2024 is year of mining sector resurgence in Nigeria, says Minister  

*Dr. Oladele Alake, Minister for Solid Minerals Development, in his New Year goodwill message to Nigerians, restates the current administration’s vision of diversifying the economy through renewed focus on solid minerals, asserting the reforms in the sector will yield tremendous results in 2024

Isola Moses | ConsumerConnect

Dr. Oladele Alake, Honourable Minister for Solid Minerals Development, has affirmed the mining sector of the country’s economy will experience a major leap in 2024 towards contributing substantially to the Gross Domestic Product (GDP).

The Minister, who stated this in his New Year goodwill message to Nigerians, reiterated that President Bola Ahmed Tinubu’s vision of diversifying the economy through renewed focus on solid minerals is on course, asserting that reforms in the sector will yield tremendous results in the new year.

Segun Tomori, Special Assistant to the Minister on Media, in a statement issued Monday, January 1, 2024, noted Dr. Alake said: “I felicitate Nigerians for making it through 2023 into the year 2024. It is pertinent that we collectively look forward to the horizon of the new year, with renewed hope, especially because it signposts the first fiscal year of the Tinubu administration.

“On our part in the solid minerals development ministry, we will be consolidating on reforms that commenced with our ambitious 7-point agenda, on assumption of office, four months ago. Nigerians are rest assured that an efficient governance structure that will transform the opaque nature of the mining sector will crystallise in the new year.”

The Minister stated: “It will be recalled that we had revoked 1,633 mining licenses of those that defaulted in the payment of annual service fees last year. More revocation is in the offing for other categories of defaulters in 2024.

“Our plans to tackle the menace of insecurity in mining areas alongside the activities of illegal miners through a rejigged security architecture is well on course. In a short while, we will see the result of months of engagement with heads of security agencies, as we are poised to rout those plundering Nigeria’s mineral resources.”

On resource explorations

In regard to explorations of solid minerals in Nigeria, Alake noted: “Efforts on exploration of critical minerals which started last year with the signing of an MOU with German firm, GeoScan GmbH for the deployment of proprietary technology to explore minerals up to 10,000m under the earth will be ramped up with renewed vigour by the Federal Government.

“This is crucial for the development of the sector as it will lead to the generation of big geo-data required for global players to make informed decisions about investing in the industry, ”

He urged Nigerians to keep faith with the Tinubu administration, emphasising that reforms in the mining sector and other areas will jumpstart the real sector and lead to immense jobs and prosperity for all Nigerians.

Alake stated: “We are prioritising value addition for prospective investors in the mining sector. The era of just carting away our resources is over.

“We want to see practical plans to develop these raw materials into finished products or plans to add value to host communities before we even license new operators.

“This is pertinent, so that the mining sector can lead the way in industrialization, create massive jobs for our teeming young population, and contribute substantially to economic development in the New Year.”