In line with the emphasis of the Tinubu administration to promote investment and increase revenue, the Minister of Solid Minerals Development, Dr. Dele Alake has revealed that the Nigerian Geological Survey Agency (NGSA) is conducting nationwide aeromagnetic surveys and geochemical mapping of key mineral belts to set the stage for increased exploration by the private sector.
Speaking at the opening of a high-level Ministerial Retreat with the theme; “Enhancing Performance, Strengthening Accountability, and Fostering Innovation in the Solid Minerals Sector” on Friday in Abuja, the Minister' also disclosed that the reviewed activities of the Nigerian Mining Cadastral Office has led to the revocation of 924 dormant licences; revocation of 1,633 licences for defaulting in annual service payments; enhancement of the digital platform, EMC+, to ease applications processing globally online; increase in rates of MCO's services to check speculation and maximize financial investment in the technology. Others are rise in revenue from N12billion (2023) to N36 billion, (2024); rise in licence revenue from N6.07 billion (2023) to N12.58 billion (2024).
"Rise in registered mining companies- 883 (2023) to 1,025 (2024). Similarly, we reviewed the operations of the Mines Inspectorate and royalties . As a result, the royalties paid rose from N17.5 billion (2023) to N36.8 billion (2024).
“Our mining licence revenue jumped from ₦6 billion in 2023 to ₦12.58 billion in 2024. Royalties doubled to ₦36.8 billion. Over 300 artisanal cooperatives have been formalised.
"This proves that with vision and will, we can make solid minerals the backbone of our non-oil economy,” the Minister declared.
“Our charge is clear. Together, we must keep the faith with the Renewed Hope Agenda and deliver a sector that works not just for us, but for generations to come”, he said.
The Minister outlined the aim of the retreat as to; review, refine, and align ministerial deliverables with the Renewed Hope Agenda; deepen our understanding of the Central Delivery Coordination Unit (CDCU) Framework for Performance management; enhance leadership cohesion and strengthen cross-departmental collaboration;institutionalize a results-based management culture; and develop a coherent, actionable strategic workplan that synchronizes departmental and agency-level activities with Presidential priorities.
Dr. Alake highlighted some of the achievements thus far as; establishment of the Nigerian Solid Minerals Company;r improving exploration and geological data; tackling illegal mining with mining marshals and artisanal co-operatives; value addition; global investment marketing to attract Foreign Direct Investment; and community development and environmental sustainability among others which has placed Nigeria in the forefront of championing the way forward for the Solid Minerals Sector in Africa.
"Besides directly addressing investors through speaking slots, our strategy of engaging potential investors at international mining conferences and exhibitions begins with securing excellent display locations and conducive, spacious offices for investment negotiations.
"We generate consistent traffic of investors interested in the solid minerals sector and many of them follow up by visiting Nigeria to concretise their deals. Examples include Auran, interested in bauxite, Power China, (Gold), Jampur Group, (Gold); Sinomach-HE, (Iron ore).
"This Value Addition policy has been adopted by ministers of mining in Africa under the auspices of the Africa Minerals Strategy Group and is driving the implementation of a ban on the export of raw minerals by African countries. In recognition of his role as the champion of value addition, the AMSG elected me as its pioneer chairman," he noted.
The Minister commended the members of the committees on Solid Minerals Development of the Senate and the House of Representatives for their unwavering support in steering the sector toward national prosperity.
"The presence of the National Assembly Committees, is a testament to the collective commitment that we all share to reposition the solid minerals sector as the cornerstone of Nigeria’s economic prosperity," he stressed.
The Chairman of the Senate Committee on Solid Minerals Development, Senator Ekong Sampson noted that robust legislative support for the ministry harvest these gains being recorded for the benefit of all Nigerians.
“From gold to lithium, bitumen to coal, our underground rich hold the key to true economic diversification. Enhanced performance and innovation will unlock this wealth to transform lives, create jobs, curb insecurity, and earn foreign exchange.
“Our collaboration with the Ministry is key. We will keep refining policy and oversight to ensure Nigeria’s mineral wealth works for its people," the Senator said.
On his part, Chairman, House Committee on Solid Minerals, Hon Jonathan Gaza Gbefwi, who noted that the ministry’s reforms has already attracted record-breaking investments, stressed on the need to build long lasting institutions that benefit the nation and is citizenry.
“In under two years, we moved from earning $6 billion to a revenue base of $38 billion and attracted over $800 billion in foreign direct investment.
“The creation of the Nigerian Solid Minerals Development Company is a masterstroke it puts us on the path of an oil-and-gas-like revolution. But we must build institutions that outlive us, so that our communities feel the benefits,” he said.
In his welcome address, the Permanent Secretary of the ministry,Engr. Yabo Faruk Yusuf, said that the retreat is a critical platform for reflection.
“Our Civil Service Week award shows what’s possible when we work together with commitment and accountability. This retreat is our springboard to do more.”