In a move to diversify Nigeria’s economy and reduce its dependence on oil, the Federal Executive Council (FEC), chaired by President Bola Ahmed Tinubu, has granted permission to the Ministry of Solid Mineral Development to draft a new policy that will govern the operations of the solid minerals sector. The approval comes as the country faces the reality of depleting oil resources in the coming years.
Minister for Solid Mineral Development, Dele Alake, emphasized the critical role of solid minerals in ensuring Nigeria’s economic survival, particularly in light of the volatility and uncertainties in the global oil market. With the growing demand for climate change and green energy solutions, the value of oil in the international market is expected to decline.
“If we do not make conscious efforts to diversify, in a couple of years, Nigeria will find itself in economic dire straits,” stated Alake. He further emphasized the abundance of solid mineral resources in the country and the need to exploit them judiciously and efficiently.
The newly approved draft policy covers all aspects of the solid minerals sector, including regulations, guidelines, sourcing, mining, and operations. It aims to provide a comprehensive framework to guide the sector towards diversification and sustainable development.
One of the key issues addressed in the policy is the challenge of illegal mining activities. Alake acknowledged the presence of both artisanal and high-class illegal miners and emphasized the need to combat this menace. The Ministry of Solid Mineral Development will work with inter-security agency structures to enhance security and prevent illegal mining across the country.
The policy also seeks to create an investor-friendly environment that will attract both local and foreign investors. It aims to ensure the security and stability of investments in the solid minerals sector, while also protecting the environment through effective regulation and management.
The approval of this policy by the FEC empowers the Ministry of Solid Mineral Development to take decisive actions to drive the growth and development of the solid minerals sector. With a diversified economy, Nigeria will be better equipped to navigate the challenges of the future and secure its economic prosperity.
