engaging with heads of security agencies to ensure a safe environment for mining operations.
With regards to exploration, the government has entered into a Memorandum of Understanding (MOU) with a German company, GeoScan GmbH, to deploy proprietary technology for mineral exploration up to a depth of 10,000m underground. This initiative is anticipated to yield valuable geological data that will attract international investment in the industry.
Dr. Alake encouraged Nigerians to have faith in the government’s determination to reform the mining sector and revitalise the real sector, which will ultimately result in job creation and economic prosperity for all citizens.
The advancements in Nigeria’s solid mineral sector are undoubtedly promising, and it is evident that the government is dedicated to enacting robust reforms to unleash the sector’s potential. As we look ahead to 2024, it is imperative for all stakeholders to endorse these initiatives, as they have the potential to make a significant impact on the nation’s economy.
Authored by Rabi Momoh
Edited by Chinasa Ossai and Tijjani Ibrahim
