Politics
Minister Foresees-Significant Leap In Nigeria’s Mining Sector-Contributions To GDP In 2024
The Minister of Solid Minerals Development, Dele Alake, anticipates a substantial boost in Nigeria’s mining sector, making a noteworthy contribution to the nation’s Gross Domestic Product (GDP) in 2024. In a New Year goodwill message, Alake emphasized the commitment to President Bola Tinubu’s vision of diversifying the economy through solid minerals, asserting that ongoing reforms will yield remarkable results….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

Alake outlined key initiatives, stating, “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.” The minister assured Nigerians of an efficient governance structure aimed at transforming the opaque nature of the mining sector.
Highlighting actions taken, Alake mentioned the revocation of 1,633 mining licenses for defaulters in the payment of annual service fees last year. He hinted at further revocations in 2024 for other categories of defaulters. Plans to address insecurity in mining areas and combat illegal mining activities through an enhanced security architecture are underway, with the minister expressing confidence in the imminent results of engagements with security agencies.
Efforts to explore critical minerals received attention, with Alake mentioning the signing of an MOU with a German firm for the deployment of proprietary technology. The exploration, reaching up to 10,000m under the earth, will be intensified by the federal government to generate significant geo-data for global investors.
Alake urged Nigerians to maintain faith in the Tinubu administration, emphasizing the priority on value addition in the mining sector. He emphasized the shift from merely extracting resources to encouraging plans for developing raw materials into finished products, fostering industrialization, creating jobs, and contributing substantially to economic development in the new year.
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