The Federal Government has pledged to support efforts by the South-South Development Commission (SSDC) to unlock the region’s solid mineral potential for investment, job creation and sustainable economic development.
Minister of Solid Minerals Development, Mr. Henry Dele Alake, gave the assurance when the Director-General of the SSDC, Ms. Usoro Offiong Akpabio, led a delegation of the Commission on a courtesy visit to the Ministry in Abuja.
Alake said the partnership was in line with the Federal Government’s broader agenda of leveraging the development commissions created across the country’s geopolitical zones to unlock regional economic opportunities, his Special Assistant on Media Lara Owoeye-Wise, said in a statement on Tuesday.
He said the South-South, despite being widely recognised for its vast oil and gas resources, also holds significant solid mineral deposits that could support Nigeria’s economic diversification and industrial growth.
According to the Minister, reforms introduced by the Federal Government are gradually transforming the solid minerals sector into a key contributor to the national economy.
He said the reforms were focused on encouraging local processing and value addition, promoting responsible mining practices, strengthening regulation and attracting both local and foreign investments.
Alake noted that the reforms had already yielded positive results, including a significant rise in government revenue from the sector and the attraction of more than $2.6 billion in Foreign Direct Investment.
He added that the establishment of mineral processing facilities across the country was also creating employment opportunities for Nigerians.
The Minister urged governments in the South-South to explore opportunities provided under the Federal Government’s framework for direct state participation in mining through state-owned Special Purpose Vehicles and legally obtained mining licences.
He said several states had already secured approval for mining licences under the framework.
However, Alake cautioned states against introducing unilateral policies that could conflict with the Federal Government’s regulatory framework for the mining sector.
He said a coordinated and consistent regulatory environment was necessary to attract investors and prevent confusion arising from multiple authorities.
“We have a commonality of objective; we just need to harmonise our strategies and tactics to achieve it,” Alake said.
Earlier, Akpabio said the SSDC was seeking a strategic partnership with the Ministry to promote sustainable mining, environmental innovation, investment mobilisation and job creation across the South-South.
She said the Commission was prepared to align its programmes with existing Federal Government policies and collaborate with relevant state authorities and security agencies.
Akpabio also identified the training and formalisation of artisanal miners as one of the areas in which the Commission hoped to work closely with the Ministry.
Both sides agreed on the need to organise stakeholder and investment engagements that would showcase mineral resources available across the South-South and connect potential investors with viable mining projects.
Alake assured the SSDC that the Ministry would involve the Commission in future engagements aimed at attracting investments into the mining sector.
He described the Commission as an important partner capable of driving greater investment and economic development across the region.
The engagement is part of increasing collaboration between the Ministry of Solid Minerals Development and regional development bodies established by the administration of President Bola Ahmed Tinubu.