President Bola Tinubu says mining licence issuance must be tied to local value addition.
Tinubu said this would ensure that young Nigerians are actively engaged in economic activities, acquiring skills, and contributing to the overall development of the economy.
The ministry of solid minerals development, led by Dele Alake, is in charge of issuing mining licences in Nigeria.
The president spoke on Wednesday during the opening ceremony of the 2024 African Natural Resources and Energy Investment Summit held in Abuja.
Represented by Vice-President Kashim Shettima, he said his administration is fully committed to creating an enabling business environment to attract investment that encourages value addition on solid minerals before they are exported.
“We recognise the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative,” Tinubu said.
“By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings.
“Therefore, the ministry will only issue mining licences if they are tied to local value addition.”
Tinubu commended stakeholders for the establishment of the African minerals strategy group with Nigeria as its first chairman.
He said his administration intends to set new standards in the mining industry and ensure that “Africa gets an equitable slice of supplying the world with critical metals.”
‘FG TO POSITION NIGERIA AS A MAJOR PLAYER IN GLOBAL MINERALS MARKET
In his remarks, Alake announced the government’s strategy under the renewed hope agenda to position Nigeria as a major player in the global minerals market.
“We are committed to transforming Nigeria’s solid mineral sector into a cornerstone for our nation’s economic diversification,” the minister said.
Alake said the government is implementing wide-ranging reforms to create a more attractive environment for investors, with a focus on enhancing transparency, regulatory clarity, and investor confidence.
The plan, he said, encompasses several key areas, including policy reforms, sustainable practices, infrastructure development, and human capital enhancement.
These initiatives, the minister said, are designed to address longstanding challenges in the sector and unlock the full potential of Nigeria’s vast mineral resources.
He said the summit represents a significant milestone in the collective journey towards addressing Africa’s vast natural resources and sustainable economic development.
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Dignitaries at the summit were Mohammed Sani Musa, senator representing Niger east senatorial district; Ishaq Salako, minister of state for environment; Uba Maigari Ahmadu, minister of state for steel development, and Mary Ogbe, permanent secretary in the ministry of solid minerals development.
Others included Julius Mattai, minister of mines and mineral resources of Sierra Leone; Martin Gama Abucha, minister of mining of South Sudan; Monica Chang’anamuno, minister of mining of Malawi; Wilmot Paye, minister of mines and energy of Liberia; Oumar Moussa, deputy minister of petroleum, mines and geology of Chad, and representatives of the governors of Abia, Ebonyi, Taraba, Kwara, Enugu, Nasarawa, Akwa Ibom states, among others
