Present reforms, key to renewed investor interest in mining sector – Alake
Minister of Solid Minerals Development, Dr. Dele Alake, has declared that the Tinubu administration’s reforms have sparked renewed investor interest in Nigeria’s mining sector.
Speaking at the Nigeria Middle East Investors Expo and Awards, Alake highlighted the government’s strategic focus on solid minerals, which has redirected global attention to the sector, resulting in increased investments and revenue.
In his keynote address, Alake emphasized the successes of his 7-point agenda, particularly the role of mining marshals in curbing illegal mining activities.
“Since deploying the mining marshals as part of our comprehensive plan to sanitize the mining environment, they have been working assiduously and efficiently. Over 300 illegal operators have been apprehended, with more than 133 currently undergoing prosecution. We are making significant progress,” he noted.
Alake also unveiled plans to enhance the operations of the mining marshals through satellite monitoring of mining sites.
“We are installing satellite surveillance mechanisms, allowing us to monitor all mining sites in Nigeria from the Minister’s office, identify any illicit activities, and promptly deploy mobile mining marshals,” he said.
The Minister urged investors to capitalize on Nigeria’s extensive mineral deposits, noting the discovery of over 40 million tonnes of talc deposits in Niger, Osun, Kogi, Ogun, and Kaduna states; approximately 1 billion metric tonnes of iron ore in Kogi, Enugu, Niger states, and the Federal Capital Territory; and an estimated 10 metric tonnes of lead and zinc spread across eight states.
To further improve the operating environment and ease of doing business, Alake referenced the recent launch of the Decision Support System (DSS), an online platform offering comprehensive information about Nigeria’s solid minerals sector.
This initiative, he noted, aims to assist prospective investors worldwide in making informed decisions about investing in the mining sector.
Alake concluded by highlighting the abundance of high-grade critical minerals in the country and Nigeria’s readiness for business.
He encouraged investors to take advantage of the improved regulatory frameworks and incentives.
“We have over 44 globally sought critical minerals in Nigeria. A crucial factor for foreign investment is data. We are working to significantly increase funding for exploration to generate the necessary big data that will attract major international players and position Nigeria as a global mining destination,” the Minister asserted.
