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Minister Vows To Revoke Mining Licences Of Non-Compliant Companies

Pledges sector's leap towards economic contribution
3 months ago
1 min read

Nigeria’s Minister of Solid Minerals Development, Dele Alake, indicated plans to take a stern stance against non-compliant mining companies by revoking their licenses in 2024.

Speaking on behalf of the Minister, Segun Tomori revealed in a press statement on Sunday that this move is part of a broader strategy to push the mining sector to contribute to Nigeria’s Gross Domestic Product (GDP).

“President Bola Tinubu’s vision of economic diversification through solid minerals remains on track,” emphasized Alake, stressing that reforms within the sector would yield dividends in the coming year.

Referring to the 1,633 mining licenses revoked in the past due to unpaid service fees, Alake warned of more revocations for other defaulters.

“It is indeed very unconscionable for corporate bodies making huge profits from mining to refuse to give the government its due,” Alake expressed, highlighting the need for compliance with financial obligations.

READ ALSO: Nigerian Minister Seeks U.S. Partnership To Boost Mining Sector Financing

Alake reaffirmed his commitment to consolidate reforms promised upon assuming office four months earlier. He underscored plans to enhance security in mining areas, combat illegal mining, and work towards efficient governance structures within the sector.

Speaking on exploration initiatives, Alake outlined the government’s efforts to partner with foreign firms, emphasizing the crucial role of exploration in generating essential geo-data for potential global investors.

Promising a shift towards value addition in the sector, Alake stressed the importance of developing raw materials into finished products or adding value to host communities before granting new licenses.

“We are prioritising value addition for prospective investors in the mining sector,” Alake asserted, signaling an end to mere resource extraction.

He highlighted the sector’s potential to drive industrialisation, create employment, and contribute to the country’s economic development in the coming year.

Amidst the Minister’s assurances, Nigerians are urged to maintain faith in the Tinubu administration’s commitment to initiating reforms that could spark growth in the mining sector, potentially transforming the nation’s economy and benefiting its citizens.

Emmanuel Ochayi


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