From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has instructed the Federal Ministry of Solid Minerals Development to only issue mining licenses if they are tied to local value addition.
He said this aims to position Nigeria as a leader in critical metals and ensure young Nigerians are actively engaged in economic activities, acquiring skills and contributing to the nation’s development.
Represented by Vice President Kashim Shettima at the opening session of the African Natural Resources and Energy Investment Summit 2024 in Abuja.
“We recognise the losses incurred from exporting crude mineral commodities and understand that it is time to change this narrative. By doing so, we aim to ensure that our teeming youth are actively engaged in economic activities, acquiring skills, and contributing to the nation’s foreign exchange earnings. Therefore, the Ministry will only issue mining licenses if they are tied to local value addition,” the President said according to a statement issued by Vice President’s media aide, Stanley Nkwocha.
Tinubu said his administration is fully committed to creating an enabling business environment to attract investment that encourages ‘value addition’ on solid minerals before they are exported.
“Our commitment is to continue this trajectory and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries,” he added.
Minister of Solid Minerals Development, Dele Alake, announced the government’s strategy to transform Nigeria’s solid mineral sector into a cornerstone for economic diversification. “We are committed to transforming Nigeria’s solid mineral sector into a cornerstone for our nation’s economic diversification,” he said.
The minister noted that the government is implementing wide-ranging reforms to create a more attractive environment for investors, with a focus on enhancing transparency, regulatory clarity, and investor confidence.
The plan, he explained, encompasses several key areas, including policy reforms, sustainable practices, infrastructure development, and human capital enhancement. These initiatives are designed to address longstanding challenges in the sector and unlock the full potential of Nigeria’s vast mineral resources.
“This summit represents a significant milestone in our collective journey toward addressing Africa’s vast natural resources and sustainable economic development,” Alake said.
Dignitaries at the summit included the Senator representing Niger East Senatorial District, Mohammed Sani Musa; Minister of State for Environment, Dr. Ishaq Salako; Minister of State for Steel Development, Mr. Uba Maigari Ahmadu, and Permanent Secretary in the Ministry of Solid Minerals Development, Dr. Mary Ogbe.
Others were Minister of Mines and Mineral Resources of Sierra Leone, Julius Mattai; Minister of Mining of South Sudan, Martin Gama Abucha; Minister of Mining of Malawi, Monica Chang’anamuno, MP; Minister of Mines and Energy of Liberia, Wilmot Paye; Deputy Minister of Petroleum, Mines and Geology of Chad, Oumar Moussa, and representatives of the governors of Abia, Ebonyi, Taraba, Kwara, Enugu, Nasarawa and Akwa Ibom States, among others.