Boosting Nigeria’s Economy Through Solid Mineral Sector Initiatives
The current administration in Nigeria, led by President Bola Ahmed Tinubu, is diligently working towards the diversification of the country’s economy, with a specific focus on the solid mineral sector. The government’s objective is to increase the sector’s contribution to the Gross Domestic Product (GDP) to 50%. This strategic move is deemed crucial, particularly as the nation strives to reduce its dependence on petroleum as the primary driver of economic development.
A central aspect of the government’s efforts has been the overhaul of the solid mineral sector. This encompasses addressing infrastructural deficiencies, enhancing geological data, modernising mining practices, promoting transparency, and enforcing regulations to safeguard the interests of investors, host communities, and gender-related concerns.
To realize these objectives, the Ministry of Solid Minerals has delineated a comprehensive seven-point agenda, encompassing aspects such as national mining entities, the development of certified data, artisanal mining through cooperatives, mine security, and community empowerment.
Another pivotal focus has been on creating an enticing investment environment to attract both domestic and international investors to engage in the sector. The government, in partnership with development partners, has been implementing policies aimed at bolstering investor confidence.
The revocation of licenses and the establishment of a new security architecture have marked significant strides in the repositioning of the sector. Furthermore, the government has introduced Revised Community Development Agreement guidelines to ensure that local communities derive benefits from mining activities in their respective areas.
An impactful initiative aimed at adding value to the nation’s solid minerals is the establishment of a lithium battery processing factory in Nasarawa State. This endeavour is designed to generate employment opportunities and drive wealth creation within the country.
Additionally, events such as the mining week and the Africa National Resources and Energy Investment Summit have provided platforms for stakeholders to articulate policy pronouncements and deliberate on strategies to enhance the sector.
On the whole, the government’s endeavours in the solid mineral sector have garnered interest from diverse stakeholders, including state governments, governmental agencies, and private and international investors.
As the government continues to make significant advancements in repositioning the sector, it is imperative to consider previous policies and incorporate them into the new programme for the betterment of the nation.
The initiatives in the solid mineral sector are vital to Nigeria’s economic growth and diversification, serving as a testament to the government’s dedication to unlocking the sector’s potential.
By Rabi Mommoh, edited by Hadiza Abdulrahman and Annabel Nwachukwu.
