In a New Year message, the Minister of Solid Minerals Development, Dr. Dele Alake, has issued a stern warning that the Federal Government will revoke additional mining licenses for defaulters in various categories this year.
This follows the revocation of 1,633 mining licenses in 2023 from those who failed to pay annual service fees. Speaking from Lagos, Alake emphasized the government’s commitment to prioritizing value addition in the mining sector.
Alake declared that the era of merely extracting Nigeria’s resources without contributing to value addition or the development of host communities is over. He stressed the need for practical plans from prospective investors to process raw materials into finished products or add value to local communities before obtaining new licenses.
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The minister emphasized the importance of the mining sector leading the way in industrialization, job creation, and substantial contributions to economic development.
Addressing the challenges of insecurity in mining areas and illegal mining activities, Alake mentioned ongoing efforts to restructure the security architecture. He assured Nigerians that the government’s engagement with heads of security agencies would yield positive results, intending to curb the plundering of Nigeria’s mineral resources.
Alake expressed confidence that the mining sector would experience significant growth in the new year, aligning with President Bola Tinubu‘s vision of diversifying the economy through a renewed focus on solid minerals. He highlighted the forthcoming results of reforms initiated in the ministry, outlining plans to consolidate on the Seven-Point Agenda implemented in the last four months.
The minister concluded by assuring Nigerians of an efficient governance structure that would bring transparency to the mining sector in the coming year. The reforms aim to transform the sector’s opaque nature and contribute to increased Gross Domestic Product, GDP.
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