The Nigerian Government Gives Nod to New Policy on Solid Minerals Development
The Federal Executive Council has granted approval for a preliminary policy for Nigeria’s solid minerals sector. The policy encompasses a wide array of activities, including oil-related operations, guidelines, regulatory frameworks, sourcing, and mining procedures within the sector.
Minister of Solid Minerals Development, Dele Alake, disclosed this development while addressing journalists after the FEC meeting at the Presidential Villa in Abuja on Monday.
According to Mr. Alake, the approval authorizes the ministry to take decisive action on various issues such as security measures, combating illegal mining activities across the country, and ensuring Nigeria’s economic survival.
He stressed the critical role of the solid minerals sector in Nigeria’s economic survival, particularly in the context of the evolving global oil market, growing concerns for climate change, and the increasing move towards green energy.
Mr. Alake highlighted the challenges posed by illegal mining activities, spanning from artisanal miners to high-level involvement, as significant obstacles. In response, the government is restructuring the security structure and fostering inter-agency cooperation to address the issue of illegal mining.
“The approval today, as part of the policy, allows the Solid Minerals Ministry to act on all matters related to deregulation, management, operation, and environmental sanitation of the Solid Minerals sector. This makes the sector more investor-friendly, ensuring security and stability for investments, and attracting both local and foreign investors. Therefore, the operationalization of the solid minerals sector through today’s policy approval aims to sanitize the sector,” stated Mr. Alake.
The government’s decision to approve the draft policy for the solid minerals sector aims to enhance the industry’s appeal to potential investors, both domestic and international. The overarching objective is to guarantee security and stability for investments, and to foster the growth and sustainability of the sector.
In conclusion, the government’s approval of the draft policy for the solid minerals sector reflects its dedication to improving the sector’s attractiveness to investors and strengthening its operational and regulatory frameworks. It also underscores the government’s resolve to address the challenges posed by illegal mining activities, thereby contributing to the overall economic development and stability of Nigeria.
