The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that reforms carried out under the Tinubu administration have renewed investor interest in Nigeria’s mining sector. Speaking at the Nigeria Middle East Investors Expo and Awards, he highlighted the government’s focus on solid minerals, which has attracted global attention and boosted investments and revenues. Dr. Alake outlined the success of the 7-point agenda in tackling illegal mining, with over 300 illegal operators apprehended and 133 facing prosecution. The minister mentioned plans to enhance monitoring through satellite surveillance of mining sites, thus allowing for efficient oversight and rapid response to illicit activities. He encouraged investors to exploit Nigeria’s vast mineral resources, including substantial deposits of talc, iron ore, lead, and zinc identified across various states. Alake introduced the Decision Support System (DSS), an online platform aimed at assisting potential investors with comprehensive information about Nigeria’s solid minerals sector. Alake reaffirmed Nigeria’s potential as a global mining destination, noting the presence of over 44 critical minerals and stressing the importance of data for attracting foreign investment. He concluded with a commitment to significantly boost exploration funding to generate essential data.

In recent years, Nigeria’s mining sector has been targeted for reform to increase investment and improve regulatory frameworks. The focus has shifted towards solid minerals as the government seeks to combat illegal mining, enhance operations, and attract international investors. The introduction of new technology and comprehensive data systems aims to create a conducive environment for capital influx into the sector, which is crucial for national economic development.

The reforms led by Dr. Dele Alake aim to rejuvenate Nigeria’s mining sector, evidenced by increased investor confidence and substantial progress in illegal mining enforcement. With strategic initiatives like satellite monitoring and the DSS platform, the Nigerian government is poised to make informed investment opportunities available to global players, reaffirming the country’s position as a major player in the mining industry.

Original Source: tribuneonlineng.com

The post Reforms Boost Investor Confidence in Nigeria’s Mining Sector first appeared on Nigerian Mining News.

The Nigerian Senate committee on solid minerals has reported significant financial losses in both federal and state revenues due to illegal mining activities. This revelation came after the committee, led by Senator Sampson Ekong (PDP, Akwa Ibom South), visited Niger State to investigate the recent collapse of a mining pit that resulted in approximately 30 fatalities. The tragedy spurred Senator Sani Musa (APC, Niger East) to push for an assessment of the situation by the committee. During the visit, Senator Ekong emphasised the lucrative potential of Nigeria’s solid minerals sector, which could greatly enhance government revenue, diversify the economy, and boost GDP if effectively managed. However, he expressed concerns about the rampant illegal mining operations that not only deplete national wealth but also contribute to escalating insecurity issues. Senator Ekong highlighted the importance of legislative efforts to address the challenges facing the mining industry. He assured stakeholders that the Senate is dedicated to eliminating illegal mining and establishing proper regulations within the sector to promote sustainable growth.

Illegal mining in Nigeria has become a pressing issue as it undermines government revenue and poses security threats. The recent collapse of a mining pit in Niger State, which caused numerous fatalities, has raised awareness about the dangers associated with unregulated mining operations. These activities divert significant financial resources and facilitate criminal behaviour, prompting the Senate to take decisive action in safeguarding the mining sector and reaping its economic benefits.

The Senate committee’s findings indicate that Nigeria is losing substantial revenue due to illegal mining, which also exacerbates security concerns. Legislative measures are being considered to regulate the sector and promote growth, highlighting the potential of mining to positively impact the economy if properly managed.

Original Source: dailytrust.com

The post Senate Reports Billions Lost to Illegal Mining in Nigeria first appeared on Nigerian Mining News.