Nigeria’s Minister of Solid Minerals Development Vows to Plug Revenue Leakages to Boost Economic Contribution
The Minister for Solid Minerals Development, Dr. Oladele Alake, has unveiled a comprehensive strategy to address revenue leakages and enhance revenue collection within the sector. The primary objective is to increase the sector’s contribution to the country’s gross domestic product (GDP) to an impressive 50 per cent.
During a recent visit to the Mining Cadastre Office (MCO), an agency under the Ministry, Alake emphasized the urgent need to tackle revenue leakages across all agencies. The focus is on generating funds that can be utilized for poverty alleviation, job creation, and wealth generation as outlined in the ‘Renewed Hope’ agenda.
“The solid minerals sector is the next oil,” stated Alake, highlighting the imperative to curb leakages. He intends to take decisive actions promptly, including sealing loopholes, enhancing revenue, and reviewing fees paid by operators and businessmen across all ministry agencies.
In a bid to support and recognize the vital role of the agencies under the Ministry, Alake commended the efforts of the Mining Cadastre Office and urged its staff to continue achieving and surpassing government targets. He also visited the Nigeria Geophysical Survey Agency (NGSA) and the Council of Nigerian Mining Engineers and Geoscientists (COMEG) to gain insight into their activities and challenges.
The director-general of the MCO, Engr. Simon Nkom, presented the agency’s accomplishments, programs, and obstacles to the Minister. The agency highlighted the need to upgrade its systems for improved administrative efficiency.
At the Nigeria Geophysical Survey Agency, Alake acknowledged the agency’s role in providing crucial data for various professional fields and stressed the importance of data in decision-making processes.
Furthermore, Alake addressed the Council of Nigerian Mining Engineers and Geoscientists (COMEG) and highlighted the critical role the agency plays in ensuring quality control in the training and practices of professionals in the Nigerian extractive industry.
A statement from the ministry’s head of press and public relations, Alaba Balogun, affirmed the minister’s commitment to extend continuous support, cooperation, and collaboration to resolve the challenges faced by the agencies visited – the Mining Cadastre Office (MCO), Nigeria Geophysical Survey Agency (NGSA) and Council of Mining Engineers and Geoscientists (COMEG).
By reinforcing efforts to curb revenue leakages and harness the potential of the solid minerals sector, the Minister of Solid Minerals Development aims to propel economic growth and make a notable contribution to Nigeria’s GDP. This commitment signals a determined push towards realizing the immense economic benefits that the sector holds for the country.
