Home » Nigeria’s Mining Sector Set for Major Growth in 2024, Says Minister Alake

Nigeria’s Mining Sector Set for Major Growth in 2024, Says Minister Alake

Solid Minerals Development to Boost Nigeria’s GDP, Promises Minister

by Adenike Adeodun

Dr. Dele Alake, Nigeria’s Minister of Solid Minerals Development, has announced an optimistic outlook for the country’s mining sector in 2024, predicting it will significantly contribute to the national Gross Domestic Product (GDP). In his New Year goodwill message, Alake expressed confidence in President Bola Tinubu’s economic diversification plan, emphasizing the pivotal role of solid minerals.

According to a report by Science Nigeria, Alake conveyed his best wishes to Nigerians for the new year, highlighting 2024 as a crucial fiscal year under the Tinubu administration. He underscored his ministry’s commitment to solidify reforms initiated since taking office. “With our 7-point agenda, we’re poised to overhaul the mining sector’s governance structure, making it more transparent and efficient,” he stated.

One of the key actions taken by the ministry last year was the revocation of 1,633 mining licenses due to non-payment of annual service fees. Alake hinted at more revocations in 2024 for other defaulters.

The minister also addressed security concerns in mining areas, noting ongoing efforts to counter illegal mining activities. “Our engagement with security agencies will soon yield results, ensuring the protection of Nigeria’s mineral resources,” he affirmed.

On the exploration front, Alake mentioned the collaboration with GeoScan GmbH, a German firm. This partnership aims to enhance mineral exploration using advanced technology, generating crucial data to attract global investors.

Segun Tomori, the minister’s special assistant on media, relayed Alake’s call to Nigerians to maintain confidence in the Tinubu administration. Alake emphasized that the reforms in mining and other sectors would catalyze growth in the real sector, leading to job creation and widespread prosperity.

“We are prioritizing value addition for mining sector investors. Our focus is not just on extracting resources but on ensuring they are processed into finished products or benefit host communities,” Alake explained. This approach is expected to drive industrialization, generate employment, and make a significant economic impact.

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