Imminent Mining Reforms Coming- Dr.Alake

Nigeria’s Minister of Solid Minerals Development Dr. Oladele Alake says imminent reforms in the mining industry will separate genuine businessmen interested in longterm and value-added investment from adventurers carting away raw minerals.

The head press and PR of the Ministry, Mr. Alaba Balogun said while addressing the Mining Ministers Forum at the China Mining Week 2023 holding in Tianji, China, the Minister also said the new mineral development roadmap of the Nigerian Government will solve the lingering problems of the sector.

Dr. Alake further said the proposed Nigerian Solid Minerals Development Company will mobilise domestic and international capital and technology to raise industrial capacity of the sector.

Stressing the importance of geological data to mining finance and exploration, Dr.Alake said the President Bola Tinubu administration will invest massively in critical data to make it easier to attract investors to the sector while putting in place social and governance standards to protect the environment.

The Minister said the government is currently engaging artisanal miners to join co-operatives to formalise labour and small enterprises in the sector to widen access to training, extension services, machinery and credit.

He assured investors of orderly industrial environment adding that the new security architecture for the sector will combine the formal agencies of enforcement with community safety organs to combat threats and protect miners.

Allaying the fears of interferences in mining operations by sub-national agencies, Dr. Alake said the Tinubu administration has developed cordial relations between the federal and state governments and the ministry recently hosted the governors’ forum to resolve pertinent issues.

Dr. Alake advised prospective investors to include the industrial processing of minerals in their business plans adding that a new regime of compulsory value addition as investment condition will soon be in place.

Olusola Akintonde