President Tinubu has instructed the Ministry of Solid Minerals to grant mining licences only to firms that can demonstrate local value addition, aiming to boost economic engagement among young Nigerians and strengthen Nigeria’s position in global mineral markets. The government is also committed to renewable energy investments and strategic growth in oil and gas sectors.
President Bola Tinubu has mandated the Nigerian Federal Ministry of Solid Minerals Development to issue mining licences only to firms that demonstrate local value addition. This directive, announced at the African Natural Resources & Energy Investment Summit on Wednesday, aims to engage young Nigerians in economic activities and skills acquisition, ultimately enhancing the nation’s foreign exchange earnings. Tinubu’s government seeks to reposition Nigeria as a leader in critical metals and wants to reduce reliance on exporting raw minerals by promoting value addition. His administration has already attracted over $2 billion in investment in the renewable energy sector and is committed to addressing oil and gas issues while prioritising environmental standards. The Minister of Solid Minerals Development, Dele Alake, highlighted ongoing reforms designed to make Nigeria a significant player in the global minerals market, focusing on transparency and investor confidence.
In recent years, Nigeria has sought to diversify its economy away from oil dependency. The solid minerals sector offers a significant opportunity for growth and job creation, particularly for the youth. By emphasising local value addition, the government aims to capture more economic benefits from its mineral resources, reduce losses from raw exports, and foster local industries. The government’s efforts include attracting foreign investment in renewable energy while also maintaining a strong focus on the oil and gas sector, which remains vital to the economy.
President Tinubu’s directive to link mining licences to local value addition is a strategic move to develop Nigeria’s economy by engaging local talent and increasing foreign exchange earnings. The government’s focus on both solid minerals and renewable energy underscores a dual approach to economic enhancement. With ongoing reforms and investment promotions, Nigeria aims to establish itself as a significant player in the global minerals market while maintaining its oil and gas industry.
Original Source: www.thisdaylive.com