Nigeria collected N6.96 billion in mining fees, established 118 private mineral buying centres, and is setting up the Nigerian Solid Minerals Corporation to enhance its global mining status. The ministry exceeded revenue expectations and strengthened international partnerships for mining technology and training.
In the first quarter of this year, the Federal Government of Nigeria announced the collection of approximately N6.96 billion in mining fees and the registration of 118 new private mineral buying centres. This information was shared by Dr Dele Alake, Minister of Solid Minerals Development, during the second Annual Mining Conference in Abuja. The ministry’s initiatives aim to attract more investors and enhance awareness in the mining sector.
The Mining Cadastral Office (MCO) received these funds from 955 applications for various mining title grants. This included 651 for exploration, 270 for small-scale mining, 49 for quarrying, and 24 for reconnaissance permits. Out of these, 867 applications were approved, as detailed in the minister’s report.
Revenue was generated through various fees, including annual service, application processing, and title renewals. MCO has strengthened conflict resolution to minimise disputes over ownership, reflecting significant progress towards setting up the Nigerian Solid Minerals Corporation. This corporation aims to enhance Nigeria’s position in global mining.
Dr Alake stated that this new corporation would provide competitive edge by incorporating local expertise and investment. With a 25% equity reserved for citizens, and 50% for the private sector, the opportunity for public investment is clear. Notably, the ministry has exceeded its projected 2024 revenue target, generating N38 billion against a target of N11 billion.
The impact of international collaborations has been significant, with commitments from countries such as France to support mining technology training for Nigerian geologists. New partnerships with Australian, British, and South African investors are expected to enhance the mining sector’s capabilities in Nigeria.
Moreover, the minister emphasised Nigeria’s leadership in the African mining landscape and its role in the African Minerals Strategy Group, advocating for local processing of minerals. The aim is to attract further global investment and improve Nigeria’s mining infrastructure, including the commissioning of Lithium, bauxite, and gold refining plants in the coming quarter.
The Nigerian government has made considerable progress in boosting the mining sector through significant revenue generation and international collaborations. The establishment of the Nigerian Solid Minerals Corporation aims to solidify Nigeria’s position in global mining. With increased local investment and focus on beneficiation, Nigeria seeks to lead Africa in mineral value addition.
Original Source: www.zawya.com