Nigeria’s Commitment to Boost Solid Minerals Sector Revenue for Economic Growth
The Honourable Minister for Solid Minerals Development, Dr. Oladele Alake, has unveiled a comprehensive plan to address revenue leakages and increase revenue collection in the sector. The objective is to significantly increase the sector’s contribution to Nigeria’s gross domestic product (GDP) to an impressive 50 per cent.
During a familiarisation tour of the Mining Cadastre Office (MCO), an agency under the Ministry, Dr. Alake emphasised the urgent need to eliminate leakages across all agencies and increase funds for poverty alleviation, job creation, and wealth generation as part of the ‘Renewed Hope’ agenda. He has expressed determination to take decisive actions promptly, close all loopholes, and review all fees paid by operators and businesspeople across all the ministry’s agencies to enhance revenue.
Highlighting the pivotal role of the solid minerals sector in Nigeria’s economic landscape, Dr. Alake declared, “The solid minerals sector is the next oil,” emphasising the importance of employing all legitimate means to eliminate revenue leakages.
Dr. Alake commended the contribution of the Mining Cadastre Office during his visit and urged its staff not only to maintain current successes but also to surpass government targets. The director-general of the MCO, Engr. Simon Nkom, briefed the minister on the agency’s achievements, programs, and challenges, emphasising the need to upgrade its systems for administrative efficiency.
Continuing his tour at the Nigeria Geophysical Survey Agency (NGSA), Dr. Alake acknowledged the agency’s vital role in providing essential data for various professional fields. He stressed, “Nigeria Geophysical Survey Agency affects every sector of the economy; data, information, and intelligence are power. Every decision-maker needs it.” The director-general of NGSA, Dr. Garba AbdulRazak, provided the minister with a briefing on the agency’s mandates, programs, and activities, offering a guided tour of its museum.
Addressing the Council of Nigerian Mining Engineers and Geoscientists (COMEG), Dr. Alake highlighted the crucial role the agency plays in ensuring quality control in the training and practices of professionals in the Nigerian extractive industry. He stated, “COMEG, as a quasi-academic body, is helping to ensure 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 providing continuous support, cooperation, and collaboration to address and 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).
Nigeria’s efforts to seal revenue leakages in the solid minerals sector are a crucial step towards boosting the country’s GDP contribution. The commitment to enhance revenue collection and block leakages demonstrates the government’s dedication to strengthening the economy and leveraging the full potential of the solid minerals industry.
