Dr. Dele Alake, Nigeria’s Minister of Solid Minerals, urged mining CEOs to establish private-sector-led development banks for sustainable financing. He highlighted ongoing governmental reforms, clarified that state entities lack mining policy authority, and outlined plans for improved investment conditions via mining infrastructure developments.
Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, urged mining CEOs to initiate the establishment of mining development banks to secure long-term financing essential for the sector’s sustainable growth. Speaking at a CEO Roundtable during the 2024 Nigeria Mining Week, he encouraged private-sector leadership to ensure independence from government influence. Alake reassured executives that the federal government is actively removing obstacles to facilitate better business conditions and promote investments in mining.
In addressing challenges of state-level interference, Alake asserted that such entities lack constitutional authority over mining policies, as the sector is exclusively managed at the federal level. He highlighted ongoing dialogues with state governments to encourage constructive involvement in mining, allowing states to apply for licenses and operate as Limited Liability Companies. This initiative aims to address concerns about local resource management and has seen several states successfully engage in the licensing process.
The Minister announced future plans to create a mining infrastructure corridor to enhance the investment climate and indicated that inter-ministerial collaboration is being established to support this project. He called for continued cooperation from mining executives on ongoing reforms, particularly regarding the review of the sector’s rates regime.
The article discusses the call from the Minister of Solid Minerals Development, Dr. Dele Alake, for mining CEOs to lead the establishment of mining development banks in Nigeria. This initiative aims to facilitate sustainable long-term financing for the mining sector, which is facing challenges like state-level interference and bureaucracy. Alake’s emphasis on private-sector involvement and the federal government’s reforms shows a clear intent to improve the mining landscape in Nigeria.
In summary, Dr. Dele Alake has urged mining CEOs to spearhead the formation of mining development banks as a foundation for securing long-term financing. He reassured stakeholders that governmental reforms are focused on enhancing the mining sector’s operational environment. Alake’s plans aim to ensure that the industry evolves sustainably while addressing state-level interferences effectively and encouraging private sector leadership.
Original Source: tribuneonlineng.com