Crude Oil: If we don’t diversify, Nigeria would find itself in dire straits, says Alake

The Minister of Solid Minerals Development Dele Alake says Nigeria would face severe economic difficulties if it does not diversify its revenue sources away from its unduly reliant oil supply.

Alake said this in Abuja while speaking to State House correspondents at the end of the council meeting chaired by President Bola Tinubu.

Before the discovery of oil in the 1970s, Nigeria’s main driver of its economy was focused on agriculture and other natural resources.

He stated that the council approved a draft policy covering the entire solid mineral sector, encompassing oil activities, operations, guidelines, regulatory framework, sourcing, mining, and all other dynamics in the sector.

He said the approval empowers the ministry to act precisely on various issues, including security measures, combating illegal mining activities across the country, and securing Nigeria’s economic survival.

“Of course, oil is still sold, however, the trend is going down. So if we are not careful if we do not make conscious efforts to diversify, a couple of years, Nigeria will find itself in economic dire straits and if we have an abundance of solid mineral resources, why shouldn’t we diversify concentrate, exploit judiciously, proficiently and efficiently, these God given abundance resources.

“So that, in essence, encapsulates the policy decision that the Federal Executive Council approved today. It’s a draft policy on the entire solid mineral sector, covering the gamut of oil activities, operations, guidelines, regulatory framework, handling, sourcing, mining, everything all the dynamics in the sector.

“This policy approval today that we got from the Federal Executive Council now gives us in the ministry, the teeth that we wanted to be able to act with precision on all of those things that we have marked up- measures of security, you’re also quite aware of illegal mining activities all over the country by both High and low. And I say that with all sense of responsibility.

“The artisanal so-called literal miners who just dig gold everywhere without licenses. These are so called illegal miners. We also have the high class also involved in this game,” Alake said.