Dr. Dele Alake, the Minister of Solid Minerals Development, has indicated that more mining licenses are set to be revoked in 2024 for various non-compliant groups. This warning was conveyed as part of his New Year Goodwill Message to Nigerians in Lagos.
Alake reiterated that 1,633 mining licenses were revoked in 2023 due to non-payment of annual service fees.
He emphasized the government’s focus on encouraging value addition for potential investors in the mining industry and highlighted the end of the practice of merely extracting resources without adding value to them.
“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.
“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.
The minister expressed that these initiatives aim to propel the mining sector towards significant growth in 2024, thereby enhancing its contribution to the overall Gross Domestic Product (GDP).
He emphasized that these plans align with President Bola Tinubu’s vision of economic diversification, specifically emphasizing the renewed emphasis on solid minerals. The minister affirmed that the reforms within the sector are anticipated to yield substantial outcomes in the upcoming year.
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