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Reforms in Nigeria’s mining sector boosting investors’ interest, confidence –Alake

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development and Chairman, Organising Committee of African Industrial & Development Conference and Awards (middle); Dr. Allen Onyeama, Chairman of Air Peace Airlines (r); and Amb. Usman Sarki (l), at the Event, in Abuja, FCT            Photo: State House

*Dr. Oladele Alake, Minister for Solid Minerals Development, affirms the current reforms by President Bola Ahmed Tinubu’s administration have led to a renewed investor interest and confidence in the mining sector, as well as revenue for Nigeria

Gbenga Kayode | ConsumerConnect

The Federal Government has said the current reforms being implemented by President Bola Ahmed Tinubu’s administration have led to a renewed investor interest and confidence, as well as revenue in Nigeria’s mining sector.

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, affirmed this while delivering a keynote address at the Nigeria-Middle East Investors Expo and Awards, held Friday, July 5, 2024, in Abuja, FCT.

Alake stated that the Federal Government’s focus on solid minerals industry has redirected global attention to the mining sector, spurring increased investments and revenue for the West African country.

Highlighting the impact of his 7-Point agenda, the Minister highlighted successes of introducing the Mining Marshals in combating illegal mining activities.

According to him, this effort has led to the arrest and prosecution of numerous culprits across Nigeria.

Segun Tomori, Special Assistant to the Minister on Media stated Dr. Alake said in his address: “Since deploying the mining marshals as part of our comprehensive plan to sanitise the mining environment, they have been working assiduously and efficiently.

“Over 300 illegal operators have been apprehended, with more than 133 currently undergoing prosecution. We are making significant progress.”

In a move to enhance operations of the Mining Marshals, the Minister also disclosed plans to incorporate satellite monitoring of mining sites in the country.

He further stated: “We are installing satellite surveillance mechanisms, allowing us to monitor all mining sites in Nigeria from the Minister’s office, identify any illicit activities, and promptly deploy mobile mining marshals.”

Alake, therefore, urged investors to capitalise on Nigeria’s extensive mineral deposits.

He equally noted the identification of over 40 million tonnes of talc deposits in Niger, Osun, Kogi, Ogun and Kaduna states; approximately 1 billion metric tonnes of iron ore in Kogi, Enugu, Niger states, and the Federal Capital Territory; and estimated 10 metric tonnes of lead and zinc spread over eight states, among others.

The Minister as well shed light on efforts to improving the operating environment and Ease of Doing Business (EoDB) in the mining sector of the Nigerian economy.

Alake recalled the recent launch of the Decision Support System (DSS), an online platform providing comprehensive information about Nigeria’s solid minerals sector to assist prospective investors worldwide in making informed decision about investing in the mining sector.

Highlighting the abundance of high-grade critical minerals in the country, he affirmed the country’s readiness for business, as he further encouraged investors to take advantage of improved regulatory frameworks and incentives.

Alake asserted: “We have over 44 globally sought critical minerals in Nigeria. A crucial factor for foreign investment is data.

“We are working to significantly increase funding for exploration to generate the necessary big data that will attract major international players and position Nigeria as a global mining destination.”

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