Dele Alake, Nigeria’s Minister of Solid Minerals Development, has urged mining companies to spearhead the creation of mining development banks. Speaking at a CEO roundtable during Nigeria’s 2024 Mining Week, he stressed the importance of a private-sector-driven initiative to reduce government involvement, ensure sustainability, and facilitate long-term financing for the industry. Alake reassured CEOs of the government’s commitment to removing operational obstacles and enhancing investment opportunities in the sector.

Alake reaffirmed the federal government’s position against state-level interference in mining, stating that mining falls under exclusive legislative authority. He encouraged states to actively engage in local mining initiatives by applying for mining licences and operating as limited liability companies. Alake noted the successful adoption of this framework by several states, resulting in approved licences for compliant applicants.

To enhance investment conditions, the minister highlighted plans for a mining infrastructure corridor, with inter-ministerial collaboration already initiated. He urged ongoing cooperation from mining executives to support reforms, including a review of the sector’s rates regime. Alake expressed confidence in the necessity of these changes for fostering a sustainable mining environment in Nigeria.

The establishment of mining development banks in Nigeria is part of an initiative to revitalize the mining sector and promote private sector involvement. The Nigerian government recognises the importance of reducing bureaucratic obstacles and encouraging sustainable investment. By outlining a clear role for mining companies, the government aims to create a productive context for growth within the industry while addressing concerns about state interference in mining operations.

Minister Dele Alake’s call for mining companies to establish development banks reflects Nigeria’s strategy to foster sustainable growth in the mining sector through private sector engagement. The government’s commitment to removing operational barriers and preventing state interference aims to attract investment and enhance the overall framework for the industry. This initiative, along with plans for a mining infrastructure corridor, seeks to create a conducive environment that supports long-term development and resilience in Nigeria’s mining landscape.

Original Source: www.thecable.ng

The post Dele Alake Advocates for Mining Development Banks Led by CEOs first appeared on Nigerian Mining News.

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, urged mining CEOs to initiate the establishment of mining development banks to secure long-term financing essential for the sector’s sustainable growth. Speaking at a CEO Roundtable during the 2024 Nigeria Mining Week, he encouraged private-sector leadership to ensure independence from government influence. Alake reassured executives that the federal government is actively removing obstacles to facilitate better business conditions and promote investments in mining.

In addressing challenges of state-level interference, Alake asserted that such entities lack constitutional authority over mining policies, as the sector is exclusively managed at the federal level. He highlighted ongoing dialogues with state governments to encourage constructive involvement in mining, allowing states to apply for licenses and operate as Limited Liability Companies. This initiative aims to address concerns about local resource management and has seen several states successfully engage in the licensing process.

The Minister announced future plans to create a mining infrastructure corridor to enhance the investment climate and indicated that inter-ministerial collaboration is being established to support this project. He called for continued cooperation from mining executives on ongoing reforms, particularly regarding the review of the sector’s rates regime.

The article discusses the call from the Minister of Solid Minerals Development, Dr. Dele Alake, for mining CEOs to lead the establishment of mining development banks in Nigeria. This initiative aims to facilitate sustainable long-term financing for the mining sector, which is facing challenges like state-level interference and bureaucracy. Alake’s emphasis on private-sector involvement and the federal government’s reforms shows a clear intent to improve the mining landscape in Nigeria.

In summary, Dr. Dele Alake has urged mining CEOs to spearhead the formation of mining development banks as a foundation for securing long-term financing. He reassured stakeholders that governmental reforms are focused on enhancing the mining sector’s operational environment. Alake’s plans aim to ensure that the industry evolves sustainably while addressing state-level interferences effectively and encouraging private sector leadership.

Original Source: tribuneonlineng.com

The post Alake Urges Mining CEOs to Establish Development Banks for Sustainable Financing first appeared on Nigerian Mining News.