Nigerian to revoke more mining licences

The government of Nigeria has announced plans to have more mining licenses revoked. Segun Tomori, the special assistant on media to the Minister of Solid Minerals Development, Dele Alake, revealed the plans and said the move is part of President Bola Tinubu’s vision of diversifying the economy through a renewed focus on solid minerals.

The country had revoked the operating licenses of 1,633 mining title holders the previous year due to their failure to pay annual service fees. Alake stated that the Ministry of Solid Minerals Development will consolidate on reforms initiated with their ambitious 7-point agenda, which began four months prior. The minister expressed confidence in achieving an efficient governance structure that will transform the previously opaque nature of the mining sector.

Measures taken

Efforts to address insecurity in mining areas and combat illegal mining activities are underway, with a rejigged security architecture being implemented. The minister mentioned ongoing engagements with security agencies, aiming to eliminate those exploiting Nigeria’s mineral resources.

Regarding the exploration of critical minerals, Alake noted that efforts began the previous year with the signing of a memorandum of understanding with the German firm GeoScan GmbH. This collaboration involves deploying proprietary technology to explore minerals up to 10,000 meters below the earth’s surface. The federal government plans to intensify these efforts to generate crucial geo-data for informed global investment decisions in the industry.

Alake urged Nigerians to have faith in the Tinubu administration, emphasizing that reforms in the mining sector and other areas would stimulate the real sector, creating jobs and prosperity for the populace. The minister highlighted the government’s focus on value addition for prospective investors, insisting on plans to develop raw materials into finished products or add value to host communities before issuing new licenses. This approach aims to ensure that the mining sector plays a leading role in industrialization, job creation, and substantial contributions to economic development in the new year.