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From Charity Nwakaudu, Abuja
Minister of Solid Minerals Development, Dr. Dele Alake, has said reforms in Nigeria’s mining sector have attracted more than $2.6 billion in Foreign Direct Investment (FDI), with increased revenue accruing to the Federal Government.
Alake disclosed this in Abuja when the Director-General of the South-South Development Commission (SSDC), Ms. Usoro Offiong Akpabio, led a delegation of the commission on a courtesy visit to the ministry.
He also pledged the Federal Government’s support for the commission to harness the South-South’s solid mineral resources for investment, job creation and sustainable development.
The minister, however, cautioned states against introducing unilateral mining policies, warning that conflicting regulations could undermine investor confidence and create uncertainty in the sector.
He said regulatory consistency was necessary to maintain a predictable business environment and prevent the emergence of multiple authorities exercising control over mining activities.
“We have a commonality of objective; we just need to harmonise our strategies and tactics to achieve it,” Alake said.
According to him, reforms introduced by the ministry are repositioning mining as a major driver of industrialisation through local value addition, responsible mining, investment promotion and stronger regulation.
He said the reforms had attracted more than $2.6 billion in FDI and boosted revenue accruing to the Federal Government, while the emergence of mineral processing facilities across the country was creating jobs and expanding economic opportunities.
Alake said the South-South, though traditionally associated with oil and gas, possessed significant solid mineral deposits capable of playing a major role in Nigeria’s economic diversification.
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“The South-South is strategically positioned in the nation’s diversification drive because it possesses significant deposits of solid minerals,” he said. He urged states in the region to take advantage of the Federal Government’s framework for direct state participation in mining through state-owned Special Purpose Vehicles (SPVs) and duly obtained mining titles.
“Several states have already secured mining licence approvals through this framework,” he said.
Alake said the engagement with the SSDC was part of efforts by the Federal Government to leverage the geopolitical development commissions established by President Bola Tinubu to accelerate development across the country.
He assured the commission of the ministry’s cooperation in its efforts to develop the region’s mineral resources.
Earlier, Akpabio said the SSDC was seeking a practical partnership with the ministry in sustainable mining, environmental innovation, investment and job creation.
“We are seeking a practical partnership with the ministry around sustainable mining, environmental innovation, investment and job creation,” she said.
Akpabio said the commission would align its activities with the ministry’s policies and collaborate with state governments and security agencies, particularly in the training and formalisation of artisanal miners.
The minister and the SSDC leadership also agreed on regional stakeholder and investment engagements to showcase specific mineral opportunities and connect investors with viable projects across the South-South.
Alake said the ministry would involve the commission in such engagements, describing the SSDC as a potential catalyst for increased investment and development in the region.
