FG unveils ambitious plans to transform Nigeria into mining powerhouse

The federal government has revealed its bold and ambitious vision to transform the mining sector into a pillar of national prosperity.

Henry Dele Alake, the minister of solid minerals development made the assertion in his keynote address at the 9th Edition of Nigeria Mining Week which began in Abuja on Monday, November 18, 2024.

According to Alake “This commitment is reflected in the strides we have made across critical areas, from regulatory reforms to downstream development and from local content promotion to international partnerships”.

He said globally, Nigeria has made strategic moves to establish itself as a formidable player in the mining industry adding that through diplomatic engagements and investment promotion campaigns, they are attracting global capital and expertise, opening doors to expanded market access and innovative value creation.

The minister informed that “Our partnerships with other countries have brought cutting-edge technology, foreign capital, and expertise to our shores, positioning Nigeria to compete on the global stage with unmatched strength and agility.

“In line with our promise to inclusivity, we are creating pathways for every Nigerian to thrive within this sector. From women and youth to marginalized communities, we are empowering all Nigerians through access to finance, capacity-building programs, and entrepreneurship support”

“Our strategic intervention in the sector, emerged from a critical research and analysis of the micro and macro-components of the sector, enabling a holistic, global and panoramic dissection of the gains and the pains”

Listing some of achievements of the administration, Alake listed the creation of the Nigerian Solid Minerals Corporation, the establishment of the Mining Marshals in March, the introduction of satellite technology to aid monitoring, local value addition, migration of illegal miners to legal as well as the War Against Speculation,

“To reduce speculation and absentee miners, we put in place a new regime of rates that makes sure that you use or lose the licences, this has already liberated many sites and opened up more opportunities for investment”

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“Under the inspired leadership of Bola Ahmed Tinubu, our administration has committed itself to an agenda of Renewed Hope, a promise that Nigeria’s vast mineral wealth will be harnessed for the benefit of every citizen.

“This vision of inclusivity is not merely economic; it is a statement of our values of opportunity, dignity, and equality for all. Our aim is to ensure that the wealth generated by Nigeria’s resources is shared equitably; creating a foundation for prosperity that reaches every corner of our nation.

Esteemed Participants, Ladies and Gentlemen”

In his remarks, Dele Ayanleke, the national president, Miners Association of Nigeria and organisers of the Nigeria Mining Week has appealed to public office holders to respect constitutionality and the provisions of extant laws guiding the nations mineral resources

He stressed that this is not the time to exhibit exuberance or engage in unguided and staggered experimentation of a novel governance regime that will make our dream of a highly beneficial economic sector becomes a mirage.

In his words “by the virtue of the spread of the deposits of the various minerals across the 774 local council areas of this nation, the mining sector holds the ace for even distribution of wealth to the grass roots and for accelerated migration of Nigerians from poverty through the value chain development as encapsulated in the 7-Point Agenda of our Honourable Minister.

He said to accelerate the growth of the national mining economy, huge investments are needed; and as no investor will like to fish in troubled waters, this is the time to engender a unified, acceptable and pragmatic legal and regulatory frameworks that will address and ameliorate all the issues giving impetus to the present operating chaotic regulatory environment”

He noted that year after year, the annual Nigeria Mining Week has been growing in leaps and in bounds to live up to its mandate as the prime event shaping and rocking the Nigerian minerals and mining landscape.

“As we converge again this year to do an assessment of our efforts to rejig our policy guides for the re-emergence of the mining sector as a critical pivot to support the diversification and broadening our national economy, it is incumbent on us to sincerely and patriotically examine those factors militating against the envisaged accelerated growth of the sector, with the view to taking audacious steps to confront those challenges and set the sector on the pedestal of mandate fulfilment.”