TheCable

Dele Alake, minister of solid minerals development, says there will be more revocation of licences in 2024 in efforts to revamp the mining sector.

Alake, in his goodwill message on Monday, said the sector will experience a major leap this year and contribute substantially to the nation’s gross domestic product (GDP).

He also said the aim for the year will be to implement the reforms that will significantly transform the sector.

“I felicitate Nigerians for making it through 2023 into the year 2024. It is pertinent that we collectively look forward to the horizon of the new year, with renewed hope, especially because it signposts the first fiscal year of the Tinubu administration,” the minister said.

“On our part in the solid minerals development ministry, we will be consolidating on reforms that commenced with our ambitious 7-point agenda, on assumption of office, four months ago.

“Nigerians are rest assured that an efficient governance structure that will transform the opaque nature of the mining sector will crystallise in the new year.

“It will be recalled that we had revoked 1,633 mining licenses of those that defaulted in the payment of annual service fees last year. More revocation is in the offing for other categories of defaulters in 2024.

“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.”

Alake also said efforts on exploration of critical minerals started last year with the signing of a memorandum of understanding (MOU) with German firm, GeoScan GmbH for the deployment of proprietary technology to explore minerals up to 10,000 meters.

“This is crucial for the development of the sector as it will lead to the generation of big geo-data required for global players to make informed decisions about investing in the industry,” Alake added.

“We are prioritizing value addition for prospective investors in the mining sector. 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 industrialisation, create massive jobs for our teeming young population, and contribute substantially to economic development in the new year.”

The minister urged Nigerians to keep faith with the current administration, adding that reforms in the mining sector and other areas will jumpstart the real sector and lead to immense jobs and prosperity for all Nigerians.