Nigeria’s mining industry is on the brink of a profound transformation as the Minister of Solid Minerals Development, Dr. Oladele Alake, promises imminent reforms to separate serious investors with a long-term vision from opportunistic adventurers seeking to exploit raw minerals.
Speaking at the prestigious Mining Ministers Forum during the China Mining Week 2023 in Tianji, China, Dr. Alake unveiled the government’s new mineral development roadmap, aimed at addressing the persistent challenges in the sector.
According to Mr. Alaba Balogun, the Head of Press and Public Relations at the Ministry, Dr. Alake emphasized that the proposed Nigerian Solid Minerals Development Company will play a pivotal role in mobilizing both domestic and international capital and technology, thereby boosting the industrial capacity of the sector.
Recognizing the indispensable role of geological data in attracting investment and facilitating exploration, Dr. Alake assured that President Bola Tinubu’s administration will make significant investments in critical data. This investment aims to make it easier for investors to navigate the sector while ensuring the implementation of stringent social and governance standards to protect the environment.
To bring more stakeholders into the formal economy, the Minister disclosed that the government is diligently engaging with artisanal miners, encouraging them to form cooperatives. This formalization process will provide the miners with access to training, extension services, machinery, and credit, contributing to a more vibrant and inclusive industry.
Addressing concerns about security, Dr. Alake reassured investors of an orderly and secure industrial environment. The government will combine its formal enforcement agencies with community safety organizations to combat threats and safeguard the well-being of miners.
In an effort to foster harmonious cooperation between federal and state governments, Dr. Alake highlighted the Ministry’s recent Governors’ Forum, which brought key stakeholders together to address pertinent issues affecting the sector. He affirmed that the Tinubu administration has fostered constructive relations with sub-national agencies to minimize interference in mining operations.
Aspiring investors were encouraged by Dr. Alake to incorporate industrial mineral processing into their business plans. The Minister announced that a new regime will soon be implemented, making compulsory value addition a condition for investment.
With these imminent reforms and the government’s unwavering commitment to enhancing the mining industry, Nigeria is poised for a new era of sustainable and responsible mineral development.
By Olusola Akintonde
