The Federal Executive Council (FEC) has granted approval for the Ministry of Solid Minerals Development to introduce a new draft policy aimed at regulating and revitalizing the operations of the solid minerals sector in Nigeria. This decision comes as a response to the impending depletion of oil resources, which underscores the necessity of diversifying the country’s economy.
Minister Dele Alake, in a briefing with reporters, emphasized the critical role of solid minerals in ensuring Nigeria’s economic sustainability, especially given the uncertainty in the global oil market. He highlighted the growing shift towards green energy solutions and emerging innovations, which have contributed to the decreasing value of oil in the international market.
“While oil is still being sold, the trend is declining. Therefore, if we do not take deliberate steps to diversify our economy, Nigeria could face severe economic challenges in the coming years. With our abundant solid mineral resources, why shouldn’t we focus on diversification and the efficient utilization of these God-given assets?” Alake questioned.
The approval of this policy signals a strategic move by the Nigerian government to reduce its overreliance on oil revenue and promote the responsible extraction and management of solid minerals. This development aligns with the broader goal of ensuring economic stability and reducing vulnerabilities associated with oil-dependent economies.
