The Minister of Solid Minerals, Dr. Oladele Alake, recently spoke about the importance of a solid minerals corporation in attracting both local and foreign investments to Nigeria’s mining sector. In an interview with Consumer News and Business Channel (CNBC), he highlighted his efforts to position Nigeria as a prime destination for mining on a global scale.
Dr. Alake emphasized the need for diversifying Nigeria’s revenue sources and moving away from a hydrocarbon-dependent economy. He believes that the untapped solid minerals sector presents significant opportunities for growth and development. To achieve this, the Nigerian government has established the Nigerian Mining Corporation, a special-purpose vehicle for engaging in joint ventures with multinational companies.
The minister stressed the importance of regulatory reforms, security, and structuring artisanal miners in the solid minerals industry. He also highlighted the role of data in attracting investments and contributing to Nigeria’s GDP. Dr. Alake’s vision is to leverage these reforms and data generation to make the mining sector a significant contributor to the country’s economy.
The proposed Nigerian Mining Corporation aims to bring order and global best practices to the sector. Currently, the sector operates in a somewhat disorganized manner, with the government often not receiving its due. Dr. Alake believes that the establishment of the corporation will rectify this issue and ensure efficient governance structures.
In addressing the issue of illegal miners, Dr. Alake explained that a 30-day ultimatum has been given to formalize their activities by joining cooperatives. This transition will enhance sector regulation and align with the proposed inter-agency security force, which will work to sanitize the industry.
The establishment of a solid minerals corporation represents a significant step towards revitalizing Nigeria’s mining sector. It not only attracts foreign investment but also ensures proper regulation and governance. Dr. Alake’s vision aligns with Nigeria’s broader efforts to diversify its economy and create sustainable sources of revenue for future growth and development.