For decades, Nigeria has relied heavily on its oil reserves to fuel its economy, leading to the neglect of other sectors and hindering economic diversification. Despite previous administrations’ efforts to address this issue, greater political will is needed to achieve success in this area.
With the global demand for oil expected to decline, it is imperative for Nigeria to build resilience for the future by exploring opportunities in other sectors to drive sustainable development. One such opportunity lies in the solid minerals sector, as a preliminary survey conducted by the German company Geoscan revealed that Nigeria has an estimated 750 billion dollars worth of untapped solid minerals underground.
Upon assuming the presidency in May 2023, President Bola Tinubu pledged to revitalize the solid minerals sector to enhance the country’s economic profile. The Minister of Solid Minerals Development, Dr. Dele Alake, stated that the sector aims to contribute 50 per cent to Nigeria’s GDP through its repositioning.
While the government is working to attract foreign direct investment to its minerals, it also faces the challenge of combating illegal mining, which threatens the progress being made in the sector. In response, the Ministry of Solid Minerals has adopted a dual-pronged approach to combat illegal mining, including coercive and persuasive measures.
The persuasive method involves formalizing artisanal and illegal miners into cooperatives, with over 150 cooperatives established so far, while the coercive approach has led to the establishment of the Mining Marshal Corp, an inter-agency security outfit dedicated to securing the mining environment. This has provided immediate relief to investors who previously suffered losses due to bandits and illegal miners.
In addition, efforts are underway to digitise informal or illegal miners, providing them with government-issued identity cards. However, experts recommend that the government provide backup for the Mining Marshal Corp to deal with violators, as most illegal miners are linked to banditry and use sophisticated weaponry.
In conclusion, the actions taken by the Tinubu administration to combat illegal mining and revamp the solid minerals sector are critical steps towards building resilience for the future of Nigeria’s economy. By leveraging other sectors such as solid minerals, Nigeria can drive sustainable development, create job opportunities, and attract foreign direct investment, thereby achieving economic diversification and reducing its heavy reliance on oil.
Ese E. Eniola Williams