In Q1 2023, the Federal Government collected N6.96 billion in mining fees and registered 118 private mineral buying centres, with plans to establish the Nigerian Solid Minerals Corporation to enhance global competitiveness in mining. International partnerships and a strong local beneficiation policy support these initiatives.
The Federal Government has raised N6.96 billion from mining fees and established 118 new private mineral buying centres in Q1 2023. Dele Alake, Minister of Solid Minerals Development, shared these figures at the Annual Mining Conference in Abuja, emphasising efforts to attract investors. The fees came from 955 title grant applications, covering exploration, small-scale mining, and permits, with 867 approved applications contributing to the revenue.
Plans for the Nigerian Solid Minerals Corporation were announced as a means to boost Nigeria’s status in global mining, offering investment opportunities through public offerings. Alake mentioned international collaborations, including French aid for laboratory enhancement and training for local geologists, as well as partnerships with Australia, Britain, and Saudi Arabia for mining investments.
He credited the Ministry’s progress to implementing a value addition policy that promotes local beneficiation, positioning Nigeria as a leading African mining nation. Additionally, Alake revealed plans for launching lithium, bauxite, and gold refining plants within the quarter.
The Federal Government’s efforts in the first quarter include collecting substantial mining fees and registering numerous private mineral buying centres. The establishment of the Nigerian Solid Minerals Corporation aims to enhance global competitiveness, supported by international partnerships. These initiatives, coupled with a successful value addition policy, are set to position Nigeria as a key player in the African mining sector.
Original Source: businessday.ng