President Bola Ahmed Tinubu has instructed the Federal Ministry of Solid Minerals Development to grant mining licenses solely linked to local value addition. This initiative aims to engage Nigerian youth in economic activities, skills training, and national economic growth. The announcement was made during the African Natural Resources & Energy Investment Summit 2024 at the State House in Abuja, as per a statement from Stanley Nkwocha, Senior Special Assistant to The President on Media & Communications, Office of The Vice President.
Key Highlights:
– Tinubu, represented by Vice President Kashim Shettima, emphasized the need for a business-friendly environment promoting investment in local mineral processing.
– He acknowledged previous losses from raw mineral exports, stating “it is time to change this narrative” to boost foreign exchange earnings through local engagement.
– The President aims to position Nigeria as a leader in the critical metals sector.
Dr. Dele Alake, Minister of Solid Minerals Development, outlined the federal government’s commitment to transforming Nigeria’s mining sector into a driving force for economic diversification, focusing on:
– Policy reforms
– Sustainable practices
– Infrastructure development
– Human capital enhancement
The summit attracted dignitaries, including Senator Mohammed Sani Musa and ministers from several African nations, all contributing to discussions on improving Africa’s share in the global minerals market.