The Federal Government has transformed 250 artisanal miners into cooperatives via the Ministry of Solid Minerals Development, aiming to curb illegal mining practices. Minister Dele Alake announced this initiative, which is expected to formalise mining activities and enhance economic benefits. By October 2024, 250 cooperatives were registered, with 150 buying centres established to facilitate trading. Alake emphasised Nigeria’s potential in the mining sector due to its rich mineral resources, aiming to shift from raw extraction to value addition and local beneficiation. This approach seeks to generate jobs and retain wealth within Nigeria, empowering local industries. The government plans to introduce several projects to enhance mining capabilities, including lithium and rare earth processing plants and a new gold refinery. The upcoming Nigeria Mining Week, scheduled for November 18-20, will discuss crucial topics like environmental reforms and financing innovations, emphasising the government’s commitment to reshaping the mining industry as a cornerstone of the economy. Alake highlighted the administration’s dedication towards economic diversification and community development through a well-structured mining sector.

The Nigerian government aims to formalise the artisanal mining sector, which has largely operated illegally, through the formation of cooperatives. This initiative, part of a broader strategy to transform the mining industry, is expected to improve economic conditions for miners and their communities. Nigeria possesses numerous underutilised minerals that could significantly contribute to economic development if mined responsibly. The push for structured mining aims to bolster job creation and local industry support while aligning with national economic goals.

The Federal Government’s initiative to establish cooperatives for artisanal miners marks a significant step towards formalising the sector and reducing illegal mining. With strong support from the Ministry of Solid Minerals Development, this strategy not only aims to enhance trading activities but also highlights the government’s commitment to leveraging Nigeria’s vast mineral resources for economic growth and community empowerment.

Original Source: punchng.com

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