Dr Dele Alake, the Minister of Solid Minerals Development, has unequivocally stated that potential investors will not receive mining licenses without plans for value addition to minerals. This declaration was conveyed in a statement by his Special Assistant on Media, Segun Tomori, on Tuesday.
The Minister underscored the Federal Government’s determination to ensure adherence to regulations before granting permission to investors to operate within the mining sector. He emphasized that the Seven-Point Agenda for the ministry has positioned the mining sector at the forefront of the global stage, igniting a renewed interest from the international community in Nigeria’s mineral resources.
Dr Alake’s efforts in promoting the solid minerals sector were acknowledged at the Future Minerals Forum in Riyadh, Saudi Arabia, where he was elected as the Chairman of the Africa Minerals Strategy Group (AMSG). This accomplishment signifies a unified approach to the issue of local value addition within the African continent.
In an effort to promote value addition, Dr Alake highlighted the significance of requiring companies to present a plan for local value addition, such as processing and refining, prior to being granted a license. He expounded that this approach will have a positive impact on the Nigerian economy, as it will generate employment opportunities and ensure that minerals are processed within the country, leading to increased value and benefits for local communities.
The Minister also expressed appreciation to the House Committee on Solid Minerals for their support in repositioning the mining sector. He emphasized the importance of collaboration between the executive and the legislature in bolstering Nigeria’s economic profile. Additionally, he acknowledged the valuable contribution of sub-national entities to the development of the mining sector, noting that state governments nominated state chairmen of Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members.
In conclusion, Dr Dele Alake’s resolute stance on promoting local value addition in the solid minerals sector demonstrates the government’s dedication to enhancing the economic benefits derived from Nigeria’s mineral resources. By prioritising local processing and refining of minerals, the country aims to create more value and opportunities for its citizens while solidifying its position as a key player in the global mining industry.