Mining Will Contribute Meaningfully to Nigeria’s GDP in 2024—Alake

January 2, 2024
Illegal Mining Activities1

By Adedapo Adesanya 

The Minister of  Solid Minerals Development, Mr Dele Alake, has said the mining sector would experience a major leap in 2024 toward contributing to an increase in Nigeria’s Gross Domestic Product (GDP).

This is as he warned that more revocation of mining licenses was in the offing for other categories of defaulters that fail to follow due procedure in 2024.

Recall that the federal government had revoked 1,633 mining licenses of those who defaulted in the payment of annual service fees in 2023.

Mr Alake in his New Year Goodwill Message to Nigerians in Lagos on Monday said, “The era of just carting away our resources is over. We want to see practical plans to develop these raw materials into finished products or plans to add value to host communities before we even license new operators.”

The minister said the federal government was prioritising value addition for prospective investors in the mining sector, adding that the era of carting away their resources was over.

He said, “This is pertinent so that the mining sector can lead the way in industrialization, create massive jobs for our teeming young population, and contribute substantially to economic development in the new year.

“Our plans to tackle the menace of insecurity in mining areas alongside the activities of illegal miners through a rejigged security architecture is well on course.

“In a short while, we will see the result of months of engagement with heads of security agencies, as we are poised to rout those plundering Nigeria’s mineral resources.”

He said this was in line with President Bola Tinubu’s vision of diversifying the economy through a renewed focus on solid minerals, asserting that reforms in the sector would yield tremendous results in the new year.

According to him, “On our part in the solid minerals development ministry, we will be consolidating on reforms that commenced with our ambitious seven-point agenda, on the assumption of office, four months ago.”

Mr Alake assured Nigerians that an efficient governance structure that would transform the opaque nature of the mining sector would crystallise this year.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Leave a Reply

bitcoin nigerians
Previous Story

Bitcoin Hits $45,000 as Investors Expect First ETF Approval

passport application
Next Story

Nigeria to Begin Automated Passport Application Process January 8

Latest from Economy

Don't Miss