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.