Mining sector reform spur investors’ confidence — Alake

The Minister of Solid Minerals Development, Dr. Dele Alake has affirmed that reforms implemented by the Tinubu administration have led to a renewed investor interest in Nigeria’s mining sector.

Giving the keynote address at the Nigeria Middle East Investors Expo and Awards, Alake stated that the federal government’s focus on solid minerals has redirected global attention to Nigeria’s mining sector, spurring increased investments and revenue for the country.

A statement by the Special Assistant to the Minister of Solid Minerals, Segun Tomori, quoted Alake while highlighting the impact of his 7-point agenda, detailed the successes of the mining marshals in combating illegal mining activities, leading to the arrest and prosecution of numerous culprits across the country.

“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,” Alake noted.

To enhance the operations of the mining marshals, Alake revealed plans to incorporate 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.

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The minister urged investors to capitalize on Nigeria’s extensive mineral deposits, noting the identification 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 over eight states, among others.

In furtherance of efforts to improve the operating environment and ease of doing business, Alake recalled the recent launch of the Decision Support System (DSS), an online platform providing comprehensive information about Nigeria’s solid minerals sector to assist prospective investors worldwide in making informed decision about investing in the mining sector.

Highlighting the abundance of high-grade critical minerals in the country, Alake affirmed Nigeria’s readiness for business and encouraged investors to take advantage of 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.