Nigeria Prepares to Revoke Additional Mining Licences
The Nigerian government has announced its intention to revoke additional mining licenses from companies that have failed to fulfill their obligations. This announcement was made by Segun Tomori, the special assistant on media to the Minister of Solid Minerals Development, Dele Alake. According to Tomori, the Minister revealed this during his New Year goodwill message to the nation.
In the previous year, a total of 1,633 mining licenses were revoked due to non-payment of annual service fees, and it appears that more revocations are imminent for other defaulting firms in 2024. The Federal Government is dedicated to advancing the diversification of the economy through renewed emphasis on solid minerals, a vision championed by President Bola Tinubu.
In his address to the nation, Mr. Alake extended his sincere congratulations for successfully navigating through 2023 and encouraged all Nigerians to approach the new year with renewed hope. He stressed that the government’s reforms in the solid minerals industry have already begun to materialize, and additional initiatives will be undertaken in 2024.
There is a concentrated effort on addressing the issue of insecurity in mining areas, as well as cracking down on the activities of illegal miners through an enhanced security framework. Efforts to explore critical minerals have been initiated, including a recent memorandum of understanding with a German firm for advanced mineral exploration technology.
The Minister underscored the importance of generating comprehensive geological data needed for informed decision-making by global investors. This move is expected to attract investments in the mining sector and contribute to its development. The government also aims to prioritize value addition in the mining industry, shifting away from the mere extraction of resources towards developing finished products and adding value to local communities.
The year 2024 is poised to be a pivotal moment for the Nigerian mining sector, as the government works towards industrialization, job creation, and economic development. Mr. Alake reiterated the administration’s commitment to harnessing the potential of the mining sector for the benefit of all Nigerians.
In conclusion, the Nigerian government is unwavering in its determination to enforce compliance in the mining industry and drive forward crucial reforms to stimulate economic growth and job creation. As we enter the new fiscal year, there is a renewed sense of optimism for the future of the solid minerals sector in Nigeria.
