In Q1, Nigeria’s Federal Government collected N6.96 billion in mining fees and registered 118 private mineral buying centres. Minister Dele Alake announced plans for the Nigerian Solid Minerals Corporation, aiming to improve global competitiveness and attract investments, supported by international partnerships.
The Federal Government of Nigeria has collected N6.96 billion in mining fees and registered 118 new private mineral buying centres in Q1 of this year. Dele Alake, the Minister of Solid Minerals Development, shared these updates during the second Annual Mining Conference held by BusinessDay Media in Abuja, emphasising efforts to boost investment and awareness in the sector.
Alake revealed that the collected mining fees came from 955 applications for various mining title grants, such as exploration and small-scale mining permits. The Ministry approved 867 applications, generating revenue through annual service and application processing fees.
Plans are underway to establish the Nigerian Solid Minerals Corporation, aimed at enhancing Nigeria’s competitiveness in global mining. This allows Nigerian investments through a public offer, potentially elevating the country’s position in the mining industry.
The Minister mentioned international collaborations, including support from the French Government for training young geologists and laboratory enhancements. Partnerships with nations like Western Australia and Saudi Arabia are fostering investments in Nigeria’s mining sector.
Alake credited the Ministry’s achievements to its value addition policy, which promotes local beneficiation and positions Nigeria as a leader in African mining. Upcoming initiatives include the inauguration of lithium, bauxite, and gold refining plants this quarter.
In summary, the Federal Government has made significant strides in the mining sector by collecting substantial fees and registering new buying centres. Plans for the establishment of the Nigerian Solid Minerals Corporation and international partnerships aim to enhance Nigeria’s global competitiveness in mining. The focus on value addition and upcoming refining plants further strengthens the sector’s potential.
Original Source: businessday.ng